Press release: Luxembourg Financial Services 2020 - optimism despite challengesDOWNLOAD |
Over 200 professionals recently participated in a unique conference held jointly by Deloitte Luxembourg and Thomson Reuters on the analysis of a forecast of the Luxembourg financial services progress over the next 10 years, which was characterised by the optimism of a professional and unified sector that recognises its abilities to generate opportunity from change.
The conference welcomed a number of guest speakers, including Luc Frieden, Luxembourg’s Minister of Finance, who held the opening speech and gave his views of the current and future aspects of the Luxembourg market. The Minister further highlighted the commitment of the Luxembourg government to the financial sector and the general intentions of policy, as well as very specific steps that the government intends to take, with regard to the implementation of AIFMD into national law, and appropriate structures to facilitate business development in other fields. Contrasting as he did the challenges presented by the need to balance budgets, by the need to find the right balance between fiscal austerity and encouraging business growth, by the need to confront the Greek debt crisis with messages of focus for the growth of the financial sector, the Minister struck a tone that found an echo throughout the day as successive presentations looked at the challenges and suggested how they could be best turned into opportunities.
Eric Mansuy, Executive Committee member and CIO at RBC Dexia Investor Services Bank S.A., shared the RBC Dexia experience in getting the balance right between insourcing and outsourcing, structuring a global operation to optimise the value creation for customers, and the trade-off between cost management and the generation of quality delivery.
François Robinet from AXA contributed to the conference up by sharing insights as to the dimension of the pension bomb that is hanging over the developed world, and put it in perspective by showing the audience the impact on Debt to GDP ratios, country by country of the NPV of the potential funding gap. Robinet explored various ways in which this might be achieved.
Thierry Hoeltgen, Partner at Deloitte Luxembourg, described an innovative new product shortly to be launched in Luxembourg, which combines infrastructural development in the shape of the Freeport concept with a product that could revolutionise the way art is traded and open up a spectrum of possibilities for all participants in the art market and general investors.
The conference was finally rounded off by a panel discussion chaired by Benjamin Collette, Partner at Deloitte Luxembourg, where a number of speakers dialogued and shared their views on what Luxembourg needs to do to maintain the growth of and to further its role as a financial centre.
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