The (, ''State Bank and Savings Bank''), also known by its
Luxembourgish
Luxembourgish ( ; also ''Luxemburgish'', ''Luxembourgian'', ''Letzebu(e)rgesch''; ) is a West Germanic language that is spoken mainly in Luxembourg. About 400,000 people speak Luxembourgish worldwide.
The language is standardized and officiall ...
name Spuerkeess (), is the leading national
financial institution
A financial institution, sometimes called a banking institution, is a business entity that provides service as an intermediary for different types of financial monetary transactions. Broadly speaking, there are three major types of financial ins ...
founded in 1856 and governed by the law of 24 March 1989. Spuerkeess is a commercial bank wholly owned by the government of
Luxembourg
Luxembourg, officially the Grand Duchy of Luxembourg, is a landlocked country in Western Europe. It is bordered by Belgium to the west and north, Germany to the east, and France on the south. Its capital and most populous city, Luxembour ...
.
Nowadays, it provides all the functions of a
commercial bank
A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit.
It can also refer to a bank or a division of a larger bank that deals with whol ...
, including
retail banking
Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking (corporate ...
and
private banking
Private banking is a general description for banking, investment and other financial services provided by banks and financial institutions primarily serving high-net-worth individuals (HNWIs) – those with very high income or substantial asset ...
. In terms of total assets Spuerkeess is the third-largest bank in Luxembourg and the largest bank with domestic capital.
BCEE has been designated as a Significant Institution since the entry into force of
European Banking Supervision
European Banking Supervision, also known as the Single Supervisory Mechanism (SSM), is the policy framework for the prudential supervision of banks in the euro area. It is centered on the European Central Bank (ECB), whose supervisory arm is re ...
in late 2014, and as a consequence is directly supervised by the
European Central Bank
The European Central Bank (ECB) is the central component of the Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's Big Four (banking)#International ...
.
History
Spuerkees was founded by
Grand Duke William III as "Caisse d'Épargne de l'État du Grand-Duché de Luxembourg" due to a Law on 21 February 1856. The board of directors had three members and had their first meeting on 18 August 1859 under the presidency of Professor
Nicolas Martha. Headquarters of the Spuerkeess at that time were seated in
Haus Ketter in
Dräikinneksgaass in the city, while their desk offices were at the
Krautmaart
Krautmaart (Luxembourgish) or rue du Marché aux Herbes ( French), is an irregularly-shaped street in Luxembourg City, in southern Luxembourg. The street, whose name translates into English as Herb Market street, is situated in Ville Haute, the ...
, at the headquarters of the government commission, which is today's
Palais
Palais () may refer to:
* Dance hall, popularly a ''palais de danse'', in the 1950s and 1960s in the UK
* ''Palais'', French for palace
**Grand Palais, the Grand Palais des Champs-Elysées
**Petit Palais, an art museum in Paris
* Palais River in t ...
.
Since its foundation in 1856, Banque et Caisse d’Épargne de l’État, Luxembourg (Spuerkeess) has been solely owned by the Luxembourg State. The statutory missions of the Bank consist in promoting savings, facilitating access to housing and supporting the development of the national economy.
Since 1862 it was allowed that foreigners could deposit their money at the Spuerkeess. The trust of the public was high from the first day on, one of the reasons the deposit already reached an amount of one million
franc
The franc is any of various units of currency. One franc is typically divided into 100 centimes. The name is said to derive from the Latin inscription ''francorum rex'' (King of the Franks) used on early French coins and until the 18th century ...
s in 1869.
Awards
The international rating agencies have awarded Spuerkeess AA+ (Standard & Poor's) and Aa2 (Long term Deposit Rating, Moody's) ratings.
The magazine Global Finance ranks Spuerkeess among the safest banks in the world and has recognised it for many years with the "Safest Bank Award - Luxembourg".
In 2020, the magazines The Banker and Global Finance named Spuerkeess "Bank of the Year 2020 - Luxembourg" and "Best Bank 2020 - Luxembourg" respectively.
* "Partner Luxembourg E-Commerce" 2005 by the Chambre de Commerce en collaboration avec le CRP Henri Tudor et le soutien du Ministère de l'Economie et du commerce extérieur;
* "Prix Santé et Entreprises – Luxembourg" 2006 / 2009 by the Club Européen pour la Santé;
* "Grand Prix Paperjam RH" 2010 for its project Programme d'accueil et d'intégration Pool GDP;
* "Entreprise Socialement Responsable – ESR" 2012/2015 by Institut National pour le Développement Durable et la Responsabilité des Entreprises;
* "Green Facility Management Award 2013" and "Green Finance Award 2014".
See also
*
List of banks in Luxembourg
References
External links
*
Banks of Luxembourg
Government-owned companies of Luxembourg
Companies based in Luxembourg City
Banks established in 1856
Banks under direct supervision of the European Central Bank
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