July 2010 Archives

Dass auch die Fussballweltmeisterschaft 2010 ohne luxemburgische Beteiligung über die Bühne ging nehmen wir angesichts der fast chronischen Erfolglosigkeit der grossherzoglichen Kicker gelassen hin. Unsere Stärken sind offensichtlich weniger sportlicher als ökonomischer Natur. So erwirtschaftet Luxemburg seit Jahren mit schöner Regelmässigkeit das bei weitem höchste Bruttoinlandsprodukt pro Kopf der Bevölkerung, was in den einschlägigen Ranglisten grosser internationaler Organisationen wie der Weltbank oder des Internationalen Währungsfonds auch entsprechend gewürdigt wird. Nicht so jedoch vom statistischen Amt der europäischen Union. Denn kaum liegen dessen erste vorläufige Schätzungen für 2009 vor - das BIP pro Kopf in Kaufkraftstandards läge demnach in Luxemburg bei 268% des EU-Durchschnitts, an zweiter Stelle läge Irland mit 131% -  versuchen die Erbsenzähler von Eurostat auch schon, diese herausragende Leistung klein zu reden, wenn auch vorerst nur in einer Fussnote, auf die allerdings in der diesbezüglichen Pressemitteilung des Amtes gleich zweimal verwiesen wird: Das hohe Niveau des BIP pro Kopf in Luxemburg, heisst es da, sei teilweise auf den hohen Anteil von Grenzgängern an der Gesamtzahl der Beschäftigten zurückzuführen, die zwar zum BIP beitragen, aber bei der Wohnbevölkerung nicht berücksichtigt würden, die zur Berechnung des BIP pro Kopf herangezogen wird.

Ach hätten die gemeinschaftlichen Statistiker doch eine ebenso sportliche Einstellung wie unsere bundesdeutschen Nachbarn. Nach vier Wochen WM hängt uns das Thema Fussball zwar zu den Ohren raus, doch kommt uns die Zusammensetzung der deutschen Nationalmannschaft als Beispiel gelungener völker- und kulturübergreifender Integration an dieser Stelle sehr gelegen. In der Tat scheinen uns Namen wie Podolski, Trochowski, Khedira, Oezil, Oaga oder Boateng eher auf einen osteuropäischen bzw. südländischen Ursprung ihrer Träger hinzudeuten, und nach allem was man über bundesdeutsche Behörden so liest, spekulieren wir mal, dass alles was klingt wie ein schokoladenhaltiges Heiss-oder Kaltgetränk bei einem deutschen Einwohnermeldeamt wohl nur schwer als namenstauglich durchgegangen wäre. Doch das stört in Deutschland offenbar niemanden, im Gegenteil.

Mit der gleichen weltoffenen Einstellung haben wir in Luxemburg unsere Unternehmen mit einigen Grenzgängern verstärkt. Dass es deren gleich 145.000 sind ist insofern ohne Belang, als der europäische Gerichtshof bereits 1995 in seinem berühmten Bosman-Urteil - und damit bleiben wir beim Fussball - jede zahlenmässige Beschränkung von EU-Ausländern in einer Mannschaft verboten hat. Da sich einerseits das Urteil des EGH nicht auf Sportmannschaften beschränkt und andererseits jeder Unternehmensberater bestätigen wird, dass auch wirtschaftliche Einheiten nur erfolgreich sein können, wenn sie als Team funktionieren, ist der Rückgriff auf ausländische Fachkräfte in der luxemburgischen Wirtschaft gleich doppelt legitim.

Auf unsere Fussballnationalmannschaft hat dies allerdings leider immer noch nicht durchgeschlagen. Aber wir arbeiten dran.

EU Commissioner Michel Barnier has come up with the following proposals:

• Deposits of bank customers should be guaranteed up to 100'000 EUR .This has already been agreed upon in principle during the crisis but details were still to be finalized. Guarantee systems where banks step in for each other in case of failure are to be reviewed. They will be replaced by a system whereby banks pay a contribution into a pot which will allow payouts in case of failure within 7 days. The contribution into the fund will vary with the risk profile of each bank, the band being between 75 and 200 % of a "normal contribution". The contributions in this fund represent some 150 Bn EUR over the next 10 years.
• Securities deposits guarantees of customers will be raised from 20'000 to 50'000 EUR. The risk insured is not the counterparty risk (i.e. the risk of failure of the securities issuer) but the risk of fraud at the level of the securities depositor.
• A third proposal is aimed at setting up an equivalent protection fund for life insurance contracts.
  

Some observers would argue that these levies constitute a competitive disadvantage and a burden for the European finance industry. I would rather argue that these proposals clearly aim at establishing the EU as one of the most customer friendliest financial environments in the world when it comes to attracting deposits from outside the European Union. Europe must take the lead in terms of investor protection, offer a seriously regulated and safe banking and financial system.

Our friend Richard Murphy, founder of the Tax Justice Network, once again published a list of 10 tax havens for the UK Green Party (http://www.forbes.com/2010/07/06/tax-havens-delaware-bermuda-markets-singapore-belgium.html). Oh joy: Luxembourg is ranked just second out of the world's ten BEST tax havens. We are making progress! We are not at the top of the list!

Mr Murphy based his "fascinating research" on the two following criteria: "The first was a measure of a place's opacity, or how secret it is. (...) Secondly: To be considered significant, a place had to have the capability to move money in serious quantities, or it just didn't rank."

The first criterion yielded the following jurisdictions: Switzerland, Malaysia (Labuan), Barbados, Bahamas, Vanuatu, Belize, Brunei, Dominica, Samoa, Seychelles, St. Lucia, St. Vincent and Grenadine, and Turks and Caicos.

Sorry, but where is Luxembourg? Right, we are not in there, because we fulfilled the OECD-standards for the exchange of information long ago!

The second criterion, CASH FLOW, pointed up the U.K. (City of London), the U.S. (Delaware), Luxembourg, Switzerland, Cayman Islands, Ireland, Hong Kong, Singapore, Belgium and Bermuda.

So there you are: amongst some real tax havens. Just because the size and efficiency of the Luxembourg financial centre? Just because we know how to make business? Just because thousands of skilled people do their jobs well? Just because millions of clients trust in our experience and reputation?

Combine these two eclectic rankings and Luxembourg suddenly appears in second place, after the U.S. (Delaware), followed by Switzerland, Cayman Islands, the U.K. (City of London), Ireland, Bermuda, Singapore, Belgium and Hong Kong.

There must, indeed, be "money in serious quantities" for us to appear so high in this ranking.

Congratulations, all you employees of the financial sector. You've done a good job!

Seriously, Richard, what's the news?

I must admit that the outcome of the single question survey I made this morning did not surprise me that much.

I had been asked to present the Luxembourg financial centre to an audience of financial translators from a broad range of countries who are currently attending the Société française des traducteurs' summer university in Luxembourg.

The question I asked them, as an introduction to my presentation, was quite simple: What comes into your mind when you hear 'Luxembourg'?

The answers I got were the following:

1.  "Europe" (Yes, correct, Luxembourg is located in the heart of Europe, a fact that a frustratingly large number of people around the world don't know; but I confess that I still have some difficulty correctly locating some of the new countries that emerged since the collapse of the former Soviet Union)
2. "multilingual" (correct, however, a minute or two before starting my survey I had pointed out that the French language I used to make my speech was not my mother tongue, but just one of three foreign languages we Luxembourgers use every day in the classroom, so this might have influenced this answer)
3. "banks"  (very often "banks" rank first), and
4. "banking secrecy"  (it seems that one doesn't go without the other!).
   

Yes, we have banks (currently 150 from more than 20 countries). And we have a professional code of banking secrecy, which is relatively strong, but not as absolute as many people might think it is.

But compared to a series of other services offered by Luxembourg companies and consumed daily by several hundred million people around the globe, the importance of our banking services looks moderate.

Wherever in the world people are watching a television program, it is very likely that this program is brought to them by one of more than 40 satellites operated by the Luxembourg SES Group (Société européenne des satellites) that transmit over 13,000 services (analogue and digital television and radio programs) a day, reaching 99% of the world's population. Nevertheless, people think of banks when they think of Luxembourg.

When you are watching television in Europe, you might see a program broadcasted by RTL Group, Europe's N°1 in TV and Radio Broadcasting, with 45 TV channels and 31 Radio stations in 11 countries, which is at the same time the largest independent distribution company of broadcasting rights outside the US. Nevertheless, people think of banks when they think of Luxembourg.

When you buy exotic fruit in your supermarket, it may have been brought to your country by one of the 14 B747-400 freighter aircrafts operated by Luxembourg's Cargolux, one of the leading cargo airlines worldwide. But people think of banks when they think of Luxembourg.

That's what keeps on surprising me.

So I invite all of you to participate in this single question survey:

"Where do you think the equation 'Luxembourg = banks / banking secrecy' comes from?"

I look forward to knowing your thoughts.