The Commission approved a capital injection of €1.5 billion from the Belgian Government for the insurance and banking group Ethias. State authorities will acquire a stake in the Ethias group that will give it a preferential claim on future profits.
The Commission approved a capital injection of €1.5 billion from the Belgian Government for the insurance and banking group Ethias.
Ethias group is experiencing a sharp fall in the value of its financial assets and the withdrawal of a large number of investors. This has resulted in a drop in the solvency margin coverage and in urgent state intervention.
In return for this capital injection, the state authorities will acquire a stake in the Ethias group that will give it a preferential claim on future profits. An appropriate level has been set for the return on capital to be paid by Ethias to the state authorities if it returns to profit. Investors have priority in receiving dividends up to 10% of their investment, a level which is furthermore guaranteed by other conditions in the subscription agreement.
Press release
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