Arco Cooperants Continue Fight for Belfius Sale Proceeds
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Arco Cooperants Continue Fight for Belfius Sale Proceeds
- Approximately 800,000 Arco cooperants are seeking compensation from the Belgian state, demanding a share of the proceeds from the partial privatization of Belfius Bank.
- This ongoing dispute stems from a state guarantee offered in 2008 during the Dexia bank rescue, which was later deemed unconstitutional by the European Commission in 2014.
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Arco, the investment arm of the Christian workers union beweging.net, had around 800,000 investors, known as cooperants. When Dexia Bank faced collapse in 2011, Arco cooperants were initially assured their investments were protected by a state guarantee. However, the European Commission ruled in 2014 that this guarantee was incompatible with EU state aid rules, requiring Arco to repay the undue advantage it received.
In 2017, the federal government reached an agreement to create a €600 million fund for the reimbursement of Arco cooperants, with a partial privatization of Belfius Bank, the successor to Dexia, contributing to this fund. This agreement aimed for a 40% reimbursement of their investment. The Belgian government is reportedly planning to sell a 20% stake in Belfius Bank, a move expected to generate around €2 billion.
Organizations representing Arco cooperants, such as ArcoClaim and Deminor, have recently urged the Belgian government to honor its commitment and use the proceeds from the Belfius sale to compensate the cooperants. They sent a formal notice to Prime Minister Bart De Wever and Minister of Finance Jan Jambon in April 2026, demanding the promised compensation be paid by the time of the Belfius sale. The debate continues, with advocates emphasizing that the compensation is about honoring a deal made in 2008 to secure support for the initial Dexia bailout.