Belgian government to guarantee Fortis deposits

BRUSSELS: The Belgian government will guarantee all retail deposits at Fortis NV, a leading politician says.

Marianne Thyssen, leader of the Christian Democrats, one of the partners in Belgium's governing coalition, says the measure is needed to restore faith in Fortis, the country's largest bank and largest private employer.

Thyssen told VRT television on Sunday the ``the current government stands behind, we guarantee that savings accounts are insured for 100 per cent.''

Under Belgian law, only the first euro20,000 (US$29,000) in bank accounts are insured.