Belgian Banks’ Interest Rates and Government Intervention: News and Analysis

2023-06-13 11:27:19

He repeated his message on this matter in parliament on Tuesday: if the market does not work as it should, “we will make it work”.

Last week, Belfius announced a rate hike, followed by Keytrade, Deutsche Bank and now Vdk.


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“I see that there is a movement. The consumer must realize what his power is: he can make choices and move his savings to banks that offer a higher interest rate. It is something that can be done easily,” he told the House Committee on Tuesday in response to questions from Peter De Roover (N-VA) and Marco Van Hees (PTB).

In the eyes of the PTB, however, the movement remains very timid, as the European Central Bank raised its key rates several months ago. On the left, several parties are calling for stronger state intervention. “How many months are you going to wait? Facts are stubborn: the market does not work,” Van Hees said.

Among environmentalists, the Prime Minister’s arguments also go badly. “Your salary or your pension are paid into an account, you have direct debits and standing orders. Perhaps you are also bound by a mortgage or pension savings. The fact that it’s a big deal to change banks is precisely the reason why competition does not work, ”said MP Dieter Van Besien (Ecolo-Groen).

The Greens, like the Socialists, have tabled a bill which imposes a protected rate, equivalent to the rate of Belgian State bonds, on the first 10,000 euros of savings.

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