33
Significant changes
Due to the significant reforms in the financial
landscape since the occurrence of the finan-
cial crisis, the sector has decreased in volume,
amongst other things as a result of the phas-
ing-out of foreign activities, restructuring, de-
leveraging, etc.
The share, in commercial trading, of financial
products that, before the financial crisis, was
important for the profitability of the financial
institutions, had dropped by one half after the
crisis. A recent survey showed that the share
of proprietary trading (trading for one’s own
account, an activity through which Belgian
banks mainly cover themselves against price
fluctuations on the financial markets) in the
trading volumes of the banks dropped sharply
in the first six months of 2012. In 2009 that
share was still 13%. This places Belgian banks
far under the European average. The specu-
lative element of proprietary trading, which
further reinforced the crisis in 2007 and 2008,
is currently hardly present within Belgian
financial institutions.
As a result of the significant changes of the
last few years, the added value of the sector
will have to be based to a larger extent on
the transformation function (the conversion
of savings into loans) and on the offer of ef-
fective payment systems in the coming years.
That implies that the added value may become
lower than in the past, due to which the pres-
sure on the financial sector and the stability of
its various subsectors will increase.
>
Lending
0
2
4
6
8
10
12
14
2011
2010
2009
2008
2007
5.7
11
5.5
10.7
5.3
10.2
5.8
11.2
5.8
12.3
■
As for the economy as a whole
■
As for marketable services
ADDED VALUE OF THE FINANCIAL SECTOR IN THE ENTIRE ECONOMY AS A %
(
SOURCE: NBB)