Working Grant - Belgian Minister of Finance Reynders mocks parliament
BRUSSELS — Due to the banking crisis the Belgian governement had to bail out 4 major financial institutions in 2008 and 2009 to prevent them from bankrupcy. Fortis, KBC, Dexia and Ethias initially received more than 20 billion of tax payers' money which they will have to reimburse eventually. But which role does the government play in the meantime now that it acquired seats as an important stakeholder in the governing boards of these banks? In its research on the mandate of the government representatives, Mo* discovered a serouis lack of clear guidelines and transparecy. None of the concerned government officials wanted to talk to the press. They all refer to the Minister of Finance Didier Reynders who, in turn, shields the government intervention from the public attention and parliamentary control. He seems to want to prevent society from getting more impact on the banking industry. Confidants of Mister Reynders were appointed as board members and put in other crucial positions. Banks continue their harmcausing investments and activities in tax havens, eventhough the state has now become a major shareholder.
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