Article 41: ALEBA meets Finance Minister Pierre Gramegna

minfi

On Wednesday 23 November 2016, ALEBA met Finance Minister Pierre Gramegna to discuss the draft law 7024 which aims to adjust several laws related to the financial sector. This includes the proposed weakening of article 41 of the law of 5th April 1993 concerning professional secrecy.

“This meeting (held following our public statement) enabled us to explain to the Minister our fears for the employment impact of this draft law. We saw that he took our concerns seriously and was able to give us reassurance on a number of points. Nevertheless, it is a policy that we will follow very closely, and the Finance Minister committed to keeping us informed of any planned changes,” explained Laurnet MERTZ, ALEBA’s secretary general.

According to the Finance Minister, draft law 7024 has a double objective of facilitating the outsourcing of services, but also and above all, to suggest a more flexible regulatory framework for the financial sector. This comes in the context of the recent change in banking secrecy rules, and other new challenges that the financial sector must face.

Pierre Gramegna explained to ALEBA that if there are risks to employment from outsourcing, these are difficult to measure at the moment. In parallel, there is an opportunity to make Luxembourg’s financial sector more attractive which, the government thinks, would promote insourcing of new financial activities and would create new international opportunities, all of which would have positive consequences for jobs.

“Of course, as the premier trade union in the financial sector, and with our mission of protecting employees, we are always open to welcoming initiatives and new ideas that can contribute to the maintenance and reinforcement of employment in the financial sector,” added Laurent Mertz. “However, our experience of this industry leads us to be wary when we see efforts to move the goal posts, and this is why it was important to have had this exchange of views with the Finance Minister.”

 (Press release of the 24th november 2016)