Luxembourg Economy ECONOMY Population 549 7 1-Jan-14 Women 274 6 Luxembourgers 3 8 (54.72%) Foreigners 248 9 (45.28%) of which Portuguese 9 8 Italians 18 8 French 37 1 Belgians 18 1 Germans 12 7 British 5 9 Dutch 4 Other EU nationalities 27 Other non-eu nationalities 34 5 Inflation* 1.3% 31-May-14 GDP 213* 2.1% 31-Dec-13 Minimum wage 1 921.3 1-Jan-14 Balance of payments** 2.36 bn 213 * Percentage change on previous year ** Provisional figures Totals and balances are calculated on the basis of non-rounded figures Source: Statec-BCL-Eurostat
Luxembourg Economy BALANCE OF PAYMENTS ( MILLION) 28-11 521 29-4 571-1 861 19 955-1 634 21-3 334-1 5 17 62-11 962 211-4 216-572 19 776-12 64 212-5 444-892 21 172-13 259 213-6 549-1 25 23 331-14 826-6 336-358 23 881-15 -1-5 5 1 15 2 25 Current transfers Income Services Goods Totals and balances are calculated on the basis of non-rounded figures Source: BCL-Statec 31-Mar-14 EMPLOYMENT Domestic employment (incl. cross-border employees) 393 58 National employment (excl. cross-border employees) 238 126 Active employment (national employment & unemployment) 256 775 Unemployment (incl. unemployment on the dole) 18 649 Unemployment rate 7.3% Source: Statec 31-May-14
Luxembourg Economy LARGEST EMPLOYERS (EXCL. GOVERNMENT) Largest employers Groupe Arcelor Mittal Economic activity Manufacture of basic iron and steel and of ferro-alloys Persons employed 481 BGL BNP Paribas Monetary intermediation 46 Groupe Entreprise des P&T Wired telecommunications activities 399 Groupe Cactus Retail sale in non-specialised stores 396 Groupe CFL Interurban passenger rail transport 391 Goodyear Dunlop Tires Operations S.A. Manufacture of rubber products 324 Groupe Dussmann Luxembourg Cleaning activities 291 Luxair S.A. Passenger air transport 242 Groupe PricewaterhouseCoopers Accounting, bookkeeping and auditing activities; tax consultancy 219 Centre Hospitalier de Luxembourg Hospital activities 212 Groupe Dexia BIL Monetary intermediation 199 Centre Hospitalier Emile Mayrisch Hospital activities 189 Fondation Stëftung Hëllef Doheem Social work activities without accommodation 184 Banque et Caisse d'epargne de l'etat, Luxembourg Monetary intermediation 177 Sodexo Luxembourg S.A. Event catering and other food service activities 167 RBC Dexia Investor Services Bank S.A. Monetary intermediation 163 Elisabeth Etablissement Public Centres, Foyers et Services pour Personnes Âgées (SERVIVOR) Groupe Deloitte à Luxembourg Residential care activities for mental retardation, mental health and substance abuse Residential care activities for the elderly and disabled Accounting, bookkeeping and auditing activities; tax consultancy 153 152 142 Nettoservice Cleaning activities 136 Source: Statec 1-Jan-13
Financial Sector CSSF SUPERVISED ENTITIES Banks 4-Jun-14 Public institutions 2 Public limited companies (S.A.) 98 Partnership limited by shares 2 Co-operative banks 2 Rural banks 13 Banks issuing mortgage bonds 6 Non EU member branches 9 EU member branches 31 Financial holdings companies 3 21-May-14 Electronic money institutions 6 1-Jun-14 Payment institutions 7 1-Jun-14 PFS (Professionals of the Financial Sector) 315 12-Jun-14 Investment funds 4 319 UCIs (Undertakings for Collective Investment subject to Part I of the Law of 17 December 21) UCIs (Undertakings for Collective Investment subject to Part II of the Law of 17 December 21) 1 829 31-May-14 52 31-May-14 SIFs (Specialised Investment Funds) 1 569 31-May-14 Foreign UCIs (Undertakings for Collective Investment) 419 5-Jun-14 Management companies authorised under Article 11 of Chapter 15 of the law of 17 December 21 Management companies authorised under Article 125 of Chapter 16 of the law of 17 December 21 Alternative investment fund managers authorised under Chapter 2 of the law of 12 July 213 24 31-May-14 18 31-May-14 58 13-Jun-14 Pension funds 14 (SEPCAV:3/ASSEP:11) 1-Jun-14 Liability managers 15 2-Dec-12 SICARs (Investment companies in risk capital) 28 1-Jun-14 Securitisation undertakings 32 1-Jun-14 Tied agents established in Luxembourg 4 24-Feb-14 Credit institutions and persons exercising financial sector activities originating from third countries Issuers of securities for which Luxembourg is the home Member State pursuant to the Transparency Law 4 15-Oct-13 628 3-Jun-14 Regulated markets 1 5-May-1 MTF (Multilateral trading facilities) 1 5-May-1 Deposit guarantee and investor-compensation schemes 1 May-13 Source: CSSF
Banks NUMBER OF BANKS PER COUNTRY OF ORIGIN (TOTAL 15) Andorra 2 Belgium Brazil Canada 2 China Cyprus 1 Denmark 1 France Germany Greece 1 Israel 3 Italy Japan Latvia 1 Liechtenstein 1 Luxembourg Norway 2 Portugal 2 Qatar 3 Russia 2 Spain 3 Switzerland Sweden The Netherlands 3 Turkey 1 United Kingdom United States 7 5 6 5 5 7 6 9 1 12 15 35 1 2 3 4 5 Source: CSSF 31-May-14 DEVELOPMENT OF BANKS BALANCE SHEET TOTAL ( MILLION) 1 December 21 721 978 December 22 662 7 December 23 655 61 December 24 695 363 December 25 791 25 December 26 839 574 December 27 915 341 December 28 929 454 December 29 792 538 December 21 762 315 December 211 794 48 December 212 735 6 December 213 713 378 April 214 723 479 8 6 4 2 The IFRS accounting standards are used for the reporting on which the published aggregate figures are based since January 28, while this reporting was based on Lux-Gaap until December 27. This change in accounting standards implies technical variations in the figures presented, which mitigate or magnify, as the case may be, the development of banking activities as shown above. Source: CSSF 3-Apr-14
Banks STRUCTURE OF ASSETS OF BANKS ( MILLION) 155 237 23 57 388 78 Interbank loans Loans to non-banking customers Portfolio investment Other assets 17 51 Source: BCL Jan-14 STRUCTURE OF LIABILITIES OF BANKS ( MILLION) 82 92 59 743 291 878 Interbank debts Debts to non-banking customers Debt securities issued Other liabilities 32 792 Source: BCL Jan-14
Banks EVOLUTION OF TOTAL RESULTS ( MILLION) Interestrate margin Commission income Other net income Banking income Operating expenses* Result before provision Net creation of provisions Taxes** Net result 21 4 383 2 793 672 7 848 3 624 4 224-536 -826 2 862 22 4 141 2 615 1 258 8 14 3 49 4 524-1 166-638 2 72 23 4 8 2 533 942 7 554 3 385 4 17-637 -658 2 874 24 3 913 2 771 734 7 418 3 461 3 957-344 -746 2 866 25 3 95 3 29 1 14 8 255 3 693 4 562-296 -768 3 498 26 4 83 3 674 2 296 1 8 3 981 6 819-35 -843 5 671 27 6 2 4 1 964 1 976 4 42 6 556-1 38-78 4 739 28 7 298 3 644-55 1 437 4 56 5 877-5 399-654 218 29 6 571 3 132 85 1 553 4 451 6 12-3 242-449 2 56 21 5 479 3 587 483 9 549 4 69 4 939-498 -599 3 817 211 5 865 3 832-83 8 868 4 789 4 8-1 572-53 2 49 212 5 551 3 75 578 9 834 5 17 4 816-761 -544 3 597 213*** 5 61 3 984 1 437 1 482 5 229 5 253-924 -547 3 565 Mar-13 1 187 1 132 328 2 647 1 399 1 38 n/a n/a n/a Mar-14 1 182 1 97 412 2 691 1 324 1 368 n/a n/a n/a * Including staff costs ** Since 28, this item also includes possible tax credits as well as possible deferred tax charge (positive and negative) under the IFRS accounting standards and the common European reporting framework Finrep. *** Provisional figures Source: CSSF 31-Mar-14 BANKING INCOME, OPERATING EXPENSES, NET RESULT ( MILLION ) 12 7 554 7 418 8 255 1 8 1 976 1 437 1 553 9 549 8 868 9 834 1 482 1 8 2 874 3 385 2 866 3 461 3 498 3 693 5 671 3 981 4 739 4 42 4 56 2 56 4 451 3 817 4 69 2 49 4 789 3 597 5 17 3 565 5 229 1399 2 647 1324 2 691 6 4 2 218 n/a n/a 23 24 25 26 27 28 29 21 211 212 213 Mar-13 Mar-14 Net result Operating expenses* Banking income * Including staff costs ** Provisional figures Source: CSSF 31-Mar-14
Banks EMPLOYMENT IN LUXEMBOURG BANKS 3 23 3 15 898 22 513 15 397 22 549 15 551 23 224 16 4 24 752 17 914 26 139 19 177 27 28 2 314 26 416 19 818 26 255 19 765 26 694 2 425 26 534 2 314 26 237 2 155 25 2 15 1 7 42 7 116 6 998 6 824 6 838 6 962 6 894 6 598 6 49 6 269 6 22 6 82 5 22 23 24 25 26 27 28 29 21 211 212 213 Luxembourgers Foreigners (residents / non-residents) Total Source: BCL 31-Dec-13 CROSS-BORDER EMPLOYEES IN THE FINANCIAL SECTOR (AS AT 31 MARCH EACH YEAR)* 35 3 25 3 2 29 457 29 672 3 191 3 229 3 138 2 15 14 784 14 483 14 689 15 139 15 97 14 983 1 5 4 13 4 43 6 341 3 926 4 322 6 235 3 88 4 331 6 478 3 953 4 39 6 796 3 899 4 291 6 97 3 784 4 255 6 944 29 21 211 212 213 Sept-13 German residents Belgian residents French residents Cross-border employees * Banks and other financial intermediaries Total (including residents) Source: IGSS 31-Mar-14
Banks DEVELOPMENT OF BANKS SOLVENCY AND LIQUIDITY RATIO OVER THE LAST YEARS 65 66 61 67 65 65 69 69 7 8 7 6 5 4 12.7 14.3 13.9 16 19.7 18.3 18.2 21.1 23.5 3 2 1 21 22 27 28 29 21 211 212 213 Development of the average solvency ratio over the last years (%) Development of the average liquidity ratio over the last years (%) Source: CSSF-BCL 31-Dec-13 RELATIVE IMPORTANCE OF THE MAIN PAYMENT INSTRUMENTS IN THE EU (% OF TOTAL NUMBER OF TRANSACTIONS) 1 85.71 7.81 8 49.1 6 4 2 Belgium / 46.91 48.37 / France Germany Luxembourg The Netherlands / 45.15 / / 56.99 37.51 11.41 1.85.22 17.14 19.61.29 15.53.53 33.79 17.47.18.19 5.81 1.33 7.12.3 28.94 23.38 2.53 19.96 18.46 4.58 United Kingdom / / 17. 11.96 / Denmark /.24 Credit transfers Direct debits Card Payments E-Money Purchase Transactions Cheques Other payment instruments Source: ECB 31-Dec-12
Private Banking KEY FIGURES Assets under management 37 billion CSSF/ ABBL Private Banking Survey 214 Revenues 1.682 billion CSSF/ ABBL Private Banking Survey 214 Contribution to tax revenues n/a Full-time employees Directly employed end 212 7 44 CSSF/ ABBL Private Banking Survey 213 Directly employed end 213 6 783 CSSF/ ABBL Private Banking Survey 214 Client facing staff 1 766 CSSF/ ABBL Private Banking Survey 214 GEOGRAPHIC ORIGIN OF LUXEMBOURG PRIVATE BANKING CLIENT ASSETS (%) 21.1 22.9 Luxembourg Belgium, France, Germany Other EU Countries Non-EU Countries 23.4 32.78 Source: CSSF/ ABBL Private Banking Survey 214
Private Banking WEALTH BANDS IN TERMS OF ASSETS (%) 5.4 6.1 7.3 18.2 46.5 1, - 25, 25,1-5, 5,1-1,, 1,,1-5,, 5,,1-1,, 1,,1-2,, > 2,, 8.1 8.3 Source: CSSF/ ABBL Private Banking Survey 214 WEALTH BANDS IN TERMS OF NUMBER OF CLIENTS (%) 14.3 12.2 23.3 1.6 1 1, - 25, 25,1-5, 5,1-1,, 1,,1-5,, 5,,1-1,,.8 1,,1-2,, > 2,, 46.8 Source: CSSF/ ABBL Private Banking Survey 214
Fund Industry NUMBER OF INVESTMENT FUNDS 1 829 1 569 Number 2 1 8 1 6 1 4 1 2 1 8 52 6 18 15 64 24 18 14 4 2 31-May-14 UCIs (Part I law 21) 31-May-14 UCIs (Part ll law 21) 31-May-14 SIFs (Specialised Investment Funds) 3-Jun-13 Hedge funds 31-Mar-14 Central administrations 31-Mar-14 Custodians 31-May-14 Management companies (chapter 15 law 21) 31-May-14 Management companies (chapter 16 law 21) 1-Jun-14 Pension funds Source: CSSF / ALFI EUROPE: UCITS - TOP 3 NET ASSETS UNDER MANAGEMENT ( MILLION) EUROPE: UCITS & NON-UCITS - TOP 3 NET ASSETS UNDER MANAGEMENT ( MILLION) 1 82 39 2 288 494 2 79 21 1 447 847 1 136 95 1 555 195 Luxembourg Luxembourg France France Ireland Germany Source: EFAMA 31-Mar-14
Fund Industry NET ASSETS UNDER MANAGEMENT ( BILLION) September 21 2 83.7 December 21 2 198.9 March 211 2 19.9 June 211 2 185. September 211 2 32.1 December 211 2 96.5 March 212 2 217.2 June 212 2 224.5 September 212 2 314.4 December 212 2 383.8 March 213 2 528.9 June 213 2 486.6 September 213 2 539.2 December 213 2 742.2 April 214 2 615.4 3 2 5 2 1 5 1 5 Source: CSSF 3-Apr-14 LUXEMBOURG MICROFINANCE INVESTMENT VEHICLES (MIVs) 2 886.5 3 51 3 383.4 4 48 4 914.4 5 141.8 5 4 3 2 1 Dec-9 Dec-1 Dec-11 Dec-12 Dec-13 May-14 AUM (USD in bn) 27 32 37 41 41 4 5 4 3 2 1 Dec-9 Dec-1 Dec-11 Dec-12 Dec-13 May-14 Number of MIVs Source: Syminvest 31-May-14
Professionals of the Financial Sector (PFS) NUMBER AND BREAKDOWN BY PFS CATOGORIES 257 286 31 322 318 314 35 3 196 215 25 2 111 85 55 68 92 67 9 1 74 12 11 79 113 19 88 118 116 85 124 19 81 15 1 5 / 126 17 26 27 28 29 21 211 212 213 Support PFS Specialised PFS Investment firms Total Source: CSSF 31-Dec-13 QUARTERLY DEVELOPMENT OF EMPLOYMENT BY PFS SUB-GROUP 15 9 155 14 788 9 222 14 816 9 232 14 924 9 23 14 73 9 67 14 811 9 63 14 839 8 934 14 751 8 971 14 732 8 978 14 782 12 9 3 44 2 229 3 424 2 17 3 1 2 691 3 46 2 661 3 69 2 675 3 113 2 663 3 123 2 694 3 21 2 56 3 448 2 356 6 3 Mar 12 Jun 12 Sept 12 Dec 12 Mar 13 Jun 13 Sept 13 Dec 13 Mar 14 Support PFS Specialised PFS Investment firms Total Source: CSSF 31-Mar-14 NET RESULT OF PFS ( MILLION) 44 353 296 694 211 35 36 319 714 212 42 219 157 418 213 1 8 6 4 2 Support PFS Specialised PFS Investment firms Total Source: CSSF 31-Dec-13
Insurance & Reinsurance NUMBER OF INSURANCE AND REINSURANCE COMPANIES BY SPECIALISATION 353 344 336 331 331 333 4 35 261 251 244 242 238 237 3 25 2 15 1 4 49 41 53 41 52 39 51 42 48 43 49 5 3 28 3 29 3 21 3 211 3 212 3 July 213 Companies active in life and non-life insurance Companies active in life insurance Total Companies active in non-life insurance Reinsurance companies Source: Commissariat aux assurances (Insurance Supervisory Authority) 1-Jul-13 DEVELOPMENT OF EMPLOYMENT IN INSURANCE AND REINSURANCE COMPANIES 4 297 4 861 4 99 5 31 5 626 6 5 3 368 3 427 3 561 3 572 3 69 4 2 145 1 541 611 2 144 1 566 1 151 2 274 1 682 1 34 2 265 1 72 1 334 2 391 1 932 1 33 3 2 1 28 29 21 211 212 Life-insurance Non-life insurance Reinsurance Total Of which jobs based in Luxembourg Source: Commissariat aux assurances (Insurance Supervisory Authority) 31-Dec-12
Insurance & Reinsurance BREAKDOWN OF PREMIUMS COLLECTED IN 212 BY TYPE OF INSURANCE (%) 28.7 3.5 5.6 58.5 1.3 Life insurance / Luxembourg Life insurance /abroad Non-life insurance / Luxembourg Non-life insurance /abroad Reinsurance / Luxembourg Reinsurance / abroad 2.4 Source: Commissariat aux assurances (Insurance Supervisory Authority) 31-Dec-12 BALANCE SHEET TOTAL OF LUXEMBOURG INSURANCE AND REINSURANCE COMPANIES 2 137 44 157 95 157 96 172 73 15 1 48 22 55 15 65 74 77 78 85 96 14 85 23 24 25 26 27 28 29 21 211 212 5 Source: Commissariat aux assurances (Insurance Supervisory Authority) 31-Dec-12
Luxembourg Stock Exchange NUMBER OF LISTED SECURITIES 324 21 29 566 7 445 7 581 34 Total 44 916 211 29 243 6 44 8 346 Total 44 369 336 212 27 839 6 342 7 544 Total 42 61 318 213 26 684 6 274 7 36 Total 4 312 315 Mar 214 26 453 6 25 6 749 Total 39 767 1 2 3 4 5 Bonds Undertakings for Warrants and others Shares collective investment Source: Luxembourg Stock Exchange 31-Mar-14 ISSUERS DISTRIBUTION PER LOCATION 19.8% 66.61% 7.52% 4.86%.61%.61% Source: Luxembourg Stock Exchange 31-May-14
Luxembourg Stock Exchange INTERNATIONAL BOND MARKET Quotation lines Weight (%) Luxembourg Stock Exchange 26 339 4.53 Irish Stock Exchange 18 564 28.55 Deutsche Börse 13 275 2.41 NYSE Euronext 4 9 6.16 NASDAQ OMX Nordics & Baltics 1 43 2.19 Others 1 43 2.16 Total 65 2 1. Source: Federation of European Securities Exchanges (FESE) 3-Apr-14 MONEY RAISED - BREAKDOWN BY LISTING CURRENCY (%) 1.69 54.23 EUR USD Others 35.8 Source: Luxembourg Stock Exchange 31-Mar-14