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I do not keep a settings.xml in my home directory, preferring to keep separate settings.xml files in the conf directory of two different maven installs. This allows me to switch between different maven configurations. When I have my maven set up this way, Netbeans does not find all of the required dependencies. It shows all projects as "misconfigured" even though a build succeeds. When I copy the settings.xml to my home .m2 directory, suddenly netbeans finds its brains and the dependencies are found.
*** This bug has been marked as a duplicate of bug 167208 ***