According to Jean Meyer, the President of the Association des banques et banquiers à Luxembourg, the country is not being adversely affected by the sub-prime financial crisis that is affecting other markets world-wide.

Mr Meyer and the association’s director, Jean-Jacques Rommes, addressed the press yesterday and stated that the operational result for banks in the Grand Duchy for the first six months of the year amounted to 3,244 billion euro which shows a slight drop of 1.8% over the corresponding period last year. While revenue from interest grew by 27% from inter-bank business, the income from commissions fell.