We understand that in times of budgetary necessity, everyone has to contribute, and the banks are more than willing to pay their ‘fair share’ as well. After all, they already do so today, with a dazzling figure of €5.9 billion in contributions to the Belgian budget in 2023, which, besides, is more than double what they would pay in terms of mere corporate tax.

But what is supposedly on the table now is a bridge too far. Banks in Belgium pay a significant amount in deposit guarantee contributions today, up to 1.8% of covered savings (in comparison, in other European countries the percentage is 0.8 or 0.5%). Banks pay this amount to create a pool for their account holders in case a bank fails. This amount is a protection for consumers, which is obviously a good thing. Moreover, this amount is fully integrated into the Belgian treasury and also serves to make the already battered budget better.

So this rate was set disproportionately high in Belgium purely for budgetary reasons. This 1.8% ceiling will be reached in 2025, by which time the banks will have accumulated a pool of €6.3 billion and thus fulfilled their obligations.

But, this is beyond the Arizona parties, who now suddenly want to perpetuate this revenue they are supposed to forego from 2026 by turning it into a new straight tax. They want to do this by increasing the bank tax, which already amounts to €1 billion a year today, by about 50% to €1.5 billion. These bank levies have no link to the banks' revenues or profits but are purely based on the savings deposits the banks hold for their customers.

The Arizona coalition would thus choose to further tax citizens' savings. This would be yet another tax on savings deposits and ordinary retail banking, an activity that is important for every customer. How many times can you tax the same savings deposit?

In addition, this goes entirely against the conviction that prevails today about the need to boost European competitiveness and boost the European economy and make investment attractive. Choosing to systematically weaken the banking sector in this country reduces the banks' ability to support our economy and the capacity to finance the huge investments that will be needed to make the sustainable transition.

With €500 million of additional capital, the banks' leverage will allow them to provide around €10 billion of additional credit to families and businesses. The 10 billion euros of additional credit per year will be needed to support Belgium's ‘contribution’ to the 800 billion euros of additional annual investment needed according to the Draghi plan to sustain our European competitiveness.

The Arizona coalition would rather consider taxing citizens' savings and any kind of profit, instead of investing it in an innovative and sustainable economy. It starts with the banking sector, but where will this end? If this is the vision of the future government, every sector within our economy should start preparing for such measures. This while one will just need a healthy and profitable financial sector in the coming years to realise investments and enable the green transition.

Febelfin therefore calls on the Arizona coalition to thoroughly reflect on the impact of these budgetary measures on the Belgian banking sector, and by extension the entire Belgian economy.

Unconsidered and unseen increases in bank levies reduce the capacity of banks to provide the necessary oxygen to businesses and families, and weaken them in a European and international context.