Provincial and local governments have so called ‘silent reserves’ (the market value of their shareholdings) totalling almost €13bn, according to their official research body COELO. The majority of these reserves come from their stakes in energy companies.

Zuid Holland has the smallest reserve with €11 per resident, while Zeeland has the largest at €1,604 per inhabitant.
The new cabinet has decided to cream off €800m of the provincial reserves.