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IMF Executive Board Concludes 2006 Article IV Consultation with the Kingdom of the Netherlands - Netherlands
On July 26, 2006, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with the Kingdom of the Netherlands - Netherlands.1
Background
The Netherlands is coming out of a period of slow or negative economic growth. Average annual growth in 2001-03 was 0.5 percent, the slowest rate in any three-year period since the beginning of the 1980s. Deteriorating external competitiveness, combined with weak foreign demand, restrained exports and growth overall.
A hesitant recovery started to take hold during 2005. Employment and consumption through end-2005 were weak compared with previous expansions, with a recovery at the start of 2004 failing to gather steam. But with foreign demand more robust, exports, though tempered by the lagged effects of real exchange rate appreciation, drove a mild recovery.
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Seacoast Reports Record Earnings and an Improved Net Interest ...
"The earnings momentum continued in the second quarter driven by higher net interest income, an improved net interest margin and a better mix of earning assets," said Seacoast Chairman and Chief Executive Officer Dennis S. Hudson, III. "We are pleased with our progress so far this year and are particularly pleased with the success of our integration with Big Lake this quarter. Next quarter we will complete our planned systems integration with our Orlando affiliate, Century National Bank. Upon completion of these important projects we plan to bring greater focus on operating efficiency improvements for the company as a whole."
Net income for the first half of 2006 totaled $12,876,000 or $0.71 DEPS, excluding $0.03 DEPS in merger and other nonrecurring charges, up 37.5 percent compared to $9,361,000 or $0.58 DEPS for 2005.
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