Agefi Luxembourg - octobre 2026

AGEFI Luxembourg 12 Octobre 2026 Économie & Banques L e ministre des Finances, Gilles Roth, a participé aux réunions de l’Eurogroupe et du Conseil des affaires écono­ miques et financières (Ecofin), organisées au Luxembourg les 8 et 9 octobre 2026. Les discussions ont notamment porté sur le développement de l’Union des marchés des capitaux, l’efficacité des finances publiques, l’évolutiondesmar­ chés de l’énergie et le renforcement de l’intégration des marchés financiers européens. Les ministres des Finances de la zone euro ont fait le point sur les progrès accomplis dans le développement de l’Uniondesmarchés des capitaux. Ils ont pris note de l’évaluation présentée par la Commission européenne et échangé sur les initiatives et les bonnes pratiques mises enœuvre aux niveaux national et régional pour faire avancer ce projet. Les échanges ont également porté sur lesmoyens de renforcer l’efficacité et l’ef­ ficience des finances publiques. Les ministres ont notamment examiné les possibilités d’améliorer la qualité des dépenses, d’utiliser les ressources de manière plus efficiente et de rendre les systèmes de recettes plus performants, tout en préservant la soutenabilité bud­ gétaire. L’évolution des marchés de l’énergie a constitué un autre sujet de discussion, en particulier au regard de ses conséquences pour les politiques macroéconomiques et structurelles de la zone euro. Dans le cadre de la réunion du Conseil Ecofin, les ministres ont trouvé un accord politique sur le renforcement de l’intégration des marchés financiers européens. Gilles Roth salue cette avan­ cée, qui constitue, selon lui, une étape importante vers la mise en place d’une véritable Union de l’épargne et de l’in­ vestissement. «C’est un compromis gagnantgagnant. Nous avons réussi à préserver la com­ pétitivité, l’agilité et les spécificités des marchés financiers européens, tout en renforçant l’intégration de ces marchés. Le Luxembourg et l’Europe ont besoin de davantage d’investissements, d’inno­ vation et de croissance. Cet accord nous permet d’avancer ensemble. Dans l’in­ térêt de tous », souligne Gilles Roth. Cet accord vise ainsi à concilier une inté­ gration accrue des marchés financiers européens avec la préservation de leurs caractéristiques propres. L’objectif plus large de l’Union de l’épargne et de l’in­ vestissementestdefaciliterlamobilisation del’épargneversdesinvestissementspro­ ductifs,afindesoutenirlefinancementde l’économie, l’innovation et la croissance en Europe. Pour le Luxembourg, dont le secteurfinancieroccupeuneplaceimpor­ tantedansl’économie,cesquestionsrevê­ tent un intérêt particulier. Parailleurs,lesministresdesFinancesont échangé sur la compétitivité du secteur bancaire européen. Ils ont également fait lepoint sur l’état d’avancement de lamise en œuvre de la facilité pour la reprise et larésilience,ledispositifeuropéendestiné à soutenir les réformes et les investisse­ ments dans les Étatsmembres. Les conséquences économiques et finan­ cières de l’agression de la Russie contre l’Ukraine ont également été examinées par les ministres. Enfin, le Conseil Ecofin a préparé les réunions annuelles du Groupe de la Banque mondiale, du Fonds monétaire international (FMI) et des ministres des Finances du G20 qui se tiennent à Bangkok du 12 au 18 octobre et réunis­ sent les responsables autour des princi­ paux enjeux économiques et financiers mondiaux. Source : ministère des Finances Supervision financière : un compromis pour le Luxembourg et l’Europe Christine LAGARDE, présidente de la BCE et Gilles ROTH, ministre des Finances ©UE T he 20thTSI Congress inBerlin on 1– 2October 2026, the annualmeeting point ofGermany’s securitization and assetbased finance community, brought together close to 700 registered participants and some 140 speakers from banks, investors, rating agencies, busi­ ness, policymakers and regulators. Themoodwas constructive but realistic: EU reformis nearing the finish line, markets are vibrant, and the questionnow iswhe­ ther the newrules lead to more lending and invest­ ment. The discussions inBer­ lin showedbothwhere the Europeanmarket is heading and where Luxembourg can contribute. Europe has the savings, but not yet the channels Europedoesnotlacksavings.Whatitlacksisefficient channels to bring themtoproductive investment. In her keynote,CommerzbankCEODrBettinaOrlopp referred to an estimate by the European Banking Federation and Oliver Wyman that the EU needs around EUR 1.4 trillion of additional investment everyyear, afigure that increasingly reflectsdefense needs. Public budgets cannot carry this alone, and bankbalancesheetswilleventuallyreachtheirlimits. Securitization links bankoriginationwith longterm institutional investors. Yet, as she pointed out, secu­ ritization volumes in the United States are still around ten times higher than in the EU. Reform: better, but not yet the game changer The European Commission’s 2025 package has been in trilogue negotiations since June 2026.According to the organizers’ update in Berlin, there is broad con­ sensus on many points, and the final trilogue is ex­ pectedon21October.Theriskweightfloorforsenior tranches is expected to be lowered again. The price, however, is additional complexity. DrOrloppwascandidabouttheoutcome.Inherview, the revision is a step in the right direction but most likelynotthegamechangerthemarkethadhopedfor. Somepartsoftheframeworkmaybecomemorecom­ plex,andtheintendedcapitalreliefmaynotreachim­ portant transaction structures. Referring to the Berlin Marathon, another panelist argued that the market should not wait for perfect conditions before setting off. Regulators should nevertheless complete the course by making capital and compliance require­ ments proportionate to the underlying risk. Markets aremoving faster than regulation According toAFME, 79%of European issuance was placedwithinvestorsinQ22026,upfrom49.5%ayear earlier, while significant risk transfer (SRT) issuance rose 74.7% year on year to EUR 66.4 billion. The dis­ cussionsinBerlinreflectedthatmomentum.Onepan­ elist reported strong investor demand and attractive conditions for SRT. Banks are executing transactions evenwith comfortable capital positions, to keep their programs and investor relationships active. That ex­ pansion was visible in sessions covering solar and heatpump receivables, data centers, consumer lend­ ingplatforms, andprivate credit. The SRT panel added that supervisors are broadly supportive: theECBnotificationprocesshasbecome more harmonized, and the STS label is expected to be extended to cover unfunded protection from a wider range of providers, notably insurers. The is­ suer base is broadening, with more than 100 banks now active, including midsized and firsttime is­ suers aswell asmultilateral development banks.As SRT (Significant RiskTransfer) still references only a fewpercent of European bank assets, there is ample roomto grow. Growthwill also depend on accurate data and reliable reporting, as errors quickly erode supervisors’confidence. InsolarandheatpumpABS,investorsarebuyingex­ posure to German homeowners, not a green label. Broadening the investor base to bank treasuries still requires ECB eligibility andmoreAAAratings. Making theMittelstand investable Oneofthemostpracticalmessagesconcernedsmaller companies.ArepresentativeofamajorGermanbank described how its ABCP program buys trade and leasing receivables fromSME clientswithout capital­ market access and funds them through commercial paper placed with European and US investors. The client does not need to become capitalmarket ready; thebankdoestheanalysisandkeepsskininthegame. International investors, the same speaker noted, are askingpreciselyforaccesstoEurope’s Mittelstand and its hidden champions. However, Europe offers too fewinvestableproducts,andfragmentationacross27 markets makes access difficult. A representative of German business added that SMEs are too often for­ gotten in the debate, and that public demand, for in­ stance in defense, must be made bankable so that suppliers canobtainfinancing. Financing resilience Adedicatedpanelondefense,securityandcyberrisks addedastrategicdimension.Thesustainedriseinde­ fense spending opens up business opportunities for the financial industry, yet financing does not reach all parts of the industry equally: smaller suppliers still struggle to finance the gap be­ tweendevelopmentandsales.Panelistspointed to capability gaps among development banks and private lenders, which theDefense, Security andResilienceBank(DSRB)DevelopmentGroup aims to close. Our main takeaway is that the need for structured finance lies less with the large prime contractors than with the suppliers that serve them. Their receivables could be pooled andrefinanced throughcompart­ mentbasedstructures,applying a similar logic to theABCPpro­ gramdescribed above. Luxembourg’s role Luxembourg had approximately 1,800 ac­ tive securitizations vehicles in Q2 2026, with around 8,000 active compartments and transactions. Adedi­ cated Congress session on the Luxembourg securiti­ zation hub underlined the jurisdiction’s relevance to the German and wider European market. 2025 was the strongest year since the 2004 law, andaround140 new vehicles had already been created in 2026. Ac­ cording to panelists, Luxembourg has also moved back ahead of Ireland; together, the two account for aroundtwothirdsofEuropeansecuritizationvehicles. SeveralpanelistsreferredtoLuxembourgasthemar­ ket’s “gold standard”, pointing inparticular to its sta­ bility and the absence of abrupt tax changes. Luxembourg’sappealrestsonseveralinterconnected features: A flexible and established legal framework that supports awide range of financing structures; Legally segregated compartments that allowmul­ tiple transactions or asset pools to be maintained withinone vehicle; Familiar structures for crossborder transactions , understood by originators, investors and service providers across Europe; Anexperiencedecosystem of administrators, audi­ tors, legal advisors, banks and listing infrastructure; Awellestablished tax framework capable of sup­ portingtaxneutralstructures,subjecttoapplicabletax, transferpricing and antiabuse rules; Abroaderfinancialservicestoolbox thatallowsse­ curitizationtechniquestointeractwithLuxembourg’s assetmanagement and capitalmarkets capabilities. Bill of Law No. 8761 was submitted to the Luxem­ bourg Parliament on 8 June 2026 and proposes tar­ geted amendments to the Law of 22 March 2004 on securitization. Broader financing possibilities Thebillwouldbroadentheavailablemeansoffinanc­ ing by referring expressly to financing and other fi­ nancial commitments, in addition to borrowing and issuingfinancial instruments. Public offeringswould remain limited tofinancial instruments. Expanded activemanagement The billwouldextendactivemanagement to all cate­ gories of securitized assets, including equity and mixedportfolios,providedthattherelevantfinancing instruments are not offered to the public. If adopted, this could increaseLuxembourg’s relevance forman­ agedassetbackedstrategiesandmorediverseprivate­ market portfolios. The bill alsodefineswhat does not constitute activemanagement, suchas replacingma­ turedor defaultedassets, andpermitsmarginal port­ folio adjustments, although panelists noted that it remains unclearwhere “marginal” ends. Investments between compartments The proposal wouldpermit a compartment to invest directly or indirectly in another compartment of the samesecuritizationundertaking,subjecttotheconsti­ tutionalandissuancedocumentsandsafeguardspre­ venting circular investments. This would make it easier to establish feeder arrangements and multi­ strategy platforms within a single structure, rather than through several external vehicles. Security interests and subordination Thebillalsoseekstoclarifythecircumstancesinwhich securitizationundertakingsmaygrant security inter­ ests and to refine the rules governing subordination. Protection of securitization fund assets The bill would reinforce the segregation of securiti­ zation fund assets by clarifying that those assets do not formpart of the estateof the fund’smanagement company in the event of its insolvency. This would provide additional legal certaintyandstrengthen in­ vestor protection for securitization funds. These amendments matter because securitization structures are attracting a broader range of users. Privatecredit and privateequity managers are ex­ amining securitization structures for assets ranging from datacenter leases to fund repackaging. The sameflexibilitycouldalsohelppackageSMEreceiv­ ables into exposures that international investors can analyze and buy. Conclusion Themessage fromBerlinwas clear: the reformwill be better, but not perfect, and the market will not wait. Its success will ultimately be measured by whether the final framework supports more lend­ ing and investment. Europe has the savings and a growing investor base. More proportionate rules would allow securitization to connect that capital with the financing required for competitiveness, re­ silience and longterm growth. Luxembourgiswellpositionedtocontribute.Itslegal framework, compartment model and crossborder ecosystem provide a strong platform for new assets and investors, provided the market continues to de­ liverthelegalcertainty,governance,transparencyand operational quality onwhich its reputation is built. Alexander KASTENDEUCH, EY Luxembourg Partner, Banking &Capital Markets, GermanMarkets Leader Patrick LOCH, EY Luxembourg SeniorManager, Banking &Capital Markets European securitization moves from policy ambition to market delivery: impressions from Berlin and Luxembourg’s role