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      Banking Services

      In addition to standard retail banking services such as consumer and housing loans, deposit and savings accounts and credit cards, Luxembourg banks have specialised in international loans and capital markets activity, financial engineering, structured products, private banking and financial services for large and medium-sized businesses.

      Virtually all banks based in Luxembourg are universal banks, authorised to perform the full range of banking services.

      Luxembourg law also allows the creation of banks that issue covered bonds. Such banks are limited to this activity.

      A recent change in the law also permits the creation of payment establishments and issuers of electronic money. Their activities are restricted, respectively, to offering payment services and the creation of electronically stored money.

      The establishment of a bank in Luxembourg is regulated by the law of 5 April 1993 on the financial sector, as amended, and requires authorisation from the minister in charge of the financial sector.

      Luxembourg banks operate under the prudential supervision of the Commission de surveillance du secteur financier (CSSF), the financial sector supervisory authority.