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...for Marc Hemmerling, Head of Organisation, Technology & Payment Systems at the ABBL.
1. What is the difference between the PSD (Payment Services Directive) and SEPA (Single Euro Payments Area)?
The PSD is often mentioned in the same breath as SEPA. However, while both are indeed related, the two need to be distinguished. SEPA is an initiative by the European banking sector with the aim to introduce advanced payment systems in Euro to the end consumer. This goal will be achieved by implementing efficient and Europe-wide inter-operable intra-bank solutions. With SEPA, the distinction between national and cross-border payments is essentially abolished. It covers credit transfers, Direct debit and card payments. The PSD, on the other hand, defines the legal framework on which SEPA bases itself...
On 24 November 2009, the Luxembourg Stock Exchange admitted to trading a sovereign bond issue from the state of Qatar, for a total amount issued of USD 7 billion. This bond issue was composed of 3 tranches with respective maturities at 2015 (4.00% coupon), 2020 (5.25% coupon) and 2040 (6.40% coupon). Qatar intends to use the net proceeds from the issue for general funding purposes, including contingency funding for state-owned entities, infrastructure investments in Qatar, growth of its hydrocarbon sector and for potential investments in the international oil and gas industry.
The Council of the Islamic Financial Services Board (IFSB) admits eight new organisations into its membership. The admission of the new organisations was approved in the 15th Meeting of the Council of the IFSB held this morning in Kuala Lumpur.
Manufacturing: no further improvement in November
Construction: recent brightening in prospects
Financial sector: banking employment continues to fall
Tourism: fewer arrivals and overnight stays
Labour market: impact of partial unemployment
Inflation - wages: inflation rises in late 2009
International: end to recession in the eurozone
Le portail Internet du gouvernement «de Guichet» vient d’être complété par un volet «entreprises». www.guichet.lu constitue désormais le point d’accès unique aux démarches pour les citoyens et pour les entreprises. Édité par le Centre des technologies de l'information de l'État (CTIE), le volet «citoyens» du Guichet a été lancé en novembre 2008. Il offre un accès rapide et convivial aux informations sur les procédures administratives les plus courantes, avec possibilité d'effectuer certaines démarches par Internet.
La Banque centrale du Luxembourg (BCL) fait savoir que sur base de chiffres provisoires, la somme des bilans provisoires des institutions financières monétaires s'élève à 1 123 399 millions d’euros au 31 octobre 2009 contre 1 154 593 millions d’euros au 30 septembre 2009, soit une baisse de 2,7%. Du mois d’octobre 2008 au mois d’octobre 2009, la somme des bilans est en baisse de 16,5%.
As a hot spot for financial investment and service providers using the latest technologies, Luxembourg banks should have a keen interest to use every opportunity to get updated on current and emerging vulnerabilities and threats in connection with new technologies. From the 28th to the 30th October, Luxembourg was host to the internationally well respected Information Security Conference hack.lu. The ABBL was among the sponsors, demonstrating a proactive attitude to closely cooperate with skilled and experienced IT specialists seeking to be upfront as regards information security. Live presentations provided much food for thought, establishing how easy it is to access confidential data in poorly secured networks, which network structures are especially vulnerable for attacks, how networks can easily be infiltrated with malware and which special tools are available to monitor and analyse networks against attacks.
The financial crisis has reminded all of us of the importance of trust. Indeed, the bedrock of any Financial institution is credibility and the trust of its clients and of its peers. When credit stopped flowing last year, it was because this trust had been lost. Banks no longer believed in each other and it was only natural that clients would follow suit. It is certainly no coincidence that the etymological root of the word “credit” is to be found in the Latin “credere”: to believe or to trust.
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The present article aims to provide some insight into recent developments concerning the EU Savings Directive.
Two aspects are to be considered separately:
- the scope of the proposal, i.e. the technical details, such as the products covered, and
- the political aspects, such as the issue of exchange of information vs withholding tax.
Onze mois après la découverte de la fraude commise au sein de l’entité US-américaine Bernard L. Madoff Investment Securities (« BMIS »), la CSSF tient à faire le point sur son intervention auprès des entités luxembourgeoises concernées par l’ « affaire Madoff ».
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