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Bank Industry Risk Analysis: Luxembourg (Grand Duchy of) Jun 02
Standard & Poors, June 2002
Abstract
The financial sector in the Grand Duchy of Luxembourg carries considerable weight. With a workforce representing 11% of the total population, the sector accounted for 31% of GDP at year-end 2001, and contributed to 32% of the government's tax receipts (30% in 2000), reflecting its ever-increasing importance to the domestic economy. Ranking eighth among the largest financial centers in the world, Luxembourg also plays a prominent role on the international front. The creation of the Eurobond market in the 1960s, and the introduction in the 1970s of capital and monetary requirements in Switzerland and West Germany--which discouraged deposits by nonresidents in their currencies--provided the main impetus for the growth of Luxembourg's financial sector. From 17 in 1960, the number of...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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