Mosar said it could currently take up to five months to open an account at a Luxembourg bank, and described the situation as unacceptable for the country, the economy and the financial centre. He highlighted campaigns such as that in Ireland, placing their financial centre in direct competition with Luxembourg’s, encouraging people to avoid the Grand Duchy when it comes to bank accounts.
His CSV colleague, Gilles Roth, gave a nuanced response, saying the majority of accounts were opened without issue, provided the file was complete. He warned against depicting the situation as worse than it is, as this is also poor advertising.
Since 2014, private individuals have had the right, per EU directive, to open a basic bank account in the whole of the European Union. The restrictions are more likely to affect businesses. These procedures are above all slowed down due to stricter anti-money-laundering rules. This issue is not restricted to Luxembourg.
Roth asked whether the Grand Duchy needs to re-introduce the right to a basic bank account for businesses, as was the case with the Post until 2017. However, the Chamber of Deputies voted in favour of abolishing this right, with 58-60 votes. Roth said he was open to looking at the issue and new legislation, as well as exploring other avenues.
Potential solutions should be tabled by Easter, provided there are no compromises in terms of safety or competitiveness.
