Banking ahead: Luxembourg is already firmly in the Top Ten of world banking centres. Now it's working on promoting the right image
Article Abstract:
Luxembourg is a major banking centre with more than 220 banks, including local banks Banque Generale and Banque Internationale a Luxembourg, and foreign banks from France, Italy, the Netherlands and the US. There has been a major inflow of German banks particularly after the introduction of withholding tax on interest earned on bank savings in Germany in 1993. The majority of banks belong to the Luxembourg Bankers' Association (ABBL), and they must be authorised by the Institut Monetaire Luxembourgeois, a regulatory authority.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1995
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Banking on experience
Article Abstract:
The Isle of Man was badly affected by the crash of the Savings and Investments Bank which led to stricter regulations from the early 1980s. The island's Financial Supervision Commission (FSC) provides deposit compensation and is proposing new legislation which would allow it power to suspend banking licenses. Private banking is expanding in the island, and building societies are also performing well, in contrast to their performance in the UK mainland.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1995
User Contributions:
Comment about this article or add new information about this topic: