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Bank Industry Risk Analysis: Luxembourg Oct 99
Standard & Poors, Oct 1999
Abstract
The financial sector is the cornerstone of the Luxembourg economy, contributing more than 15% of the Grand Duchy's GDP and more than 30% of its government tax receipts. The importance of the financial sector to the Luxembourg economy and the sector's almost 10% share of the national workforce give it considerable political power. Luxembourg's banking system has experienced exponential growth and internationalization in the past 30 years. Until the mid-1960s, banks in Luxembourg existed only to serve the needs of domestic customers, but since then the increase in cross-border financial activities in Europe and the introduction of regulations and capital restrictions in other countries have stimulated Luxembourg's growth as a financial center. An advantageous fiscal and legal framework, tight banking...
Companies mentioned in this report are: European Investment Bank,France (Republic of) (Unsolicited Ratings),United Kingdom (Unsolicited Ratings),Germany (Federal Republic of) (Unsolicited Ratings),Belgium (Kingdom of) (Unsolicited Ratings),Swiss Confederation (Unsolicited Ratings),Fortis Bank S.A./N.V.,Commerzbank International S.A.,Luxembourg (Grand Duchy of),Banque et Caisse d'Epargne de l'Etat, Luxembourg,Deutsche Bank Luxembourg S.A.,Paris (City of),Clearstream Banking S.A.,BGL BNP Paribas S.A.,Banque Centrale du Luxembourg,DZ PRIVATBANK S.A.,European Central Bank (Unsolicited Ratings),Deutsche Boerse AG
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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