Given the size of Luxembourg's financial sector, it's no surprise that its responsibilities range beyond financial technology. Housing, digitalisation, Brexit, and climate change all have an impact on the financial sector and, as a result, the CSSF views these issues as important.
The public institution has hired 200 new employees over the past two years to better confront the new challenges on the finance market. The regulator has also invested in real estate as well: its new building, named "Moonlight," was inaugurated on Thursday with invitees such as Prime Minister Xavier Bettel, Minister of Finance Pierre Gramegna, and Luxembourg City mayor Lydie Polfer present.
Ahead of the inauguration, those present discussed figures relating to the future of the finance sector in Luxembourg. As elsewhere, banks in Luxembourg have experienced difficulties compared to a few years prior. The number of financial institutions in Luxembourg has fallen compared to the previous year - in 2018, there were 135 banks in Luxembourg, four less than the previous year. The CSSF has noted a trend showing the profitability of banks is on the decrease.
Video in Luxembourgish.
