Arco cooperative shareholders now have a renewed opportunity to seek compensation.

Nearly 15 Years Waiting for a Solution

Nearly 15 years after the liquidation of the Arco Group, the 800,000 Belgian savers who lost their money are still awaiting compensation.

The Belgian State’s Promise

In 2018, the Belgian State undertook to compensate Arco cooperative shareholders from the proceeds of a (partial) sale of Belfius Bank. That commitment remains in force today. At the end of 2025, the government decided to sell 20% of its stake in Belfius. The sale process is underway and is expected to be completed in 2026. The 2018 commitment must therefore now be honoured.

How the Savings Were Lost

In September 2008, the savings of Arco cooperative shareholders were used in a reckless attempt to rescue the struggling Dexia Group. To secure that support, the Belgian State provided a guarantee against potential losses on the cooperative shareholders' savings.

When Dexia ultimately collapsed and was dismantled by the State, successive governments pledged in 2011 and again in 2014 to compensate the Arco cooperative shareholders. This commitment was maintained even after the State guarantee was declared invalid.

This resulted in a formal agreement within the Michel I government and a concrete compensation scheme announced on 24 July 2018: upon the sale of the Belgian State's stake in Belfius Bank, Arco cooperative shareholders would be compensated.

Time to Honour the Commitments Made

N-VA, CD&V and MR were members of those governments and are also represented in the current government. Now that the sale process has finally been initiated, there is nothing preventing the implementation of that compensation scheme. On the contrary, the Belgian State is bound by the agreements and commitments it has previously made. 
Furthermore, the Belgian State has already received €3.8 billion in dividends from Belfius and is now on the verge of realising a substantial capital gain.

We call upon the Belgian State to honour its commitment and implement a fair settlement before or simultaneously with the sale of Belfius.

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