Major industries - engineering and metal products, motor vehicle assembly, processed food and beverages, chemicals, basic metals, textiles, glass, petroleum.
Banks (2010) - 105 banks; 4,087 branches; 61,467 employees; assets – EUR 1,163,10 billion; loans – EUR 405,40 billion; deposits – EUR 550,40 billion
Banking regulations – A law adopted on 2 July 2010 changed the supervisory architecture for the financial sector in Belgium. The legislature has opted to move towards a bipartite supervisory model known as “Twin Peaks”. The implementation of the Twin Peaks model as of 1 April 2011 fulfils, from a structural perspective, the two main objectives of financial supervision, and the system will be organised as follows:
The National Bank of Belgium is, in addition to its mandate of guaranteeing the macroeconomic stability of the financial system, now also responsible for the individual and prudential supervision of the majority of financial institutions (micro-prudential supervision).
The Financial Services and Markets Authority (FSMA), the successor to the CBFA, has gained a more robust role in the supervision of the rules of conduct applicable to financial institutions, in view of ensuring that all clients are treated honestly, fairly and professionally.
The minimum capital requirement to set up a bank in Belgium is EUR 6,2 million.