The association remains neutral when it comes to the question of abolishing the bank secrecy laws, an issue LSAP president Yves Cruchten brought up on Thursday evening when he was at the RTL studios for a taping of "Kloertext".
Hoffmann argued that a lifting of the secrecy law would fail to directly impact the current business model employed by banks and would rather consist of a political play.
When asked about the coronavirus crisis, Hoffmann noted that banks had not yet felt a large impact, but that it would undoubtably show in a few months or even years. The exact dimensions would be difficult to predict, he acknowledged, but he does not expect the Luxembourgish banking sector to suffer as a whole.
In light of the ongoing series of blown-up cash machines, Hoffmann explained that there were 650 such installations in the Grand Duchy and that security around them had been upgraded continuously.
