Luxembourg: 2011 Article IV Consultation: Staff Report; Informational Annex; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Luxembourg
May 17, 2011
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An externally driven economic recovery has continued gathering strength in 2010 in Luxembourg. Executive Directors welcomed this development and the authorities’ supportive fiscal policy in 2010 as well as their role in stabilizing the financial sector. According to the Financial Sector Assessment Program (FSAP), banks remain exposed to liquidity and credit risks related to intragroup exposures and sovereign bond holdings. Directors welcomed the FSAP update and the authorities’ intention to strengthen the regulatory and supervisory frameworks. Directors suggested to revamp the deposit guarantee scheme and supported the target of a balanced budget by 2014.
Subject: Banking, Commercial banks, Current spending, Economic sectors, Expenditure, Financial institutions, Financial sector, Labor, Mutual funds
Keywords: authority, Banque centrale du Luxembourg, BCL's liquidity stress tests, Commercial banks, CR, Current spending, Europe, Financial sector, Global, IMF staff calculation, ISCR, Luxembourg banking sector, Luxembourg economy, Luxemburg, Mutual funds
Pages:
49
Volume:
2011
DOI:
Issue:
108
Series:
Country Report No. 2011/108
Stock No:
1LUXEA2011001
ISBN:
9781455288649
ISSN:
1934-7685
