“Belfius would like to revise its cashier contract downwards. It is true that Wallonia weighs heavily in its portfolio and the bank fears being downgraded in turn if Wallonia’s finances deteriorate again or if the rating of Wallonia is revised downwards”, explains L’Echo, citing a source in the government entourage.
Contacted, the bank remains discreet on the question and simply confirms that “the reflections relating to the conditions of a possible extension are in progress”.
Belfius is also worried about a possible arrival of the PTB in power after the next elections in 2024. “In the eyes of Belfius, the rise of the PTB represents a financial risk with a fear of seeing Wallonia’s debt continue to grow. C This is an element that was put forward by Belfius during discussions around the renewal of the cashier contract”, explains a government source.
To try to limit this political risk, one of Belfius’ avenues would be to limit the next cashier contract to two years, so that it ends before the 2024 elections. “This would allow the bank to see how the new Walloon majority is going negotiate its government agreement and manage the growth of the debt”, underlines another actor of the file.