Dossier - Luxembourg

Luxembourg: economic profile

Banks, holding companies, Soparfi and other specialised financial entities: finance in Luxembourg is a serious business. As the economic and financial media PaperJam points out, "banks in Luxembourg comprise 156 establishments with balance sheets totalling almost €950 billion, earnings before provisions of almost €4.3 billion and more than 25,000 employees".
By The Editor -

The Brussels Economic Mission notes that "in 2006, financial services accounted for two-thirds of total exports of services and were twice the size of exports of goods".

The good times are here to stay, and the fallout from the subprime crisis and other global upheavals do not seem to be troubling Luxembourg's legendary 'placidity'. "Revenues from the financial centre's key activities, private banking and UCI services, have not suffered from the subprime crisis", stated the Commission de surveillance du secteur financier (CSSF) in its 2007 review of the financial centre. The Association luxembourgeoise des fonds d'investissement (ALFI) (Luxembourg Association of Investment Funds) made the same observation, "expecting an increase in assets under management in 2008, which last year exceeded the 2,000 billion euro mark". The same optimism can be found in the insurance sector, another key business in the Grand Duchy.

Dossier - Luxembourg

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