2023-12-06 17:48:00
“This is exactly what we have been denouncing for months,” rejoices Gilles Vanden Burre, head of the Ecolo-Groen group in the Chamber. “There is a lack of competition between these banks which represent more than 80% of people who have an account in Belgium. It seems that these players are taking advantage of this dominant position to avoid competing with each other so as not to have to increase their savings rate.”
A large part of the liquidity of these “big 4” is currently placed in the European Central Bank at the very advantageous rate of 4%. “While citizens’ savings rates peak between 1 and 1.25%. So the difference is net money in the bankers’ pockets”. Savings in Belgium amount to several hundred billion euros, the net profit for the banks would therefore rise to “several million euros”, says MP Ecolo.
Under pressure from the majority left-wing parties (Ecolo-Groen, PS-Vooruit), the federal government tried to push the banking sector to increase its rates. First through negotiation, then with the issuance of a state voucher and latterly, by forcing them to be more transparent. But for Gilles Vanden Burre, “it is far from enough”. Rates have increased “starkly” at the international level, but at the Belgian level, “it’s barely moving”.
Government signs deal to force banks to offer their best savings rates
The agreement negotiated by Pierre-Yves Dermagne (PS), Vincent Van Peteghem (CD&V) and Alexia Bertrand (Open VLD) is “cosmetic”, deplores the Brussels resident. “It’s not going to raise rates.” Reason why the environmentalist returns to the two legislative proposals tabled by his group in the House aimed at supporting savers.
The first is inspired by what is done in France with the Livret A. Up to 10,000 euros, savings would benefit from a “protected rate” that banks would be obliged to grant. The Greens would like this rate to be 3%, or “2% above what is currently done”. The proposal reached the office of Finance Minister Vincent Van Peteghem, but he is currently rather reluctant to apply the measure.
Savings rate: “The action of the Minister of Finance is totally insufficient”, deplores Ecolo
The second proposal joins that made recently by the Minister of the Economy Pierre-Yves Dermagne to eliminate loyalty bonuses. The text denounces a misleading method which suggests that the rates are high, but which forgets to specify that they are accompanied by conditions. “Banks will, for example, say that their rate is 1.25%. But in reality, the rate is 0.25% and you get 1% more if your money has been there for a certain amount of time and if you deposit a new amount every X amount of time.”
These proposals have so far found little interest within the right wing of the majority. “The CD&V and Open VLD are having a hard time regulating the banking sector.”
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