Due to the banking crisis the Belgian government had to bail out 4 major financial institutions in 2008 and 2009 to prevent them from bankruptcy. 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 serious lack of clear guidelines and transparency. 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 harm causing investments and activities in tax havens, even though the state has now become a major shareholder.
"Minister of Finance Reynders mocks parlement" - Published in MO* on 24/02/2010.