On Nov. 25, LUX CSSF issued regulation designating systemic banks.
CSSF regulation No 20-07 of Nov. 12, 2020 concerning systemically important institutions authorized in Luxembourg was published in Luxembourg's official gazette.
O-SIIs and Buffer Rate
No Luxembourg institutions designated as globally systemically important institutions.
Seven institutions designated as other systemically important institutions (O-SIIs).
Namely Banque et Caisse d’Épargne de l’État, Luxembourg, Banque Internationale à Luxembourg (BIL), BGL BNP Paribas, Clearstream Banking S.A., J.P. Morgan Bank Luxembourg S.A., RBC Investor Services Bank S.A., Société Générale Luxembourg.
Maintained 2021 O-SII buffer rates at same level as in 2020, namely 0.5% for the first six banks in the above list, and 2% (reduced to 1%) for Société Générale Luxembourg.
Repealed, replaced CSSF reg 19-09 which designated systemic institutions in 2020.
No Luxembourg institutions designated as globally systemically important institutions.
Seven institutions designated as other systemically important institutions (O-SIIs).
No change to the institutions included in this list since CSSF regulation no 20-07.
2022 O-SII buffer rates maintained at 2021 levels, with exception of JP Morgan Bank Luxembourg SA (increased to 1%) / Societe Generale Luxembourg (reduced to 0.5%).
Regulation shall enter into force on Jan. 1, 2022; repeals reg No 20-07 from that date.
Dec. 2022 Systemic Banks 2023
On Dec. 23, 2022, LUX CSSF issued regulation No. 22-07 of Nov. 30, 2022 concerning systemically important institutions authorized in Luxembourg in the official gazette.
No Luxembourg institutions designated as globally systemically important institutions.
6 institutions designated as other systemically important institutions (O-SIIs): Société Générale Luxembourg; BGL BNP Paribas; Banque Internationale à Luxembourg; Caisse d’Épargne de l’État, Luxembourg; Clearstream Banking; RBC Investor Services Bank.
Adopted Oct. 27 opinion to establish O-SII buffer rate of 0.5% for all six institutions.
Regulation shall enter into force on Jan. 1, 2023; it repeals and replaces reg no 21-04.
Dec. 2023 Systemic Banks 2024
On Dec. 15, 2023, LUX CSSF published regulation 23-05 of Nov. 30, 2023, concerning systemically important institutions authorized in Luxembourg in the official gazette.
No Luxembourg institutions designated as globally systemically important institutions.
Five credit institutions designated as other systemically important institutions (O-SIIs).
State Bank and Savings Bank, Luxembourg and International Bank in Luxembourg.
Also, BGL BNP Paribas, Clearstream Banking SA, and Société Générale Luxembourg.
Their O-SII buffer rate will be 0.5% except BGL BNP Paribas where it will be 1.00%.
Regulation shall enter into force on Jan. 1, 2024; it repeals and replaces reg no 22-07.
Dec. 2024 Systemic Banks 2025
On Dec. 2, 2024, LUX CSSF published regulation 24-08 of Nov. 29, 2024, concerning systemically important institutions authorized in Luxembourg in the official gazette.
Other systemically important institutions (O-SIIs) are: State Bank and Savings Bank, International Bank, BGL BNP Paribas, Clearstream Banking, Societe Generale LUX.
The O-SII buffer rate will be 0.5% except for BGL BNP Paribas where it will be 1.00%.
Regulation will enter into force on Jan. 1, 2025; reg 23-05 will be repealed.
Regulators
LUX CSSF; LUX GVT
Entity Types
Bank; BHC; SIFI
Reference
OG A486, PR, 12/2/2024; Reg CSSF 24-08, 11/29/2024; Rpl Reg CSSF 23-05; PR, OG A803, 12/15/2023; Reg CSSF 23-05, 11/30/2023; Rpl Reg CSSF 22-07; PR, OG A647, 12/23/2022; Reg CSSF 22-07, 11/30/2022; Op CRS/2022/009, 10/27/2022; OG A932, 12/23/2021; Reg CSSF 21-04, 11/22/2021; OG A 931, 11/25/2020; Reg CSSF 20-07, 11/12/2020; CRD/CRR Dir 2013/36, Reg 575/2013; Rpl CSSF 19-09
