The State Secretary for Kingdom Relations, Eric van der Burg, provided clarity on the process behind the Kingdom Act on Financial Supervision (Rijkswet HOFA). Contrary to the perception that there was a lack of unanimity, Van der Burg confirmed that within the highest body of the Kingdom, the Plenipotentiary Ministers played a decisive role in allowing the law to proceed.
According to Van der Burg’s recent statements, the consensus required to move forward with the Rijkswet HOFA was formally reached within the Kingdom Council of Ministers (Rijksministerraad). This body, which consists of the Dutch ministers along with the Plenipotentiary Ministers of Aruba, Curaçao, and Sint Maarten, voted unanimously in favor of the proposal.
The balance of votes and the weight of the Plenipotentiary Minister
A key point in the Dutch official’s statement is the definition of “consensus” in this context. Van der Burg explained that while there may be a lot of debate and opposition in the local political sphere, the official position of the countries within the Kingdom is presented by their respective Plenipotentiary Ministers. In this case, Plenipotentiary Minister Schwengle allowed the law to proceed without the consensus of the Parliament of Aruba.
“All three Plenipotentiary Ministers of Aruba, Curaçao, and Sint Maarten, together with the Dutch ministers, voted in favor of the proposal,” Van der Burg emphasized. With this positive vote, the Government of Aruba, represented by its Plenipotentiary Minister, gave the green light for the law to be processed, thereby establishing the legal basis for the next steps.
Final obstacle: The Parliament of Aruba has the last word
Despite consensus being reached in the Kingdom Council of Ministers, the law is not yet a done deal. Van der Burg explained the strict legal connection: the Kingdom Act cannot enter into force if Aruba does not approve a National Ordinance (Landsverordening) in its own Parliament.
“The Kingdom Act and the national ordinance are tied to each other. Without the ordinance, there is no Kingdom Act,” the State Secretary clarified. This means that the debate now shifts from the Kingdom level to the floor of the Parliament of Aruba, where the governing coalition will have to secure the necessary majority to ratify what their Plenipotentiary Minister agreed to in The Hague.
An impact of millions in interest
The urgency behind this approval has a strictly financial background. Van der Burg revealed worrying figures: Aruba is currently borrowing money on the international market at an interest rate of nearly 7% (6.9%).
If the Rijkswet HOFA is implemented, Aruba could benefit from the Netherlands’ credit rating, which would lower the interest rate by roughly half. This would mean structural savings of tens of millions of florins per year for Aruba’s national budget.
Now, all eyes are on the developments in the Parliament of Aruba to see if the “yes” given in the Netherlands by the Plenipotentiary Minister will receive the necessary legislative backing to become a reality.
This focus shows that the Plenipotentiary Minister was the key piece for “consensus” to legally exist, knowing full well the damage and everything Aruba stands to lose with this law.