The Belgian state issues so-called high-yield government bonds. Anyone can buy such a voucher, which puts pressure on Belgian banks to raise their savings rates. And it works. However, the Netherlands does not want that.
In Nederland is al geruime tijd irritatie over de lage rente die je krijgt op spaargeld. Bij de grote banken krijg je hooguit 1,5 procent. Als je je geld vastzet op een deposito, krijg je iets meer. Maar nog altijd blijven de tarieven vaak ver achter bij de 3,75 procent die de banken zelf krijgen voor het geld dat ze bij de Europese Centrale Bank wegzetten.
Eerder deze maand borrelde in ons land de irritatie weer op. De winsten van de drie grote banken – Rabobank, ING en ABN AMRO – lagen tussen de 1,4 miljard en 3,7 miljard euro in de eerste helft van dit jaar. Belangrijkste reden voor die winsten? Je raadt het al, de renteverschillen. In België is de situatie niet veel anders.
De regering in Brussel besloot actie te ondernemen. Sinds donderdag kun je intekenen op een staatsbon. Hierbij leen je je geld voor een jaar uit aan de Belgische staat. Daarna krijg je dat geld weer terug, met een rente van 3,3 procent. Na belasting blijft daar voor de Belgen 2,81 procent van over. Ruim boven de rente die je bij Belgische banken krijgt op je spaargeld. Althans, tot voor kort.
Belgians love coupons
The coupon seems to be a hit. On the first day, more than 33,000 applications for government bonds were received. The Belgian business newspaper reported that this total value is more than one billion euros the time. And these are just the requests received by the government itself. You can also subscribe through banks. The total amount is expected to increase by several billion.
Meanwhile, the Belgian banks look on with regret. They speak of unfair competition, in part because the tax on government bond yields was recently cut from 30 to 15 per cent. A similar investment in banks is still taxed at 30 percent.
Nevertheless, the Belgian state is persevering, and with success. The first banks have already decided to raise interest rates to or around 2.81 per cent. This was precisely the intention, because in principle the Belgian state does not need citizens’ money. The country can borrow from the capital markets at relatively favorable rates.
The Netherlands is in talks with banks, but happiness is not within reach
The likelihood that the Netherlands will take a similar step is very small. Inquiries at the Finance Ministry show that there are no plans to issue government bonds either. “Such a move is a political consideration,” says a company spokesperson. “In addition, we have a caretaker government.” As a government, you are in principle only allowed to deal with current affairs.
Bonds are issued by the Dutch state, but they cannot be concluded directly with the government. Nor does it target individuals specifically.
Another difference is that Belgium has already issued government bonds several times in the past. In 2011, for example, there was the Leterme voucher, named after the then Belgian Prime Minister Yves Leterme. In the intervening years, the government has also resorted to this remedy among its southern neighbours.
And there were discussions in our country between the Ministry of Finance and the big banks about lower interest rates. A government spokesman said those talks had been completed, but the outcome had not yet been announced. Outgoing Finance Minister Sigrid Kaag will not report this to the House of Representatives until the fall.
A small consolation: country vouchers are also available for those who do not live in Belgium.