Annual Report - paperJam

2009 to allow private banks to voice their opinion
on subjects that matter to them, are on good
track and results are beginning to kick in. PBGL
Meets Members sessions and direct communication
to members should, however, increase in
frequency.
Following Charles Hamers’ retirement as CEO
of Credit Agricole Luxembourg in December
2010, Luc Rodesch (Banque de Luxembourg)
was confirmed as Head of the PBGL until the
statutory elections that are to take place in
June 2011. In order to ensure continuity in the
cluster’s governance, Executive Board members
elected Dirk Adriaenssens (ING Luxembourg
S.A.), as well as Patrice Crochet (BGL-BNP
Paribas S.A.) as Vice-Heads of the PBGL.
With the retirement of Charles Hamer an era
comes to an end. Charles Hamer’s expertise,
energy, determination and integrity will nevertheless
remain an asset to the PBGL as he has
accepted to be the honorary Head of the PBGL,
as well as to lead, as of 2011, a newly created,
multi-lateral, reflection forum on strategic
Luxembourg private banking issues, called the
Advisory panel, which shall work on defining,
amongst others, the 2020 strategy.
2010 was a particularly busy year for the PBGL.
Besides closely following and accompanying developments
on the regulatory front, Luxembourg
private bankers took next steps with regards to
strategic priorities identified in the strategic plan
for Luxembourg private banking issued in 2009.
PBGL Members are convinced that a constant
adaptation of available solutions to the needs of
increasingly sophisticated and international clients
is necessary to remain recognized as international
private banking centre of excellence.
The development of the Luxembourg residence
is one of the identified priorities. For this reason,
the “Welcome to Luxembourg” taskforce was
put into place. Throughout 2010, the working
group initiated a constructive dialogue with
various Luxembourg authorities and institutions
(Ministry of Economy and Foreign Trade,
Ministry of Finance, Ministry of Tourism, City
of Luxembourg, Luxembourg for Finance,
Luxembourg for Business, Limsa, etc.) and
conducted sounding interviews with international
law practices, entrepreneurs and private individuals
that relocated to Luxembourg. A guide
with the working group’s recommendations
entitled “Welcome to Luxembourg – A Land of
International Opportunity” may be downloaded
on the ABBL website.
7 September 2010
New framework for supervision in Europe: creation of a
European Systemic Risk Board (ESRB), and 3 supervisory
authorities: a European Banking Authority (EBA); a European
Insurance and Occupational Pensions Authority (EIOPA) and
a European Securities and Markets Authority (ESMA).
19 August 2010
OECD progress report on the implementation of the
internationally agreed tax standard. Progress is very slow.
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