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International Monetary Fund. European Dept.

-prudential measures such as limits to loan-to-value ratios in addition to those already taken in 2013 would be appropriate. Figure 6. Credit and Housing Market Developments 24. The authorities should increase the capital of the Banque Centrale du Luxembourg (BCL) . Adding capital now should anticipate that capital may fall when monetary policy is normalized, and ensure that BCL operational expenses are well covered ( Box 2 ). Even if redenomination risks of Target 2 claims have receded in recent years, the comprehensive net worth of the central bank is important from a

International Monetary Fund. European Dept.

debate at the EU level. 26. Maximizing the benefits of participation in the banking union may require additional national supervisory resources and coordination arrangements . Banks owning more than 80 percent of Luxembourg banking assets fall under the direct supervision of the ECB, either individually or through consolidated supervision of euro area parents. Both the CSSF and to a more limited extent the Banque Centrale du Luxembourg (BCL), responsible for liquidity supervision, contribute to SSM joint supervisory teams (JSTs) for these significant institutions

International Monetary Fund. European Dept.
This paper studies the two vital issues of Luxembourg’s economy: investment IMF-World Bank linkages and lessons and challenges in accommodating migrants and refugees. The Luxembourg investment fund industry, second in the world after the United States, has grown rapidly since the global financial crisis. Risks in investment funds are attracting global attention, and the linkages between Luxembourg funds and banks could contribute to transmitting financial volatility to the financial system and the real economy. Past experience of handling migration flows and a positive public attitude have helped the authorities to mobilize resources for accommodating sharply rising refugee inflows from mid-2015.
International Monetary Fund

Luxembourg IML Institut Monétaire Luxembourgeois BCL Banque Centrale du Luxembourg MoU Memorandum of Understanding MLAT Mutual Legal Assistance Treaty UCI Unit in collective investment (scheme) CIS Collective investment scheme NCCT Noncooperative countries and territories PEP Politically exposed person KYC Know your customer COPILAB AML/CFT coordinating committee in Luxembourg

International Monetary Fund. Monetary and Capital Markets Department

Directive AIFMs Alternative Investment Fund Managers AMA Advanced Measurement Approach AML/CFT Anti-Money Laundering/Combating the Financing of Terrorism ASL Automated Securities Lending Programme ASL+ Automated Securities Lending Plus Programme AuM Assets Under Management Bafin Bundesanstalt für Finanzdienstleistungsaufsicht BCL Banque centrale du Luxembourg BCP Basel Core Principles BRRD Banking Recovery and Resolution Directive BU Bottom

International Monetary Fund

Bank of Commerce and Credit International FATF Financial Action Task Force STR Suspicious Transaction Report MLA Mutual legal assistance LoFS 93 Law of April 05 1993 on the Financial Sector LoIS 91 Law of 1991 on Insurance Services ABBL Association of Banks and Bankers in Luxembourg IML Institut Monétaire Luxembourgeois BCL Banque Centrale du Luxembourg MoU Memorandum of Understanding MLAT Mutual Legal Assistance Treaty UCI Unit in

International Monetary Fund. European Dept.

. Contents BACKGROUND AND RECENT DEVELOPMENTS OUTLOOK AND RISKS POLICY DISCUSSIONS A. Financial Sector Policies B. Fiscal Policy C. Structural Reforms for Growth and Employment STAFF APPRAISAL BOXES 1. Linkages between Investment Funds and Banks 2. Recapitalization of the Banque Centrale du Luxembourg 3. Pension Reform in Luxembourg FIGURES 1. Economic Activity 2. Unemployment, Employment, and Inflation 3. Financial Sector Developments 4. External Sector Developments 5. Growth Projections and Domestic Sentiment 6. Credit and