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94-507: Ageas is a Belgian multinational insurance company co-headquartered in Brussels . Ageas is Belgium's largest insurer and operates in 13 countries worldwide. The company was renamed from Fortis Holding in April 2010 and consists of those insurance activities remaining after the breakup and sale of the financial services group Fortis during the financial crisis of 2007-2010 . In 2023,

188-542: A credit default swap that entitles the holder to a regular stream of small payments but obliges the holder to make a large payment if a specified event occurs. John Gapper describes one such instrument, a "tail risk" swap: ...[S]tructured finance gave banks and others more chances to take on “tail risk”. This is an insurance-like trading strategy: one institution writes swaps or options that provide it with regular payments in exchange for taking another’s risk of default. In most cases, this produces profits, but occasionally it

282-642: A special purpose vehicle which manages a portfolio of " toxic " structured credit assets previously held by Fortis Bank. RIAS is a general insurance company that provides car, home, travel and caravan insurance. is a trading name of Ageas Retail Limited, who are authorised and regulated by the Financial Conduct Authority . It was established in 1992 by David Holden as the Retirement Insurance Advisory Service, originally offering insurance products from

376-467: A balanced budget, some tax reforms , a labor-market reform, scheduled nuclear phase-out and instigated legislation allowing more stringent war crime and more lenient soft drug usage prosecution. Restrictions on euthanasia were reduced, and in 2003, Belgium became one of the first countries in the world to legalise same-sex marriage . The government promoted active diplomacy in Africa and opposed

470-860: A decade after the other regions) is included in both the Flemish and French Communities, and the territory of the German-speaking Community lies wholly within the Walloon Region. Conflicts about jurisdiction between the bodies are resolved by the Constitutional Court of Belgium . The structure is intended as a compromise to allow different cultures to live together peacefully. The Federal State's authority includes justice, defense, federal police, social security, nuclear energy, monetary policy and public debt, and other aspects of public finances. State-owned companies include

564-693: A large semi-independent enclave. The Eighty Years' War (1568–1648) was triggered by the Spanish government's policy towards Protestantism , which was becoming popular in the Low Countries. The rebellious northern United Provinces ( Belgica Foederata in Latin , the "Federated Netherlands") eventually separated from the Southern Netherlands ( Belgica Regia , the "Royal Netherlands"). The southern part continued to be ruled successively by

658-552: A new government . By 30 March 2011, this set a new world record for the elapsed time without an official government, previously held by war-torn Iraq . Finally, in December 2011 the Di Rupo Government led by Walloon socialist Prime Minister Elio Di Rupo was sworn in. The 2014 federal election (coinciding with the regional elections ) resulted in a further electoral gain for the Flemish nationalist N-VA, although

752-543: A panel of insurers. RIAS was part of Fortis Group, until Fortis adopted an Ageas UK name, reflecting the company's status as a standalone global insurance group. In September 2012, Ageas acquired Groupama's UK insurance operations, boosting its presence in the automobile and home sectors. The deal will see Ageas add another million policyholders in the UK. In 2016, Ageas acquired AXA insurance operations in Portugal , becoming

846-986: A policy of mediation. The Belgians have been strong advocates of European integration . The headquarters of NATO and of several of the institutions of the European Union are located in Belgium. The Belgian Armed Forces had 23,200 active personnel in 2023, including 8,500 in the Land Component , 1,400 in the Naval Component , 4,900 in the Air Component , 1,450 in the Medical Component , and 6,950 in joint service, in addition to 5,900 reserve personnel. In 2019, Belgium's defense budget totaled €4.303 billion ($ 4.921 billion) representing .93% of its GDP. The operational commands of

940-449: A price that both buyers and sellers will accept, and, in the absence of outside interference (in a free market), this will happen. This has not happened for many types of financial assets during the financial crisis that began in 2007, hence one speaks of "the market breaking down". One can explain this alternately as the price not adjusting down—the price is too high, with supply being too high, or alternatively demand being too low, or by

1034-605: Is a sovereign state and a federal constitutional monarchy with a parliamentary system . Its institutional organization is complex and is structured on both regional and linguistic grounds. It is divided into three highly autonomous regions : the Flemish Region (Flanders) in the north, the Walloon Region (Wallonia) in the south, and the Brussels-Capital Region in the middle. Brussels

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1128-440: Is around 23% of the total land area, equivalent to 689,300 hectares (ha) of forest in 2020, up from 677,400 hectares (ha) in 1990. In 2020, naturally regenerating forest covered 251,200 hectares (ha) and planted forest covered 438,200 hectares (ha). For the year 2015, 47% of the forest area was reported to be under public ownership , 53% private ownership and 0% with ownership listed as other or unknown. The territory of Belgium

1222-483: Is based on civil law and originates from the Napoleonic code . The Court of Cassation is the court of last resort, with the courts of appeal one level below. Belgium's political institutions are complex; most political power rests on representation of the main cultural communities . Since about 1970, the significant national Belgian political parties have split into distinct components that mainly represent

1316-414: Is disastrous. The right to receive a stream of payments is accounted for as an asset. The obligation to make a payment is accounted for as a liability. In the case of a credit default swap, the number and amount of payments in and out is subject to an undetermined risk. The net value of the expected cash flows is calculable by reference to a model, but the calculations require a degree of confidence in

1410-505: Is divided into three Regions, two of which, the Flemish Region and Walloon Region , are in turn subdivided into provinces ; the third Region, the Brussels Capital Region , is neither a province nor a part of a province. Belgium is a constitutional , popular monarchy and a federal parliamentary democracy . The bicameral federal parliament is composed of a Senate and a Chamber of Representatives . The former

1504-982: Is held by Fortis Bank N.V./S.A. , which was sold to BNP Paribas in 2009). Products are sold through independent agents, brokers and financial planners, and through branches of BNP Paribas Fortis and its subsidiary Banque de La Poste/Bank van De Post. Ageas also wholly owns the subsidiary Ageas Insurance International (formerly Fortis Insurance International), through which it is the United Kingdom 's third-largest provider of private vehicle cover and fourth-largest provider of travel insurance through subsidiaries such as Kwik Fit Insurance . Ageas Insurance International also operates in France and Hong Kong and holds partnerships or joint ventures in Luxembourg, Italy, Portugal, Turkey, China, Malaysia, India and Thailand. In addition, Ageas holds 45% of Royal Park Investments,

1598-667: Is lowest in January at 3 °C (37.4 °F) and highest in July at 18 °C (64.4 °F). The average precipitation per month varies between 54 mm (2.1 in) for February and April, to 78 mm (3.1 in) for July. Averages for the years 2000 to 2006 show daily temperature minimums of 7 °C (44.6 °F) and maximums of 14 °C (57.2 °F) and monthly rainfall of 74 mm (2.9 in); these are about 1 °C and nearly 10 millimeters above last century's normal values, respectively. Phytogeographically , Belgium

1692-497: Is made up of 50 senators appointed by the parliaments of the communities and regions and 10 co-opted senators . Prior to 2014, most of the Senate's members were directly elected. The Chamber 's 150 representatives are elected under a proportional voting system from 11 electoral districts . Belgium has compulsory voting and thus maintains one of the highest rates of voter turnout in the world. The King (currently Philippe )

1786-668: Is more than double that of Flanders, which boomed after the Second World War. Belgium is a developed country , with an advanced high-income economy . The country is one of the six founding members of the European Union , and its capital, Brussels, is the de facto capital of the European Union itself, hosting the official seats of the European Commission , the Council of the European Union , and

1880-632: Is now the Benelux, the so-called Burgundian Netherlands . "Burgundy" and "Flanders" were the first two common names used for the Burgundian Netherlands which was the predecessor of the Austrian Netherlands, the predecessor of modern Belgium. The union, technically stretching between two kingdoms, gave the area economic and political stability which led to an even greater prosperity and artistic creation. Born in Belgium,

1974-729: Is shared between the Atlantic European and Central European provinces of the Circumboreal Region within the Boreal Kingdom . According to the World Wide Fund for Nature , the territory of Belgium belongs to the terrestrial ecoregions of Atlantic mixed forests and Western European broadleaf forests . Belgium had a 2018 Forest Landscape Integrity Index mean score of 1.36/10, ranking it 163rd globally out of 172 countries. In Belgium forest cover

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2068-631: Is the head of state , though with limited prerogatives . He appoints ministers, including a Prime Minister, that have the confidence of the Chamber of Representatives to form the federal government . The Council of Ministers is composed of no more than fifteen members. With the possible exception of the Prime Minister, the Council of Ministers is composed of an equal number of Dutch-speaking members and French-speaking members. The judicial system

2162-570: Is the smallest and most densely populated region, as well as the richest region in terms of GDP per capita . Belgium is also home to two main linguistic communities: the Flemish Community ( Dutch -speaking), which constitutes about 60 percent of the population, and the French Community ( French -speaking), which constitutes about 40 percent of the population. A small German-speaking Community , making up around one percent of

2256-500: The Belgian Post Group and Belgian Railways . The Federal Government is responsible for the obligations of Belgium and its federalized institutions towards the European Union and NATO. It controls substantial parts of public health, home affairs and foreign affairs. The budget—without the debt—controlled by the federal government amounts to about 50% of the national fiscal income. The federal government employs around 12% of

2350-715: The European Council , as well as one of two seats of the European Parliament (the other being Strasbourg ). Belgium is also a founding member of the Eurozone , NATO , OECD , and WTO , and a part of the trilateral Benelux Union and the Schengen Area . Brussels also hosts the headquarters of many major international organizations, such as NATO . According to Julius Caesar , the Belgae were

2444-758: The Habsburg Emperor Charles ;V was heir of the Burgundians, but also of the royal families of Austria , Castile and Aragon . With the Pragmatic Sanction of 1549 he gave the Seventeen Provinces more legitimacy as a stable entity, rather than just a temporary personal union . He also increased the influence of these Netherlands over the Prince-Bishopric of Liège , which continued to exist as

2538-537: The Holy Roman Empire . The lordships and bishoprics along the "March" (frontier) between the two great kingdoms maintained important connections between each other. For example, the county of Flanders expanded over the Scheldt into the empire, and during several periods was ruled by the same lords as the county of Hainaut . In the 13th and 14th centuries, the cloth industry and commerce boomed especially in

2632-724: The Industrial Revolution , and during the course of the 20th century, possessed a number of colonies , notably the Belgian Congo and Ruanda-Urundi . These colonies gained independence between 1960 and 1962. The second half of the 20th century was marked by rising tensions between the Dutch-speakers and French-speakers, fueled by differences in political culture and the unequal economic development of Flanders and Wallonia. This continuing antagonism has led to several far-reaching state reforms , resulting in

2726-645: The Kingdom of Belgium , is a country in Northwestern Europe . The country is bordered by the Netherlands to the north, Germany to the east, Luxembourg to the southeast, France to the south, and the North Sea to the west. It covers an area of 30,689 km (11,849 sq mi) and has a population of more than 11.7 million, making it the 22nd most densely populated country in

2820-822: The Michel Government . It was the first time N-VA was part of the federal cabinet, while the French-speaking side was represented only by the MR, which achieved a minority of the public votes in Wallonia. In May 2019 federal elections in the Flemish-speaking northern region of Flanders far-right Vlaams Belang party made major gains. In the French-speaking southern area of Wallonia the Socialists were strong. The moderate Flemish nationalist party

2914-412: The Netherlands ( 450 km ). Its total surface, including water area, is 30,689 km (11,849 sq mi). Before 2018, its total area was believed to be 30,528 km (11,787 sq mi). However, when the country's statistics were measured in 2018, a new calculation method was used. Unlike previous calculations, this one included the area from the coast to the low-water line, revealing

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3008-759: The Spanish ( Spanish Netherlands ) and the Austrian House of Habsburgs ( Austrian Netherlands ) and comprised most of modern Belgium. This was the theatre of several more protracted conflicts during much of the 17th and 18th centuries involving France, including the Franco-Dutch War (1672–1678), the Nine Years' War (1688–1697), the War of the Spanish Succession (1701–1714), and part of

3102-696: The United Kingdom of the Netherlands occurred at the dissolution of the First French Empire in 1814, after the abdication of Napoleon. In 1830, the Belgian Revolution led to the re-separation of the Southern Provinces from the Netherlands and to the establishment of a Catholic and bourgeois, officially French-speaking and neutral, independent Belgium under a provisional government and a national congress . Since

3196-757: The War of the Austrian Succession (1740–1748). Following the campaigns of 1794 in the French Revolutionary Wars , the Low Countries ;– including territories that were never nominally under Habsburg rule, such as the Prince-Bishopric of Liège – were annexed by the French First Republic , ending Austrian rule in the region. A reunification of the Low Countries as

3290-677: The Western Roman Empire , the Roman provinces of Belgica and Germania were inhabited by a mix of a Romanized population and Germanic -speaking Franks who came to dominate the military and political class. During the 5th century, the area came under the rule of the Frankish Merovingian kings, who initially established a kingdom ruling over the Romanized population in what is now northern France, and then conquered

3384-624: The war against the Islamic State , and in eastern Europe for the NATO presence there. Toxic asset When the market for toxic assets ceases to function, it is described as "frozen". Markets for some toxic assets froze in 2007, and the problem grew much worse in the second half of 2008. Several factors contributed to the freezing of toxic asset markets. The value of the assets was very sensitive to economic conditions, and increased uncertainty in these conditions made it difficult to estimate

3478-670: The 19th century were the Catholic Party and the Liberal Party , with the Belgian Labour Party emerging towards the end of the 19th century. French was originally the official language used by the nobility and the bourgeoisie , especially after the rejection of the Dutch monarchy. French progressively lost its dominance as Dutch began to recover its status. This recognition became official in 1898, and in 1967,

3572-528: The 20th largest business in the world by revenue. That year Fortis agreed to purchase ABN AMRO jointly with Banco Santander and Royal Bank of Scotland Group , but the 2007-10 financial crisis exacerbated problems with financing its part of the acquisition and prompted fears of insolvency . Considered " too big to fail ", Fortis received an €11.2 billion bailout from the Benelux governments and saw its retail banking operations in Belgium sold to BNP Paribas , and its insurance and banking subsidiaries in

3666-474: The Ardennes are more rugged and rocky with caves and small gorges . Extending westward into France, this area is eastwardly connected to the Eifel in Germany by the High Fens plateau, on which the Signal de Botrange forms the country's highest point at 694 m (2,277 ft). The climate is maritime temperate with significant precipitation in all seasons ( Köppen climate classification : Cfb ), like most of northwest Europe. The average temperature

3760-428: The Belgian state to assume responsibility for the government of the colony, henceforth called the Belgian Congo . A Belgian commission in 1919 estimated that Congo's population was half what it was in 1879. Germany invaded Belgium in August 1914 as part of the Schlieffen Plan to attack France , and much of the Western Front fighting of World War I occurred in western parts of the country. The opening months of

3854-428: The Communities and Regions were created in 1980, Flemish politicians decided to merge both. Thus the Flemings just have one single institutional body of parliament and government is empowered for all except federal and specific municipal matters. The overlapping boundaries of the Regions and Communities have created two notable peculiarities: the territory of the Brussels-Capital Region (which came into existence nearly

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3948-490: The County of Flanders and it became one of the richest areas in Europe. This prosperity played a role in conflicts between Flanders and the king of France . Famously, Flemish militias scored a surprise victory at the Battle of the Golden Spurs against a strong force of mounted knights in 1302, but France soon regained control of the rebellious province. In the 15th century, the Duke of Burgundy in France took control of Flanders, and from there proceeded to unite much of what

4042-548: The European Union, for which Belgium hosts major administrations and institutions, including the European Commission , the Council of the European Union and the extraordinary and committee sessions of the European Parliament . In the early 1990s, Belgium saw several large corruption scandals notably surrounding Marc Dutroux , Andre Cools , the Dioxin Affair , Agusta Scandal and the murder of Karel van Noppen . Belgium shares borders with France ( 620 km ), Germany ( 162/167 km ), Luxembourg ( 148 km ), and

4136-574: The Federal Reserve's Term Asset Lending Facility (TALF). The initial size of the Public Private Investment Partnership is projected to be $ 500 billion. Economist and Nobel Prize winner Paul Krugman has been very critical of this program, arguing that the non-recourse loans lead to a hidden subsidy that will be split by asset managers, bank shareholders, and creditors. Banking analyst Meridith Whitney argues that banks will not sell bad assets at fair market values because they are reluctant to take asset write downs. Removing toxic assets would also reduce

4230-491: The Flemings refused to do so and succeeded progressively in making Dutch an equal language in the education system. Following World War II, Belgian politics became increasingly dominated by the autonomy of its two main linguistic communities. Intercommunal tensions rose and the constitution was amended to minimize the potential for conflict. Based on the four language areas defined in 1962–63 (the Dutch, bilingual, French and German language areas), consecutive revisions of

4324-484: The Fortis brand passing to BNP Paribas. On July 13, 2018, the Amsterdam Court of Appeal (Gerechtshof Amsterdam) approved a €1.3 billion collective settlement of claims asserted on behalf of shareholders of the former Fortis (now Ageas), under the authority of the Dutch Act on Collective Settlement of Mass Claims (Wet Collectieve Afwikkeling van Massaschade) or WCAM. The company is the largest provider of insurance in Belgium , owning 75% of AG Insurance (the remainder

4418-400: The Latin name of a large Roman province covering most of Northern Gaul, including the Belgae and Treveri. However, areas closer to the lower Rhine frontier, including the eastern part of modern Belgium, subsequently became part of the frontier province of Germania Inferior , which continued to interact with their neighbours outside the empire. At the time when central government collapsed in

4512-458: The N-VA remained the largest party in parliament. In July 2019 prime minister Charles Michel was selected to hold the post of President of the European Council . His successor Sophie Wilmès was Belgium's first female prime minister. She led the caretaker government since October 2019. The Flemish Liberal party politician Alexander De Croo became new prime minister in October 2020. The parties had agreed on federal government 16 months after

4606-413: The Netherlands nationalised. In April 2024, it was announced BNP Paribas had acquired Fosun International 's entire 9% stake in Ageas, worth €730 million. The remaining assets of the company, consisting principally of insurance operations but also including some distressed assets, were rebranded Fortis Holding. In April 2010 its shareholders agreed a formal change of name to Ageas SA/NV, with ownership of

4700-426: The Regions' and Communities' Governments is the broadest of all the Federating units of all the Federations all over the world. Because of its location at the crossroads of Western Europe , Belgium has historically been the route of invading armies from its larger neighbors. With virtually defenseless borders, Belgium has traditionally sought to avoid domination by the more powerful nations which surround it through

4794-403: The Roman province of Gallia Belgica in 22 BC. In the Middle Ages , the region was part of the Carolingian Empire , and much of it was later part of the Holy Roman Empire , and subsequently the Burgundian Netherlands . Belgium's central location has meant that the area has been relatively prosperous, connected commercially and politically to its bigger neighbours. The country as it exists today

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4888-460: The U.S. Treasury will provide the remaining assets. The second program is called the legacy securities program, which will buy mortgage backed securities (RMBS) that were originally rated AAA and commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS) which are rated AAA. The funds will come in many instances in equal parts from the U.S. Treasury's Troubled Asset Relief Program (TARP) monies, private investors, and from loans from

4982-445: The United States rallied on the day of the announcement, rising by over six percent with the shares of bank stocks leading the way. PPIP has two primary programs. The Legacy Loans Program will attempt to buy residential loans from bank's balance sheets. The Federal Deposit Insurance Corporation (FDIC) will provide non-recourse loan guarantees for up to 85 percent of the purchase price of legacy loans. Private sector asset managers and

5076-401: The autumn of 2008 were forced to accept buy-outs or mergers because it was believed that they were in this situation. This re-evaluation of total assets based on prevailing market prices is known as mark-to-market pricing. The term zombie bank was introduced to describe banks, which would have become bankrupt if their assets had been revalued at realistic levels. Toxic assets, by increasing

5170-399: The cabinet to the king, as no progress in constitutional reforms had been made. In December 2008, Leterme once more offered his resignation after a crisis surrounding the sale of Fortis to BNP Paribas . At this juncture, his resignation was accepted and Christian Democratic and Flemish Herman Van Rompuy was sworn in as Prime Minister on 30 December 2008. After Herman Van Rompuy

5264-731: The civil servants. Communities exercise their authority only within linguistically determined geographical boundaries, originally oriented towards the individuals of a Community's language: culture (including audiovisual media), education and the use of the relevant language. Extensions to personal matters less directly connected with language comprise health policy (curative and preventive medicine) and assistance to individuals (protection of youth, social welfare, aid to families, immigrant assistance services, and so on.). Regions have authority in fields that can be broadly associated with their territory. These include economy, employment, agriculture, water policy, housing, public works, energy, transport,

5358-825: The company had 50,000 employees. The company's roots are in the 1824 foundation of the Belgian life insurer Assurances Générales (now AG Insurance). In 1990 AG took over the Netherlands -based firm AMEV/VSB to form Fortis. AMEV/VSB had itself been formed earlier that year by the combination of a savings bank , VSB (Verenigde Spaarbank), and an insurer, AMEV, which followed the end of legislation preventing mergers between banks and insurers. AMEV had originally been founded in Utrecht in 1920 as Algemeene Maatschappij tot Exploitatie van Verzekeringsmaatschappijen (English: General Society for Operation of Insurance ). After its creation, Fortis extended its activities to private and investment banking and to asset management , establishing subsidiaries internationally, and by 2007 it had become

5452-415: The country in May 1940 , and 40,690 Belgians, over half of them Jews, were killed during the subsequent occupation and the Holocaust . From September 1944 to February 1945 the Allies liberated Belgium. After World War II , a general strike forced King Leopold III to abdicate in 1951 in favour of his son, Prince Baudouin , since many Belgians thought he had collaborated with Germany during

5546-409: The country to be 160 km (62 sq mi) larger in surface area than previously thought. Its land area alone is 30,494 square kilometers. It lies between latitudes 49°30' and 51°30' N, and longitudes 2°33' and 6°24' E. Belgium has three main geographical regions; the coastal plain in the northwest and the central plateau both belong to the Anglo-Belgian Basin, and the Ardennes uplands in

5640-407: The country's constitution in 1970, 1980, 1988 and 1993 established a unique form of a federal state with segregated political power into three levels: The constitutional language areas determine the official languages in their municipalities, as well as the geographical limits of the empowered institutions for specific matters. Although this would allow for seven parliaments and governments when

5734-447: The crisis, the value of these assets had been estimated, using the prevailing economic data. When it became clear that such conditions would not continue, it was no longer clear how much revenue the assets were likely to generate and, hence, how much the assets were worth. Since the assets were typically very sensitive to economic conditions, even relatively small uncertainties in the economic conditions could lead to large uncertainties in

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5828-521: The elections. Following a usage which can be traced back to the Burgundian and Habsburg courts, in the 19th century it was necessary to speak French to belong to the governing upper class, and those who could only speak Dutch were effectively second-class citizens. Late that century, and continuing into the 20th century, Flemish movements evolved to counter this situation. While the people in Southern Belgium spoke French or dialects of French, and most Brusselers adopted French as their first language,

5922-621: The environment, town and country planning, nature conservation, credit and foreign trade. They supervise the provinces, municipalities and intercommunal utility companies. In several fields, the different levels each have their own say on specifics. With education, for instance, the autonomy of the Communities neither includes decisions about the compulsory aspect nor allows for setting minimum requirements for awarding qualifications, which remain federal matters. Each level of government can be involved in scientific research and international relations associated with its powers. The treaty-making power of

6016-507: The four components are subordinate to the Staff Department for Operations and Training of the Ministry of Defense , which is headed by the Assistant Chief of Staff Operations and Training , and to the Chief of Defense . The Belgian military consists of volunteers (conscription was abolished in 1995), and citizens of other EU states, Iceland, Norway, Switzerland, or Lichtenstein are also able to join. Belgium has troops deployed in several African countries as part of UN or EU missions, in Iraq for

6110-423: The government, and on 26 April 2010 King Albert officially accepted the resignation. The Parliamentary elections in Belgium on 13 June 2010 saw the Flemish nationalist N-VA become the largest party in Flanders, and the Socialist Party PS the largest party in Wallonia. Until December 2011, Belgium was governed by Leterme's caretaker government awaiting the end of the deadlocked negotiations for formation of

6204-440: The incumbent coalition (composed of Flemish and French-speaking Social Democrats, Liberals, and Christian Democrats) maintains a solid majority in Parliament and in all electoral constituencies. On 22 July 2014, King Philippe nominated Charles Michel (MR) and Kris Peeters (CD&V) to lead the formation of a new federal cabinet composed of the Flemish parties N-VA, CD&V, Open Vld and the French-speaking MR, which resulted in

6298-423: The inhabitants of the northernmost part of Gaul . They lived in a region stretching from Paris to the Rhine , which is much bigger than modern Belgium. However, he also specifically used the Latin word " Belgium " to refer to a politically dominant part of that region, which is now in northernmost France. In contrast, modern Belgium, together with neighbouring parts of the Netherlands and Germany, corresponds to

6392-463: The installation of Leopold I as king on 21 July 1831, now celebrated as Belgium's National Day , Belgium has been a constitutional monarchy and parliamentary democracy , with a laicist constitution based on the Napoleonic code . Although the franchise was initially restricted, universal suffrage for men was introduced after the general strike of 1893 (with plural voting until 1919) and for women in 1949. The main political parties of

6486-421: The invasion of Iraq . It is the only country that does not have age restrictions on euthanasia. Verhofstadt's coalition fared badly in the June 2007 elections . For more than a year, the country experienced a political crisis . This crisis was such that many observers speculated on a possible partition of Belgium . From 21 December 2007 until 20 March 2008 the temporary Verhofstadt III Government

6580-461: The lands of the most northerly Belgae – the Morini , Menapii , Nervii , Germani Cisrhenani , and Aduatuci . Caesar found these peoples particularly warlike and economically undeveloped, and described them as kinsmen of the Germanic tribes east of the Rhine. The area around Arlon in southern Belgium was a part of the country of the powerful Treveri , to whom some of them paid tribute. After Caesar's conquests, Gallia Belgica first came to be

6674-424: The other Frankish kingdoms. During the 8th century, the empire of the Franks came to be ruled by the Carolingian dynasty , whose centre of power included the area which is now eastern Belgium. Over the centuries, it was divided up in many ways, but the Treaty of Verdun in 843 divided the Carolingian Empire into three kingdoms whose borders had a lasting impact on medieval political boundaries. Most of modern Belgium

6768-852: The parliament accepted a Dutch version of the Constitution . The Berlin Conference of 1885 ceded control of the Congo Free State to King Leopold II as his private possession. From around 1900 there was growing international concern for the extreme and savage treatment of the Congolese population under Leopold II , for whom the Congo was primarily a source of revenue from ivory and rubber production. Many Congolese were killed by Leopold's agents for failing to meet production quotas for ivory and rubber. In 1908, this outcry led

6862-504: The political and linguistic interests of these communities. The major parties in each community, though close to the political center, belong to three main groups: Christian Democrats , Liberals , and Social Democrats . Further notable parties came into being well after the middle of last century, mainly to represent linguistic , nationalist, or environmental interests, and recently smaller ones of some specific liberal nature. A string of Christian Democrat coalition governments from 1958

6956-586: The population, exists in the East Cantons . The Brussels-Capital Region is officially bilingual in French and Dutch, although French is the majority language and lingua franca . Belgium's linguistic diversity and related political conflicts are reflected in its complex system of governance, made up of six different governments . In antiquity the region around Belgium was inhabited by the Belgae , and became

7050-477: The price of the toxic assets, but potential buyers were unwilling to pay prices anywhere near the loan's face value. With potential sellers and buyers unable to agree on prices, the markets froze with no transactions occurring. In some cases, markets remained frozen for several months. On March 23, 2009, U.S. Treasury Secretary Timothy Geithner announced a Public-Private Investment Partnership (PPIP) to buy toxic assets from banks. The major stock market indexes in

7144-476: The resale of portions of a bank's mortgages), CDS (" credit default swaps "), and the subprime mortgage market—particularly the lower tranches—but the term does not have a precise definition. Toxic security is the name applied during the aftermath of the subprime meltdown to financial instruments which cannot be readily identified as an asset or a liability. According to George Soros , "the toxic securities in question are not homogeneous". One example would be

7238-596: The second largest insurer by premiums, the third Non-Life insurer (with a 14% market share) and the third largest Life insurer (with a 19% market share). The Ageas UK head office is in Eastleigh , with branches in Bournemouth , Gloucester , London and Manchester . Belgium – in Europe  (light green & dark grey) – in the European Union  (light green) Belgium , officially

7332-533: The southeast to the Hercynian orogenic belt . The Paris Basin reaches a small fourth area at Belgium's southernmost tip, Belgian Lorraine . The coastal plain consists mainly of sand dunes and polders . Further inland lies a smooth, slowly rising landscape irrigated by numerous waterways, with fertile valleys and the northeastern sandy plain of the Campine ( Kempen ). The thickly forested hills and plateaus of

7426-563: The term "toxic" to describe certain mortgage products in emails in spring of 2006, as revealed in SEC filings: Regarding Countrywide's subprime 80/20 loans: When the supply and demand of a good equal each other, so buyers and sellers are matched, one says that the " market clears ". Classical economics and neoclassical economics posit that market clearing happens by the price adjusting—upwards if demand exceeds supply and downwards if supply exceeds demand. Therefore, it reaches equilibrium at

7520-487: The theory of an equilibrium price not holding—the price at which sellers will sell is higher than the price at which buyers will buy. Prior to the crisis, banks and other financial institutions had invested significant amounts of money in complicated financial assets, such as collateralized debt obligations and credit default swaps . The value of these assets was very sensitive to economic factors, such as housing prices, default rates, and financial-market liquidity. Prior to

7614-448: The transition from a unitary to a federal arrangement between 1970 and 1993. Despite the reforms, tensions have persisted: there is particularly significant separatist sentiment among the Flemish ; language laws such as the municipalities with language facilities have been the source of much controversy; and the government formation period following the 2010 federal election set a world record at 589 days. Unemployment in Wallonia

7708-631: The upward volatility of banks' stock prices. Because stock is a call option on a firm's assets, this lost volatility will hurt the stock price of distressed banks. Therefore, such banks will only sell toxic assets at above market prices. However, that argument ignores the possibility of simultaneously adjusting bank liabilities by legislation or regulation, as requested in the September, 2009, $ 24 billion plan proposed by FDIC chair Sheila Bair , which would have shielded shareholders but could have led to non-astronomical management bonuses. Bair's plan

7802-409: The value of the assets, which made it difficult for buyers and sellers in the market to agree on prices. Furthermore, banks and other large financial institutions were reluctant to accept lower prices for these assets, since lower prices would force them to recalculate the total value of their assets, and, if the loss was sufficiently large, force them to declare a negative total value. Several banks in

7896-492: The value of the assets. Banks and other major financial institutions were unwilling to sell the assets at significantly reduced prices, since lower prices would force them to reduce significantly their stated assets, making them, at least on paper, insolvent. Toxic assets are also euphemistically labeled troubled assets . The term was in limited use at least as early as 2006, and may have been coined by or popularized by Angelo Mozilo , founder of Countrywide Financial , who used

7990-436: The variance of banks' assets, can turn otherwise healthy institutions into zombies. Potentially solvent banks will make too few good loans. This is the debt overhang problem. Alternatively, potentially insolvent banks with toxic assets will seek out very risky speculative loans to shift risk onto their depositors and other creditors. Further, insolvent banks with toxic assets are unwilling to accept significant reductions in

8084-728: The war were known as the Rape of Belgium due to German excesses. Belgium assumed control of the German colonies of Ruanda-Urundi (modern-day Rwanda and Burundi ) during the war, and in 1924 the League of Nations mandated them to Belgium. In the aftermath of the First World War, Belgium annexed the Prussian districts of Eupen and Malmedy in 1925, thereby causing the presence of a German-speaking minority. German forces again invaded

8178-702: The war. The Belgian Congo gained independence in 1960 during the Congo Crisis ; Ruanda-Urundi followed with its independence two years later. Belgium joined NATO as a founding member and formed the Benelux group of nations with the Netherlands and Luxembourg. Belgium became one of the six founding members of the European Coal and Steel Community in 1951 and of the European Atomic Energy Community and European Economic Community , established in 1957. The latter has now become

8272-625: The world and the 6th most densely populated country in Europe, with a density of 383/km (990/sq mi). Belgium is part of an area known as the Low Countries , historically a somewhat larger region than the Benelux group of states, as it also included parts of northern France. The capital and largest metropolitan region is Brussels ; other major cities are Antwerp , Ghent , Charleroi , Liège , Bruges , Namur , and Leuven . Belgium

8366-568: Was broken in 1999 after the first dioxin crisis , a major food contamination scandal. A "rainbow coalition" emerged from six parties: the Flemish and the French-speaking Liberals, Social Democrats and Greens. Later, a " purple coalition " of Liberals and Social Democrats formed after the Greens lost most of their seats in the 2003 election . The government led by Prime Minister Guy Verhofstadt from 1999 to 2007 achieved

8460-547: Was designated the first permanent President of the European Council on 19 November 2009, he offered the resignation of his government to King Albert II on 25 November 2009. A few hours later, the new government under Prime Minister Yves Leterme was sworn in. On 22 April 2010, Leterme again offered the resignation of his cabinet to the king after one of the coalition partners, the OpenVLD , withdrew from

8554-526: Was established following the 1830 Belgian Revolution , when it seceded from the United Kingdom of the Netherlands , which had incorporated the Southern Netherlands (which comprised most of modern-day Belgium) after the Congress of Vienna in 1815. Belgium has been called "the Battlefield of Europe", a reputation reinforced in the 20th century by both world wars . Belgium was an early participant in

8648-541: Was in office. This was a coalition of the Flemish and Francophone Christian Democrats , the Flemish and Francophone Liberals together with the Francophone Social Democrats . On that day a new government , led by Flemish Christian Democrat Yves Leterme , the actual winner of the federal elections of June 2007 , was sworn in by the king. On 15 July 2008 Leterme offered the resignation of

8742-595: Was in the Middle Kingdom , later known as Lotharingia , but the coastal county of Flanders , west of the Scheldt , became the northernmost part of West Francia , the predecessor of France . In 870 in the Treaty of Meerssen , modern Belgium lands all became part of the western kingdom for a period, but in 880 in the Treaty of Ribemont , Lotharingia came under the lasting control of the eastern kingdom, which became

8836-509: Was never implemented. Because the number of commercial bankruptcy filings continues to increase, there is evidence for negative feedback pressure indicating that toxic assets still need to be addressed. An example of a market which froze is the Canadian ABCP ("asset-backed credit paper") market. The term "toxic asset" is generally associated with financial instruments like CDOs (" collateralized debt obligations ", assets generated from

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