2023-08-23 09:10:10
According to Flemish media (VRT NWS, The newspapaer et The time) on Wednesday morning, an informal agreement (“gentlemen’s agreement”) would have been signed between the 13 banks designated to distribute the one-year State note and the issuer, the State, not to offer products at competitive rates during the duration of the show, scheduled from August 24 to 31.
Denied information in the evening by the office of Finance Minister Vincent Van Peteghem (CD&V). Belfius, for its part, advances “a communication error”.
As a reminder, the one-year State note offers a net yield of 2.81%.
“It is obviously false and totally unacceptable,” retorts the minister’s spokesperson, Miet Deckers, contacted by us. “Such an agreement has never been made. The director of the Debt Agency, Jean Deboutte is writing a letter to clarify things. »
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An illegal practice
The banks BNP Paribas Fortis and Belfius evoke, for their part, respectively “a morning communication too evasive” and “a hiccup of communication”.
“The contract signed with the debt agency stipulates that, during the subscription period, the banks cannot increase the yield of the cash certificate (a product which resembles the State bond in the sense that the customer lends money in his bank for a defined period, editor’s note) ”, reframes Ulrike Pommee, spokesperson. “But of course we have total freedom on all other products. »
The federation of the financial sector, Febelfin, also denied the existence of an agreement of this type, by means of a press release. Stating that “such agreements are moreover prohibited by competition law and are therefore totally excluded. As for the contractual clause on cash vouchers, it would be standard. “It has been imposed by the public authorities for years already within the framework of the issuance of State bonds,” says Febelfin.
Proof by A+B that a “gentlemen’s agreement” was not passed on this point? Axa, which is one of the institutions mandated to distribute the State note, will increase, during the product subscription period, the interest it offers on its one-year term account to offer a return similar to the bond. public, 2.81%.
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