EU finance ministers in Brussels have formally agreed with the appointment of Christine Lagarde as President of the European Central Bank (ECB) as of 1 November. Last week, Lagarde was nominated as candidate. Next, a consultation round with the ECB board and the vote of the European Parliament will follow. Finally, at the end of October, she is expected to be appointed by the EU leaders.
On Tuesday, the average yield on Dutch 10-year government bonds in the primary market has reached an all-time low, with an average effective return of -0.205%. The low yield is caused by the expectation for monetary policy easing by the central banks.
According to sector organisation Aedes, at least half of the smaller Dutch social housing corporations will disappear within the next five years because of rising accountancy costs. Small housing corporations rent less than 5000 homes. Aedes explains that the accountancy costs amount to approximately 15% of the total business expenses for a small corporation and can therefore be disastrous for small housing corporations.
The 6M Euribor is unchanged at -0.34% compared to previous business day. The 10Y Swap increased with 4 basis points to 0.14% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
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