Fund-Technology.com

Luxembourg avoiding sub-prime fallout

Posted: 19 August 2008

Jean Meyer, President of the Association des banques et banquiers à Luxembourg (ABBL) stated that Luxembourg is not being adversely affected by the sub-prime financial crisis that is affecting other markets.

Mr Meyer and the association's director, Jean-Jacques Rommes, addressed the press to say that the operational result for banks in the Grand Duchy for the first six months of the year amounted to 3,244 billion EU which shows a slight drop of 1.8% over the corresponding period last year.

While revenue from interest grew by 27% from inter-bank business, the income from commissions fell.

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