The debate surrounding the Aruba Financial Supervision Kingdom Law (HOFA) has entered a critical phase in Parliament. Member of Parliament Endy Croes has launched strong criticisms against the conditions imposed by the Netherlands to refinance the COVID-19 debt, pointing out that the actual financial benefit is much smaller than initially promised.
The main point of contention is the so-called “interest savings” that the Government uses as an argument to sign this Kingdom Law. According to Croes, the reality of the figures does not align with the expectations created within the community.
From 800 Million to Only 8 Million One of the most impactful revelations in this discussion is the discrepancy in the savings calculations:
- The Promise: Initially, there was talk of a massive saving of 800 million florins in interest.
- The Reality: More recent and detailed calculations indicate that the actual savings would be around 8 million florins per year on the specific pandemic crisis loan.
“The fundamental question is whether this sum of 8 million per year justifies surrendering our financial autonomy to the Netherlands,” the MP questioned, indicating that the legal price Aruba will pay is much higher than the monetary benefit.
Alarms Over Unconstitutionality The concern is not only financial but also legal and constitutional. Endy Croes recalled that there are clear signals from local unions, as well as professors and experts in the Netherlands, that the HOFA Kingdom Law may conflict with the Constitution (Staatsregeling) of Aruba.
Furthermore, the MP raised the alarm regarding the impact this law could have on state-owned companies (NVs). Dutch oversight would not be limited to the central government budget; it could also affect the management autonomy of our own national institutions.
A Call to Halt the Process During parliamentary meetings, a strong appeal was made to the coalition parties to reflect and not sign the law in its current form. The main argument is the irreversibility of the decision: “Once it is signed and becomes a Kingdom Law, it becomes very difficult, if not impossible, for Aruba to escape that control in the future.”
The HOFA discussion remains marked as one of the most precarious decisions for Aruba’s Status Aparte, where the balance between temporary financial relief and national sovereignty is under unprecedented pressure.