Portugal was still grappling with the harrowing effects of the financial crisis when, in July 2014, a(nother) scandal hit the country’s headlines and beyond. Banco Espírito Santo (BES)—one of Portugal’s largest private banks back then—was at the epicentre. The first alarm bell went off when the bank, owned by the …
Banks have a unique opportunity to become powerful agents of positive change via Environment, Social and Governance (ESG) principles and helping to finance the green transition. But how is this going to come about when saving the planet is no simple task (and when trying to remain prosperous while doing …
Leonard couldn’t lull himself into dreamland. His bedside clock kept reminding him of the unforgiving passage of time—it was now 5am—and he was getting more and more jittery. You see, later that day, his team would receive training on Artificial Intelligence (AI) and how to use it in their department. …
Can you guess what was the amount of Value-Added Tax (VAT) due but uncollected in 2021 by the European Union (EU) Member States’ tax authorities? The ‘VAT compliance gap’ is the difference between the VAT total tax liability (VTTL) and what is actually collected by the Member States’ tax authorities. …
In late 2009 and for the next few years, the atmosphere was heavy in number 175, rue de la Loi, in Brussels. Heads of State and Ministers of Finance were gathering quite frequently in this building—that is, the Council of the European Union—and staying there until late in the night …
The European payments landscape is experiencing a watershed moment, marked by increased demand for instant payments and a shift toward electronic payments and mobile wallets. With a focus on cross-border payments, but not only, we will look at how the payment revolution is challenging the role of banks as well …
Let’s be honest, “Are you ‘Fit and Proper’?” isn’t usually the first question one asks when starting a conversation. There are plenty of other options —and probably more enticing ones— for small talk. Of course, this also depends a little bit on where you live. Here in Luxembourg, chatting about …
Banks are increasingly reporting on their future contribution towards sustainability. The most common public commitment is their ambition to redirect capital flows towards sustainable investments as part of the lending business. This is where the green asset ratio comes into place as it shows how green banks’ portfolios are. But …
Yes, we are moving more and more towards a cashless society. But what does that mean for banks? Underneath the shift to cashless lies a larger, more profound change. Not only are traditional ways of paying for goods and services — including the humble paper check and analogue invoices — …
Today, the entire banking sector represents half of Luxembourg’s financial services market. However, between 2010 and 2020, the number of banks operating in Luxembourg decreased from 147 to 128, which translated into a decline in net results from EUR 3.8mn to EUR 3m. Yet, when looking at the corporate banking …
