De Nederlandsche Bank published statistics showing that captive financial institutions (CFIs) within multinational groups had approximately EUR 154 billion of outstanding intra-group loans to the Dutch corporate sector at the end of the third quarter of 2025, making internal group lending a significant source of credit for companies in the Netherlands. The stock is about 13% of Dutch gross domestic product. CFIs are financial holding companies that formally sit in the financial sector but are mainly used to organise financial flows within a multinational group, allowing groups with ample assets to fund Dutch subsidiaries without external borrowing. The loans may support domestic investment, but DNB notes they can also be used for conduit financing to investments abroad. Around 85% of the outstanding intra-group loans originate from multinationals whose ultimate controlling institutional unit is outside the European Union (including the United States and Brazil), with about 15% linked to an EU-based ultimate controlling unit.
De Nederlandsche Bank 2026-02-26
De Nederlandsche Bank reports multinationals’ captive finance arms have EUR 154 billion of intra-group loans to Dutch companies
De Nederlandsche Bank reported that captive financial institutions within multinational groups had EUR 154 billion in outstanding intra-group loans to the Dutch corporate sector by Q3 2025, representing 13% of the Dutch GDP. These loans, primarily from non-EU multinationals, are a significant credit source for Dutch companies, facilitating both domestic investment and conduit financing abroad.