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The National Bank does not firmly say no to the abolition of the fidelity premium on a savings account. “It is possible, but be careful with the stability of the banks,” is the advice to the government in a nutshell. L’Echo, De Tijd and Le Soir write this.
Amid the debate about savings interest rates remaining too low, Economy Minister Pierre-Yves Dermagne (PS) had last year asked the Belgian Competition Authority (BMA) to investigate the various banking services, and savings interest rates in particular.
The competition watchdog ruled that there is too little competition between the four major banks. One of the recommendations was that banks should abandon the unclear basic rates and fidelity premiums. The minister subsequently argued for a single interest rate for savings accounts, so that consumers can make comparisons more easily.
Dermagne then asked for advice from the National Bank, responsible for banking supervision, and financial supervisory authority FSMA. In a letter to Dermagne, bank governor Pierre Wunsch does not oppose the abolition of the fidelity premium. He calls the various recommendations of the BMA “a good starting point to consider measures that could increase transparency and mobility of customers in the savings market”.
Stability
But at the same time, the National Bank warns the government of the importance of maintaining stability in the banking market. The fidelity premium is only acquired after twelve months and thus contributes to stability. The regulator refers to savings as an important source of financing for loans to households and companies. If the fidelity premium were to be abolished, a transition period would be necessary, according to Wunsch.
Moreover, the National Bank suggests alternatives. For example, simplifying the fidelity premium system or reducing the acquisition period from twelve to six months to stimulate mobility on the savings market.
2024-02-09 08:39:03
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