The Brussels-Capital Region will reportedly lose its €500 million credit line from ING at the end of this year, Belga News Agency learned from a reliable source on Wednesday, although ING itself officially denies that a decision has already been made.
ING's contract – which expires on 31 December – will allegedly not be renewed. If true, this would mean that the Capital Region would lose its second €500 million credit line (usually used to address temporary liquidity problems).
In a statement, ING corrected the report on Wednesday. "To our surprise, we read the news that ING had announced that the credit line would not be extended. This report is incorrect as no decision has yet been made. We will not be providing any further comment."
Previously, Belgian state-owned Belfius Bank also announced it would terminate its €500 million credit line, effective 1 January 2026. Last week, the bank even announced that it would be withdrawing as the Brussels Region's primary bank.
'Risking a shutdown'
The Brussels-Capital Region is struggling with a severe budget deficit and has been waiting for a new government for 1.5 years after the elections.
"With the loss of the cash credit lines of both ING and Belfius, the Region loses a total of €1 billion in liquidity. This is not a minor detail," Brussels' Budget Minister Dirk De Smedt (Open VLD) emphasised to Belga News Agency. "Without adequate replacement, we risk, as stated earlier, a shutdown in which the Region will no longer be able to pay its invoices on time."
He said that he has been trying to get this message across within the government for several weeks. "I hope that the awareness of this urgency will also dawn on my colleagues. We must act now."
"Only through a new credible financial strategy and a multi-year budgetary plan in which we structurally reduce the deficit can we guarantee the continuity of our services and the stability of Brussels," he added.
Update: This article was updated at 4:26 pm to include ING's statement.
