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DUMPING OF STATE BONDS BY BANKS… › SP

DUMPING OF STATEBONDS BY BANKS MUST BE

STOPPED27 May 2010 • The European 'gentleman's

agreement' between banks and governments

designed to counter the dumping of southern

European bonds is not working. This has become

clear now that it has emerged that Ageas, formally

the Belgian section of the Belgo-Dutch bankFortis,has sold such bonds to a value of at least €4.8

billion. SP Member of Parliament and finance

specialist Ewout Irrgang is urging the Minister of 

Finance to join colleagues from other EU member

states in drawing up enforceable agreements to

put a stop to the dumping.

When interest rates on Greek bonds

began to rocket, the European Central

Bank (ECB) established a new remedial

measure which involved buying state

bonds from financial institut ions in order

to drive the rate back down. Although

this calmed the financial markets, it

also created an easy means whereby

banks and insurance companies could

get rid of their southern European

bonds. Instead of the authorities putting a stop to the

mass dumping of southern European bonds, however,

they left the matter for the banks and insurers

themselves to deal with. "That's putt ing the fox in

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charge of the hen-house," says Ewout Irrgang. “The

banks and insurance houses are simply not strict

enough with themselves and have attached no

sanctions to the mass dumping of bonds on to the ECB.

Those who aren't sticking to the 'gentlemen's

agreement' are now reaping rich rewards."

In just over a week Ageas sold €1.7 billion in Greek

bonds, €2.1 in Italian bonds, and €900 million in

Portuguese bonds, unloading a mass of its risky bonds in

a manner which was completely against the agreementin the buying policy of the ECB. Irrgang wants Finance

Minister Jan Kees de Jager to say whether he has

discussed the behaviour of Ageas with his Belgian

counterpart and is demanding the introduction of 

measures at European level to counter the mass

dumping of bonds.

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