Question discussed at the 2006 general meeting

In the foreword to the Annual Report 2005, the governor expresses the wish that the judgements given in 2005 and in 2006 in the lawsuits between the Bank and some of its minority shareholders will put an end to the unjustified speculation surrounding its share.

Some shareholders would like to know what is meant exactly by "unjustified speculation". Moreover, some questions have been asked on the correct valuation of the NBB share, called the intrinsic value.

The term "unjustified speculation" refers to the sustained strategy of some minority shareholders who wish to benefit from a persistent misconstruction regarding the specific nature of the Bank as a central bank, in particular the link between the central bank and the sovereign State. False expectations have therefore been raised.

In fact, the governor’s position once more underlines that the Bank is primarily a central bank entrusted with a specific task. As a company listed on the Stock Exchange, it offers the prudent family man the opportunity to make a safe investment which yields a dividend in line with the change in the cost of living.

As far as the possible valuation of the NBB share is concerned, the Bank can only reiterate that it is a going concern. Attempts to value the Bank based on an assumption of liquidation, only serve to increase unjustified speculation.