Banking Institutions and State Bonds: The Truth Behind Alleged ‘Gentlemen’s Agreement’

2023-08-24 15:10:18

What we need to be sure of, and we take it very seriously, is that banks have not agreed not to increase the remuneration on their savings products during the period of issue of the State bond . At this stage, no formal instruction has been opened, but Damien Gérard, the auditor general of the ABC – the Belgian competition authority – does not take lightly the statements made to the press on Wednesday by various bearers. word of major banking institutions.

Communicators from BNP Paribas Fortis and Belfius reportedly told journalists of the existence of a “gentlemen’s agreement” between financial institutions not to revise upwards the conditions of their various savings products during the issuance of the bond. state at one year. Information denied in stride in the evening by those concerned who evoke, respectively, “evasive morning communication” and a “communication hiccup”.

“A strange sequence”

Several Flemish media had also relayed on Wednesday that the contract binding the 13 “investing” banks and the Debt Agency prevented the former from raising their conditions on their savings accounts.

Read also State bond: the Van Peteghem firm denies an agreement with the banks

In reality, a clause prohibits investment establishments from increasing the rate of their cash voucher until the bond is issued (the individual then lends money to the bank for a fixed period, not to the State ). This clause is “standard” for State bonds. Several establishments designated to distribute the one-year State note (Axa, Beobank, Deutsche Bank) have also modified their conditions on their one-year term account during the subscription period.

“This contract is not the problem. The sequence is, on the other hand, strange. This is why we conduct what is called a pre-survey. If suspicions of an agreement between competing companies persist, between the four big banks for example, or that evidence is discovered, a formal investigation will be opened in a few days, ”explains Damien Gerard once more.

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