Total assets within Luxembourg-based financial institutions rose to €973 billion ($1,192 billion) in 2005, according to figures released by ...

Total assets within Luxembourg-based financial institutions rose to €973 billion ($1,192 billion) in 2005, according to figures released by the country’s central bank, the Banque du Luxembourg. The figure represented a 13.5 per cent rise in the year. The central bank said there were 155 banks operating from the country in 2005, with the closure of Islandsbanki hf, the Luxembourg branch of DZ Bank and Niederlassung Luxembourg, compared with the opening of Mediobanca’s branch in the country. The central bank also said the total amount invested in collective investment schemes in the country amounted to €180.6 billion in 2005, a rise of 11.5 per cent in the year. The figures were released after the Commission for Monitoring the Financial Sector in Luxembourg announced that profits at Luxembourg banks rose 14 per cent in 2005 to €4.2 billion.