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BCL ends in green in 2018.



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The year 2018 marks the 20th anniversary of the founding of the Bank of Luxembourg (BCL). And it ends in a good note with profits of 1.91 million euros in 2019 (1.96 million euros in 2017).
Annual report released on July 17
.

The agency's balance sheet total increased to € 227.9 billion, up 10%

Deposits of Luxembourg credit deposits with BCL increased by 16% in 2018 to € 111bn.

Increase commission

On the other hand, its overhead costs increased by EUR 4.9 million compared to 2017 to EUR 72.1 million.

Of which, the labor cost increased by € 230 million. "Increase in the number of employees and salary increases due to automatic promotion of stairs and grades increase the basic index and indexing"
Describes the release.
.

At the end of 2018, BCL hired 393 people against 381 people at the end of 2017. "This increase can be accounted for as the European and national mission and the bank's responsibilities continue to expand and deepen," BCL says.

Interest rates did not change.

Regarding monetary policy,
Gaston Reinesch
The BCL chairman said,
At the June 6, 2019 meeting
, The BCL's board of directors has announced that major interest rates will be maintained for as long as necessary for at least the first half of 2020 or for inflation convergence.

Thus, while the interest rate on major refinancing operations remained at zero, interest rates on deposit facilities and marginal lending institutions remained at -0.4% and 0.25%, respectively. "He introduces the annual report.

"Greening the sector"

BCL also reported last year that it contributed to sustainable financial development.

"BCL strengthened and broadened its reflection on the link between climate change and financial stability and its work by becoming the central bank's banking and financial sector greening supervisor in September 2018. The role that central banks can play in facilitating green finance "BCL has contributed to the development of a roadmap to increase the sustainability of the national financial system at the national level."

Gaston Reinesch was reappointed on January 1, 2019 for a six-year term, but in the macroeconomic sector, legislation on how to measure macroeconomic risk for home mortgages was disclosed to the House of Representatives. BCL is a member of the Systemic Risk Committee, and I strongly regret that this important measure has not yet been voted. "

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