Ministry of Finance (Netherlands)

The Ministry of Finance (Dutch: Ministerie van Financiën; FIN) is the Dutch Ministry responsible for economic policy, monetary policy, fiscal policy, tax policy, incomes policy, financial regulation, the government budget and the financial market. The Ministry was created in 1798 as the Department of Finance of the Batavian Republic. It became the Ministry of Finance in 1876. The Minister of Finance (Dutch: Minister van Financiën) is the head of the Ministry and a member of the Cabinet of the Netherlands. The current Minister is Wopke Hoekstra.[2]

Ministry of Finance
Dutch: Ministerie van Financiën
Logo-ministerie-van-financien.png
Logo of the Ministry of Finance
Ministerie van Financiën wintertuin1.jpg
Building of the Ministry of Finance
Department overview
Formed12 March 1798; 223 years ago (1798-03-12)
JurisdictionKingdom of the Netherlands
HeadquartersKorte Voorhout 7, The Hague, Netherlands
Employees1,500
Annual budget€11,7 billion (2013)[1]
Minister responsible
Deputy Minister responsible
Department executive
  • Manon Leijten, Secretary-General
WebsiteMinistry of Finance

HistoryEdit

The ministry was founded in 1798. In the early history of the ministry, the Prime Minister often served as Minister of Finance. Pieter Philip van Bosse served as Minister of Finance five times. Since 1965 a State Secretary has been appointed each formation with responsibility for taxation. The most recent Prime Minister to serve as his own Minister of Finance was Jelle Zijlstra (1966–67).

ResponsibilitiesEdit

The ministry has the duty to "guard the treasury and aim for a financially sound and prosperous state of the Netherlands.

  • It is responsible for the income and expenditure of the Kingdom of the Netherlands.
  • It collects the taxes and develops fiscal legislation.
  • It seeks to expend the budget of the government responsibly, efficiently and effectively.
  • It is also responsible for financial-economic policy.
  • It supervises the financial markets, banks and financial transfers.

OrganisationEdit

The ministry is currently headed by one minister and one State secretary. The ministry's main office is located in the centre of The Hague at the Korte Voorhout. It employs almost 1,500 civil servants. The civil service is headed by a secretary general and a deputy secretary general, who head a system of four directorates general:

  • General Treasury (financial economic policy), led by the Treasurer-General[3]
    • Agency of the General Treasury
    • Directorate Financing
    • Directorate Financial Markets
    • Directorate Foreign Financial Relations
  • Directorate General for the Budget[4]
    • Directorate Budget Affairs
    • Inspection of National Finances
  • Directorate General for Fiscal Affairs[5]
    • Directorate General Fiscal Policy
    • Directorate Taxation Management
    • Directorate International Affairs and Excise Tax
  • Directorate General for Taxation

It is also responsible for several decentralized services:

HoldingsEdit

A list of all companies (partially owned) by the Dutch government via the Ministry of Finance.[6]

State HoldingsEdit

List of companies of which the Ministry of Finance acts merely as shareholder.

Company (abbreviation) Share Sector Country of operation
Holland Casino N.V. 100% Gambling   Netherlands
Invest-NL N.V. 100% Finance
De Nederlandse Investeringsbank voor Ontwikkelingslanden N.V. 100%
SRH N.V. 100%
Centrale Organisatie Voor Radioactief Afval (COVRA) 100% Nuclear waste management
Nederlandse Gasunie N.V. (Gasunie) 100% Energy   Netherlands
  Germany
TenneT Holding B.V. 100%
Ultra Centrifuge Nederland N.V. (UCN) 100%   Netherlands
  United Kingdom
Nederlandse Spoorwegen N.V. (NS) 100% Transport   Netherlands
  United Kingdom
  Germany
Nederlandse Loterij B.V. 99% Gambling   Netherlands
Luchthaven Schiphol N.V. 69,77% Infrastructure   Netherlands  France
  United States
  Australia
Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V. (FMO) 51% Finance   Netherlands
BNG Bank 50%
Havenbedrijf Rotterdam N.V. 29,2% Infrastructure   Netherlands
  Brasil
  Oman
  Indonesia
Nederlandse Waterschapsbank N.V. (NWB Bank) 17,2% Finance   Netherlands
Air France-KLM 14% Transport   Netherlands
  France
KLM 5,92%   Netherlands
Thales Nederland 1% Defence

Policy HoldingsEdit

List of policy holdings in which the role of shareholder and policy maker cannot be unbundled from each other. These companies are (partially) owned by the Ministry of Finance and managed by the relevant ministry.

Company Share Sector Ministry
ProRail B.V. 100% Infrastructure Ministry of Infrastructure

and Water Management

  Netherlands
De Nederlandsche Bank (DNB) 100% Finance Ministry of Finance
EBN B.V. 100% Energy Ministry of Economic Affairs

and Climate Policy

Saba Statia Cable System B.V. (SSCS) 100% Communication Ministry of the Interior

and Kingdom Relations

  Saba
Ontwikkelingsmaatschappij oost Nederland N.V. (Oost NL) 54,6% Private equity Ministry of Economic Affairs

and Climate Policy

  Netherlands
Industriebank Limburgs Instituut voor Ontwikkeling en Financiering N.V. (LIOF) 50%
Noord-Nederlandse Investerings- en Ontwikkelingsmaatschappij N.V. (NOM) 50%
Brabantse Ontwikkelings Maatschappij (BOM) 49,9%
Investeringsfonds Zeeland B.V. 47,3%
Innovation Quarter B.V. 40,2%
GasTerra B.V. 10% Energy
Dutch Caribbean Air Navigation Service Provider (DC-ANSP) 7,95% Infrastructure Ministry of Infrastructure

and Water Management

  Curaçao
Winair 7,95% Transport   Sint Maarten
Saba Bank Resources N.V. (Saba Bank) 2,8% Energy Ministry of Economic Affairs

and Climate Policy

  Saba

Temporarily financial institutionsEdit

NLFI is the shareholder on behalf of the Dutch Government in the financial institutions that are state-owned as a result of the financial crisis.

Company Share Sector Country of operation
Stichting administratiekantoor beheer financiële instellingen / NL Financial Investments (NLFI) 100% Finance   Netherlands
ABN AMRO Bank N.V. 56%
Volksbank N.V. 100%

See alsoEdit

ReferencesEdit

  1. ^ (in Dutch) IX Financiën en Nationale Schuld, Rijksoverheid, 18 September 2012
  2. ^ "Wopke Hoekstra (CDA), bezige bij en nu minister van Financiën" (in Dutch). NOS. 23 October 2017. Retrieved 15 January 2018.
  3. ^ "Generale Thesaurie". Rijksoverheid (in Dutch). Retrieved 1 April 2020.
  4. ^ "Directoraat-generaal Rijksbegroting". Rijksoverheid (in Dutch). Retrieved 1 April 2020.
  5. ^ "Directoraat-generaal voor Fiscale Zaken". Rijksoverheid (in Dutch). Retrieved 1 April 2020.
  6. ^ Zaken, Ministerie van Algemene (2020-08-25). "Staatsdeelnemingen in 2019 - Staatsdeelnemingen - Rijksoverheid.nl". www.rijksoverheid.nl (in Dutch). Retrieved 2021-03-10.

External linksEdit