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Liechtenstein Financial Centre

Liechtenstein Financial Centre. Facts & Figures. 15 banks (8 LI, 4 AT, 3 CH) approx. CHF 160 billion assets under management (AuM) Core business: Private Banking Long tradition in private banking & wealth management Investment funds: over CHF 26 billion Trustees: approx. 400

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Liechtenstein Financial Centre

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  1. Liechtenstein Financial Centre

  2. Facts & Figures • 15 banks (8 LI, 4 AT, 3 CH) • approx. CHF 160 billion assets under management (AuM) • Core business: Private Banking • Long tradition in private banking & wealth management • Investment funds: over CHF 26 billion • Trustees: approx. 400 • The Financial Centre of Liechtenstein is characterised by its growth, not by its mere size

  3. Regulatory framework and location advantagesRegulation • The financial sector is one of the most regulated industries on the globe • Regulations can be driven by different interests (consumer protection, fighting against abuse of the financial system, enhancing competitivenes) • Framework of regulation is a crucial part in assessing the attractivity of a location

  4. Financial Centre Globalised financial markets/on- and offshore • On-/offshore is mainly used as a political term • Changing circumstances (today offshore, tomorrow onshore) • Offshore not the same as unregulated • Globalised markets are divided up in regions which try to integrate on-and offshore ideas (China, Caribbean, and Europe?)

  5. Financial Centre Business Advantages (1) • High Stability of political, social, legal and economic system • Liberal economic policies and company law • Banking legislation with banking secrecy laws • Low taxation • Well developed financial market • Solid public spending • Well developed infrastructure • Low level of bureaucracy / smallness, which implicates flexibility and short lines of decision • Large capital reserves of the state (AAA country rating by Moody‘s and Standard & Poor‘s)

  6. Financial Centre Business Advantages (2) • Free Trade • Economic, customs and currency union with Switzerland • Part of the European Economic Area (EEA) • Member of the European Free Trade Association (EFTA) • World Trade Organisation (WTO) • International Cooperation and Acceptance of Independence • Member of the United Nations (UN) • Member of the European Council

  7. Strong Ties to Switzerland • Currency treaty • Swiss franc as national currency (currency area) • Swiss national bank (SNB) as lender of last ressort • Reporting to SNB • Customs treaty • VAT regime • Stamp duty • 6 major banks are members of Swiss bankers association (SBA) • 2 major banks have status as security dealer at SWX

  8. Strategies of the banks • High professionalism and customer orientation • High qualtity of services • From offshore focus to onshore strategies(Germany, Austria, Switzerland, Asia) • Operational in more than 15 countries with more than 50 subsidiaries • Lobbying within the European Banking Federation (EBF) and in other organisations at home and abroad

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