People in the Netherlands have been watching the financial crisis unfold with awe. Focus has often been on the U.S. but the Netherlands has not been immune. Fortis Bank has been bought by the government and other banks have posted massive losses. Many private Dutch savers and local councils had money in the Icelandic internet bank Icesave and would have lost it all had the Dutch government not stepped in. The housing market itself in the Netherlands is more stable than in the United Kingdom or the U.S. and there are not (yet) major issues, although there is a small decrease in prices.

There are indications that activity in 2009 may decrease, as some clients have indicated they expect a slowdown in projects and reductions in hiring. The main Dutch share index, the AEX, is also an indicator of future trends and has halved in value over the last few months.

Current conditions are a concern, of course, but order-levels remain reasonable and we are well positioned to cope with change. We have a great team – all very experienced and capable over a huge range. Our staffing structure is also very flexible and our fixed costs under control. One recent step has been to move still further towards a virtual-office system. With most of our people working some days from home we have reduced travel and office space – and the reaction from most people has been very positive. We are also using Skype internally and the ability to video-call with colleagues is great!