During VTM News' Big Money Debate, Finance Minister Vincent Van Peteghem (CD&V) said that issuing a second state note in December is definitely still an option. "That will come if the banks do not increase savings rates further," he sounded.
Van Peteghem launched the one-year state note at the beginning of this month. That issue was a success. The government was able to raise nearly 22 billion euros. But the minister did not really succeed in his goal: to boost savings rates. In recent weeks, only a few smaller banks have raised savings rates.
In the news: Belgium's finance minister is not yet abandoning his fight for higher savings rates.
"If the big banks do not offer higher interest rates, we will move the saver with a second state note," he said Tuesday night during the Great Money Debate.
Still, not everyone is a big fan of that. Shortly after the successful issuance of the first one-year state note, Pierre Wunsch, governor of the National Bank, said that such a second operation is not likely to be repeated. He warned that some smaller banks could be in trouble if so much money disappears from savings accounts once again.
According to the governor, it is also not so easy for banks to suddenly raise interest rates sharply. "You have to realize that they don't have very much room, given, for example, the portfolio of 20-year low-interest residential loans. So banks cannot give 3 percent to everyone right away," he said.
Another successful issue could also have disastrous consequences for public finances. "The government, given the refinancing risk, should not hold too much short-term debt," Wunsch said. Indeed, interest rates are likely to be higher next year - when the government has to refinance that 21.9 billion euros - if the European Central Bank (ECB) continues its tightening money policy.
Michael Anseeuw, CEO of BNP Paribas Fortis, recently said in an interview with Trends that he is not against second issuance, but then "a level playing field must be created."
Among other things, he advocated equalizing the withholding tax with that of similar investment products. Indeed, Van Peteghem had exceptionally reduced the withholding tax for the state note from 30 to 15 percent.
Furthermore, the top executive of the major bank wants the government to set maximum amounts and stop direct registration with the Debt Agency.
At loggerheads with Belfius
Zoom out: Van Peteghem's message comes just as he is at loggerheads with Belfius.
HLN revealed yesterday that the state-owned bank is giving preferential treatment to wealthier customers. Documents that the news site was able to access show that the major bank divides customers into categories. Gold customers, who often have a private banker, are given priority over all other groups.
"Every customer should be treated with equal respect. I am surprised that the banks have not yet understood this, after the clear signal that savers gave with the state note," Van Peteghem said.
Véronique Goossens, chief economist at Belfius, denied during the Great Money Debate that the bank acts in this way. "It is not true that we favor customers with higher assets," she said. "These customers have their personal banker, who calls them normally. If they do call our general customer service, they do get priority. This is only a very small percentage, 5 percent. These are not necessarily wealthy customers, but also customers who have many services. Think of insurance and investment funds, for example."
Anyway, Belfius is expected at the minister's office this week to give more explanations. He will then decide whether the other major banks should visit as well. After all, KBC and ING work with a similar segmentation system. BNP Paribas Fortis only works with preferential treatment for those who have a private banker.
National Bank, formerly Alrafah Microfinance Bank, is a Palestine-based company that operates in the banking and finance sectors. The Bank is primarily engaged in small project financing activities, and offers its services through its main office, as well as five branches located in Ramallah, Nablus, Hebron, Dora and Jineen. The Bank is active in two business segments: Personal and Corporate banking, and Treasury. The Personal and Corporate banking segment is structured into two divisions, the Personal banking division offers current personal accounts, savings and deposit accounts, credit cards, loans and mortgages, and the Corporate banking division is engaged in the provision of loans, trade finance and deposits to companies and government bodies. The Treasury segment provides services related to trade chambers, financial market and foreign currency exchange.
THE NATIONAL BANK 
