[OPE] The money in the Netherlands

From: Jurriaan Bendien <jurriaanbendien@online.nl>
Date: Sun Apr 10 2011 - 17:17:12 EDT

According to the Dutch Credit Registration Bureau
http://www.bkr.nl/Default.aspx (as cited in Volkskrant, 7 april 2011, p.
22), out of 7.1 million Dutch households at the end of 2010,

*1.9 million households (27%) are behind with their payments;
*711,000 households (10%) have problematic debts (unpaid bills for tax,
utilities, mortgage/rent, insurance, telephone, consumer credit, alimony
*125,000 (1.8%) have defaulted on debt repayment.

At the same time, NRC Handelsblad (19 feb 2011, p. 16) reports a finding by
Bain & Company
that 16 top Dutch corporations (Shell, Philips, Akzo Nobel, Ahold, Unilever,
ASML, DSM, KPN, BAM, TNT, Heineken, Boskalis, Wolters Kluwer, Randstad,
TomTom, and SBM offshore) hold almost 32 billion euro's (=$46 billion) in
cash, 11% more than in 2008. Nine of big 16 corporations (including
Randstad, Philips and Heineken) increased their quarterly profit volume by
10% or more in 2009/2010. The total profit volume of the 16 corporations
together increased in 2009/2010 by 30+%. On this basis, the paper argues
these corporations could borrow 180 billion euro (=$260 billion) for
takeovers, and if you add their cash funds to this, they could command 210
billion euro (=$303 billion) for takeovers. In other words, with the
financial position they have, the corporations could borrow a total amount
of capital about six times larger than their combined cash assets.


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