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.

Luxembourg

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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.

Banking Institutions, Depository Credit Intermediation, Economic aspects, Banks (Finance), Isle of Man

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