Regulation
Luxembourg banks can spend up to 51% of revenue on compliance, ABBL says
Increased regulation takes up banks' investment funds and staff
Luxembourg's banks can invest over half their income to meet rules introduced in the decade since the onset of the global financial crisis, the Luxembourg Bankers' Association (ABBL) said.
Speaking at the International Bankers Forum Luxembourg (IBFL), Alain Hondequin, the ABBL's general counsel for business clusters, said: "When you look at the investments banks have to make to comply with regulation, it is 35% of their revenues, 51% for smaller banks."
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