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Luxembourg Report Luxembourg Report
by Euro Reporter
2009-04-23 09:07:28
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Juncker Says ‘Considerable Profit’ Possible From Bank Rescues

Luxembourg Prime Minister Jean- Claude Juncker said his government could record a “considerable profit” from its bank-rescue investments in the local units of Fortis and Dexia SA.

“The Luxembourg government had to produce some 3 billion euros ($3.9 billion) -- 2.5 billion euros for Fortis-BGL, 376 million euros for Dexia-BIL -- plus a state guarantee of up to 4.5 billion euros,” Juncker said today in his annual speech to the nation in Luxembourg’s Parliament.

Juncker said the risk of collapse by the Luxembourg units “had become absolute” after they “were pulled into the problems by their parent companies.” The consequences “would have been very grave,” he said.

Sawn-off shotguns and balaclavas are old school.

* * * * * * *

EC Complains to Luxembourg over Bulgaria Qualifications

The European Commission has backed up Bulgaria by complaining to Luxembourg regarding the country's non-recognition of Bulgarian qualifications.

The European Commission has decided to send Luxembourg a letter of formal notice under Article 228 of the EC Treaty regarding its failure to execute a 2008 judgment of the European Court of Justice, the European Commission representation in Bulgaria informed.

This judgment concerned the non-communication of measures taken to implement a EC directive, which provides for technical adaptations to the Directives on professional qualifications further to the accession of Bulgaria and Romania to the European Union on 1 January 2007.

Are they giving Bulgarian graduates the third degree over their first degree?

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J.P. Morgan is Top Custodian and Fund Administrator in Luxembourg for 9th Year Running

J.P. Morgan Bank Luxembourg S.A. announced that it is the top custodian and fund administrator in Luxembourg, according to the latest figures from Lipper, the independent data firm. As of 31 December 2008, J.P. Morgan’s Luxembourg assets under administration were $301 billion and assets under custody were $349 billion. J.P. Morgan has been the largest custodian in the domicile, according to the survey, for the past nine years.

Susan Ebenston, head of Global Funds Services products for J.P. Morgan Worldwide Securities Services, said, "We have been partnering with clients to help them preserve the integrity of their funds and operations against the unprecedented challenges created by recent volatile markets. By allowing us to anticipate and fully meet our clients’ needs in these difficult times, these close partnerships-as well as robust systems and procedures-have been critical in enabling us to help our institutional clients navigate this environment. As a result, we have been able to maintain our leadership in the Lipper survey."

These are hard times…

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