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Economy and Banking Sector of Belgium

Financial System Development

Financial System
79.5, 24th out of 144 countries
Banks' Soundness
71.3, 60th out of 144 countries

According to World Economic Forum's Global Competitiveness Report 2019, financial market development in Belgium is scored 79.5 out of maximum 100.0 and ranked 24th out of 144 analysed economies.

Financial Market Development in Belgium.

Chart 1. Financial Market Development in Belgium. Source: WEF.


Soundness of banks is scored 5.3 bringing Belgium into the 60th place.

Soundness of Banks in Belgium.

Chart 2. Soundness of Banks in Belgium. Source: WEF.

Further Information

Banking Focus

Banks in Belgium are mainly focused on the following areas:

  • universal banking
  • retail banking
  • corporate banking

Banking Supervision

Banque Nationale de Belgique

Banking Sector Structure

Number of Banks
95
Consolidated Assets (2019)
1,047.79 bln EUR  (+5.49%)
Recent Changes (2018)
new banks: 3, closed banks: 2

Currently there are 95 credit institutions operating in Belgium.

In 2019 consolidated banking assets in Belgium were 1,047.79 bln EUR. The consolidated banking assets' evolution is shown at Chart 3 below.

Consolidated banking assets in Belgium.

Chart 3. Consolidated banking assets in Belgium.

Recent structural changes (2013 - 2018) of the banking sector of Belgium are summarised in Table 1.

201320142015201620172018
Number of Opened Banks561323
Number of Closed Banks664842

Table 1. Recent structural changes in the banking sector of Belgium.

The list of the most recently opened banks in Belgium is provided in Table 2.

All the credit institutions operating in Belgium can be classified into several categories. Table 3 summarises the number of banks in each category.

CategoryNumber of Banks
Banks34
Branches of foreign banks60
Central banks1

Table 3. Number of banks by category in Belgium.

There are 61 branches of foreign banks from 14 different countries in Belgium. Table 4 shows 10 countries having the biggest number of branches in Belgium.

Country of OriginNumber of Branches
FR France18
NL Netherlands12
LU Luxembourg10
IE Ireland4
DE Germany3
IN India3
GB United Kingdom2
US United States2
ES Spain2
SE Sweden1

Table 4. Number of branches of foreign banks in Belgium grouped by country of origin.

Deposit Guarantee Scheme

Maximum Protected Amount
100,000 EUR

Deposit guarantee scheme is a financial stability mechanism implemented in many countries to protect bank depositors against the loss of their deposits in the case when a bank is unable to meet its obligations to depositors by compensating certain deposits held by depositors of the bank. This compensation is paid out from the contributions which banks have made into a deposit guarantee fund.

From a depositor's point of view it is important to know:

  • if the depositor is eligible within the terms of the deposit guarantee scheme;
  • if the depositor's bank is a participant in the deposit guarantee scheme;
  • if the depositor's type of deposit is covered by the deposit guarantee scheme.

All these details about deposit guarantee scheme in Belgium are summarised in Table 5.

Maximum Protected Amount
100,000 EUR
Scheme Participants
all credit institutions operating in Belgium
branches of non-EEA banks
branches of Belgian banks abroad
Scheme Exemptions
branches of EEA-banks (covered by their home countries)
Eligible Depositors
natural persons
  • Belgian citizens
  • Belgian residents
  • foreign citizens
  • foreign residents
legal entities
  • associations
  • professional associations
  • foundations
  • individual entrepreneurs
  • companies regardless of its status or size
Non-Eligible Depositors
financial institutions
state and public authorities
Covered Accounts
current accounts
sight accounts
savings accounts
time deposit accounts
Covered Currencies
EEA currencies
Paid In Currency
EUR

Table 5. Deposit guarantee scheme in Belgium.

EEA stands for European Economic Area and consists of all EU member states plus Liechtenstein, Norway and Iceland.

EEA currencies are all official currencies of EEA members. Switzerland is not a EEA member, but because CHF is the official currency of Liechtenstein, CHF also belongs to EEA currencies.

So, only the deposits made with Belgian banks in the following currencies are covered by the deposit guarantee scheme of Belgium

EU EUREuro
BG BGNBulgarian lev
HR HRKCroatian kuna
CZ CZKCzech koruna
DK DKKDanish krone
HU HUFHungarian forint
IS ISKIcelandic króna
LI CHFSwiss franc
NO NOKNorwegian krone
PL PLNPolish złoty
RO RONRomanian new leu
SE SEKSwedish krona/kronor
GB GBPPound sterling

It should be also noted that deposits in non-EEA currencies (for example, USD and JPY) are not covered by the Belgian deposit guarantee scheme.

Further Information

Country Ceiling for Deposits

Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.

Local Currency (Euro)
Aaa (prime)
Foreign Currency
Aaa (prime)

Local currency (Euro) deposit ceiling for Belgium is set to Aaa (prime), foreign currency deposit ceiling is Aaa (prime).

Deposit Rates

Average Deposit Rate (Mar 2020, EUR)
0.09 % (unchanged)
In March 2020, an agreed annualised deposit rate in local currency (Euro) of new contracts with agreed maturity up to 1 year between credit institutions and households was 0.09% which was below the Euro Area average (0.31%).
Deposit Rates in Belgium.

Chart 4. Deposit Rates in Belgium. Source: ECB.

Further Information