Febelfin is pleased that after seven-months of negotiations, the negotiating parties have reached a final agreement and the new government has been formed. The reforms proposed by this new government are much needed for the future of our country and the welfare of its citizens.

On the one hand, we welcome the coalition agreement, but on the other hand we are very concerned about some of the measures that will significantly affect the financial sector and consequently the Belgian economy, such as the announced increase in bank taxes. We understand that in times of budgetary necessity everyone has to contribute, and the banks are also willing to pay their ‘fair share’, as they do today. But some of the measures in the coalition agreement take things too far, are disproportionate and contradict the new government's vision of not further increasing the tax burden on companies. Moreover, they undermine the new European Commission's objectives of competitiveness and necessary economic investments.

Banks in Belgium already pay a significant amount of deposit guarantee contributions today, up to 1.8% of covered savings, which is much higher than in other European countries. These contributions are designed to protect consumers. The new government wants to perpetuate this revenue from 2026 by converting it into a new tax, which would result in a substantial increase of the bank tax. This represents an additional tax on savings deposits and traditional retail banking, which ultimately reduces the banks' ability to support the Belgian economy and finance necessary investments.

Moreover, the other proposals in the coalition agreement, such as these concerning savings and investment taxation, the fight against fraud and the possible intervention in free market forces by limiting certain costs, will have to be thoroughly analysed.

Febelfin calls for a balanced approach that ensures the competitiveness of our Belgian banks and enables the financial sector to continue playing its essential role in society. A strong, healthy and resilient sector is crucial for investment, innovation and employment in our Belgian economy. We therefore look forward to engaging in constructive dialogue with the new Minister of Finance and our other stakeholders on this matter. 

We gladly reach out as a financial sector to promote sustainable economic growth and innovation in Belgium as a partner of the new government. More than ever, the public and private sectors must work together to ensure a sustainable future. As the financial sector, we are ready to work together on the necessary reforms and policy measures that will have to be taken in this legislature in a proactive and transparent way. We look forward to open and constructive discussions with the new policymakers.