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116-515: DekaBank is the central asset manager of the Sparkassen-Finanzgruppe, and one of the largest securities services providers in Germany. As a central provider, the bank bundles its competencies in asset management and financial services in its five business areas of asset management, real estate, services, capital markets and financing. Retail and institutional clients and investors can choose from

232-469: A knowledge economy , with the founding of the University of Luxembourg and a national space program . Luxembourg is described as a " full democracy ", with a parliamentary democracy headed by a constitutional monarch . Executive power is exercised by the grand duke and the cabinet, which consists of several members with the titles of minister, minister delegate or secretary of state, who are headed by

348-452: A local government and a public-sector institution ( German : Anstalt des öffentlichen Rechts  [ de ] ), i.e. the Sparkasse . Examples of such local govern entities are municipality ( German : Gemeinde ), union of municipalities ( Gemeindeverband ) or district ( German : Kreis, Landkreis, kreisfreie Stadt or Stadtkreis )). Träger implies a form of control that

464-613: A soviet worker's republic similar to the ones emerging in Germany , but these attempts lasted only 2 days. In November 1918, a motion in the Chamber of Deputies demanding the abolition of the monarchy was defeated narrowly by 21 votes to 19 (with three abstentions). France questioned the Luxembourgish government's, and especially Marie-Adélaïde's, neutrality during the war, and calls for an annexation of Luxembourg to either France or Belgium grew louder in both countries. In January 1919,

580-705: A Habsburg possession, the Duchy of Luxembourg became, like many countries in Europe at the time, heavily involved in the many conflicts for dominance of Europe between the Habsburg-held countries and the Kingdom of France . In 1542, the King of France , François I , invaded Luxembourg twice, but the Habsburgs under Charles V managed to reconquer the Duchy each time. Luxembourg became part of

696-414: A Prime Minister. The current Constitution of Luxembourg , the supreme law of Luxembourg, was originally adopted on 17 October 1868. The Constitution was last updated on 1 July 2023. The grand duke has the power to dissolve the legislature , in which case new elections must be held within three months. But since 1919, sovereignty has resided with the nation, exercised by the grand duke in accordance with

812-404: A city or a county ( German : Kreis ), while the remaining 10 percent were either private or belonged to an association. Throughout the 19th century, the services that Sparkassen could provide had been strictly restricted, but these restrictions were loosened as joint-stock banks, starting with Deutsche Bank, started competing for the collection of retail savings. In 1909, new legislation allowed

928-513: A company of the Luxembourgish Army rebelled, declaring itself to be the army of the new republic, but French troops intervened and put an end to the rebellion. Nonetheless, the disloyalty shown by her own armed forces was too much for Marie-Adélaïde, who abdicated in favor of her sister Charlotte 5 days later. The same year, in a popular referendum , 77.8% of the Luxembourgish population declared in favor of maintaining monarchy and rejected

1044-415: A consciousness of independence and a national awakening took place in the 19th century. The people of Luxembourg began referring to themselves as Luxembourgers , rather than being part of one of the larger surrounding nations. This consciousness of Mir wëlle bleiwe wat mir sinn (" We want to remain what we are ") culminated in 1890, when the last step towards full independence was finally taken: due to

1160-538: A district. As banks under public law, the vast majority of Sparkassen have a public mandate which requires that they serve their local stakeholders and local communities. Five institutions known as "free Sparkassen" ( German : freie Sparkassen ) are or recently were joint-stock companies. They are: Bordesholmer Sparkasse  [ de ] , Sparkasse Bremen  [ de ] , Hamburger Sparkasse , Sparkasse zu Lübeck , and Sparkasse Mittelholstein . Their Träger are charitable foundations. They are members of

1276-703: A founding member of the United Nations in 1945. Luxembourg's neutral status under the constitution formally ended in 1948, and in April 1949 it also became a founding member of NATO . During the Cold War , Luxembourg continued its involvements on the side of the Western Bloc . In the early fifties a small contingent of troops fought in the Korean War . Luxembourg troops have also deployed to Afghanistan, to support ISAF . In

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1392-456: A mere 608 million Reichsmarks at end-1924. In 1934, all savings banks were designated as credit institutions under new banking legislation following the crisis of 1931 . The savings banks group, designated from 1935 as Wirtschaftsgruppe Sparkassen , again participated in war financing before and during World War II . The savings banks in East Germany were nationalized and separated from

1508-499: A network of over 15,600 branches and offices and employ over 250,000 people. Savings banks are universal banks and provide the whole spectrum of banking services for private and commercial medium-sized customers. 50 million customers maintain business activities with savings banks. Although independent and regionally spread, the savings banks act as one unit under the brand Sparkasse with its iconic logo and recognizable red hue. The size of savings banks differs widely depending on

1624-1018: A pro- NATO , pro-US foreign policy. Luxembourg is considered a European capital, and is the site of the Court of Justice of the European Union , the European Court of Auditors , the European Investment Bank , the Statistical Office of the European Union ( Eurostat ) and other vital EU organs. The Secretariat of the European Parliament is located in Luxembourg, but the Parliament usually meets in Brussels and sometimes in Strasbourg . Luxembourg

1740-468: A profound effect on the historical memory of the country and its citizens. However, many republican ideas of this era continue to have a lasting effect on Luxembourg; one of the many examples features the implementation of the Napoleonic Code Civil which was introduced in 1804 and is still valid today. After the defeat of Napoleon in 1815, the Duchy of Luxembourg was restored. However, as

1856-569: A succession crisis the Dutch monarchy ceased to hold the title Grand-Duke of Luxembourg. Beginning with Adolph of Nassau-Weilburg , the Grand-Duchy would have their own monarchy , thus reaffirming its full independence. In August 1914, during World War I , Imperial Germany violated Luxembourg's neutrality by invading it in order to defeat France. Nevertheless, despite the German occupation , Luxembourg

1972-615: A succession crisis, precipitated by the lack of a male heir to assume the throne. Since Sigismund and Elizabeth of Görlitz were both heirless, all possessions of the Luxembourg Dynasty were redistributed among the European aristocracy. The Duchy of Luxembourg become a possession of Philip the Good , Duke of Burgundy . As the House of Luxembourg had become extinct and Luxembourg now became part of

2088-403: A wide range of investment products and services. DekaBank cooperates closely with local savings banks and Landesbanks . Additionally, it is represented internationally with branches, subsidiaries and representative offices in eleven countries. DekaBank has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence

2204-603: Is also known for having founded the Schueberfouer in 1340 and for his heroic death at the Battle of Crécy in 1346. John the Blind is considered a national hero in Luxembourg. In the 14th and early 15th centuries, three more members of the House of Luxembourg reigned as Holy Roman Emperors and Bohemian Kings: John's descendants Charles IV , Sigismund (who also was King of Hungary and Croatia ), and Wenceslaus IV . Charles IV created

2320-853: Is also site of the EFTA Court , which is responsible for the three EFTA members who are part of the European Single Market through the EEA Agreement . The Luxembourgish army is mostly based in its casern, the Centre militaire Caserne Grand-Duc Jean on the Härebierg in Diekirch. The general staff is based in the capital, the État-Major . The army is under civilian control , with the grand duke as Commander-in-Chief . The Minister for Defense , Yuriko Backes , oversees army operations. The professional head of

2436-661: Is directly supervised by the European Central Bank . Johann Christian Eberle  [ de ] established the first giro association involving German savings banks, the Giroverband Sächsischer Gemeinden ( lit.   ' giro association of Saxon municipalities ' ), which was founded on 5 October 1908 with 151 members and started giro operations on 2 January 1909. Several other regional giro associations ( German : Giroverbände ) were subsequently created. On 26 October 1916 during World War I ,

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2552-482: Is expected to allow for faster intervention in future cases of need, complementing the existing IPS setup of 13 regional and sectoral sub-funds. The DSGV does not generally disclose cases or amounts of IPS interventions. One known case was the rescue of Norddeutsche Landesbank in 2019, in which the IPS contributed 1.2 billion euro in fresh equity in addition to contributions by the relevant Länder. This case also highlighted

2668-534: Is generally known as the Second Partition of Luxembourg . To compensate the Duchy for this loss, it was decided to elevate the Duchy to a Grand-Duchy , thus giving the Dutch monarchs the additional title of Grand-Duke of Luxembourg . After Belgium became an independent country following the victorious Belgian Revolution of 1830–1831 , it claimed the entire Grand-Duchy of Luxembourg as being part of Belgium, however,

2784-463: Is in place). They also act as auditors and operate regional savings bank academies for educational and training purposes. They are, from north to south: In addition, a dedicated association, the Verband der Freien Sparkassen  [ de ] (VFS), exists for Sparkassen that are (or recently were) joint-stock companies. The latter are members of both the respective regional Sparkassenverband and

2900-409: Is itself depleted in which case it is in turn supported by the other regional sub-funds on a proportional basis ("supra-regional equalization") and, if further needed, also by the two national sub-funds ("system-wide equalization"). The exact formula for such equalization, however, has not been made clear in the public domain, and the protection is in no way automatic but instead relies on voting within

3016-515: Is not legally considered ownership, but it is functionally similar to ownership. This is because Sparkasse is an independent public entity, but the Träger holds governance rights that resemble ownership. As a result, most Sparkassen are overseen by locally elected politicians. The Träger position (German: Trägerschaft ) cannot be sold, and it does not grant rights to the Sparkasse's financial surplus, which

3132-542: Is specific to each of the states of Germany ( German : Länder ) except Hamburg , which has no SpkG. The states of Hesse and Schleswig-Holstein have less restrictive legislation on the Regional Principle than the other German Länder , linked to the fact that, as in Hamburg, they have Sparkassen under the legal-form of joint-stock companies ( Aktiengesellschaft ) as opposed to public-sector entities. In late 2020,

3248-649: Is the central asset manager of the German Savings Bank Finance Group. Based in Frankfurt and Berlin it provides asset management and other services for the Sparkassen and Landesbanks. It resulted in 1999 from the merger of Deutsche Girozentrale (DGZ), established in 1918 as a national hub for the savings banks' regional giro associations, and Deka (Deutsche Kapitalanlagegesellschaft), an investment company established in 1956. Until 8 June 2011, DekaBank

3364-581: Is typically retained or used for local public welfare projects. Until the early 21st century, the Träger also provided explicit financial guarantees to the institutions they controlled, but these guarantees were mostly phased out under an agreement concluded on 17 July 2001 between a group of German negotiators and the European Commission represented by Competition Commissioner Mario Monti , known in German as

3480-694: The Deutscher Zentral-Giroverband ( lit.   ' German Central Giro Association ' ) was established in Berlin to coordinate the activities of the Giroverbände . The Deutsche Girozentrale (DGZ) was established on 1 February 1918, initially as a banking division of the Deutscher Zentral-Giroverband . Its capital of 15 million Reichsmarks was provided by the regional Giroverbände under joint and several liability. DGZ operated cashless payment (giro) transactions and settlement between

3596-661: The Abbey of Echternach in AD 698, and is celebrated annually in the dancing procession of Echternach . For a few centuries the abbey would become one of northern Europe's most influential abbeys. The Codex Aureus of Echternach , an important surviving codex written entirely in gold ink, was produced here in the 11th century. The so-called Emperor's Bible and the Golden Gospels of Henry III were also produced in Echternach at this time. When

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3712-554: The Bock rock by Siegfried, Count of the Ardennes , in 963 through an exchange act with St. Maximin's Abbey, Trier . Around this fort , a town gradually developed, which became the center of a state of great strategic value within the Duchy of Lorraine. Over the years, the fortress was extended by Siegfried's descendants and by 1083, one of them, Conrad I , was the first to call himself a " Count of Luxembourg ", and with it effectively creating

3828-557: The Brüsseler Konkordanz  [ de ] . The Regional Principle ( German : Regionalprinzip  [ de ] ) stipulates that entities of the Sparkassen-Finanzgruppe such as Sparkassen or public insurers have a local monopoly within the group within the geographical area in which they are established, namely the territory of their Träger . It is established in the Sparkassen legislation ( German : Sparkassengesetz  [ de ] , German acronym SpkG) which

3944-675: The Burgundian Netherlands , this would mark the start of nearly 400 years of foreign rule over Luxembourg. In 1482, Philip the Handsome inherited all of what became then known as the Habsburg Netherlands , and with it the Duchy of Luxembourg. For nearly 320 years Luxembourg would remain a possession of the mighty House of Habsburg, at first under Austrian rule (1506–1556), then under Spanish rule (1556–1714) , before going back again to Austrian rule (1714–1794) . With having become

4060-685: The Carolingian Empire was divided many times starting with the Treaty of Verdun in 843, today's Luxembourgish territory became successively part of the Kingdom of Middle Francia (843–855), the Kingdom of Lotharingia (855–959) and finally of the Duchy of Lorraine (959–1059), which itself had become a state of the Holy Roman Empire . The recorded history of Luxembourg begins with the acquisition of Lucilinburhuc (today Luxembourg Castle ) situated on

4176-628: The Court of Justice of the European Union , the highest judicial authority. Luxembourg's culture , people, and languages are greatly influenced by its much larger neighbors France and Germany; for example, Luxembourgish , a Germanic language, is the only national language of the Luxembourgish people and of the Grand Duchy of Luxembourg, French is the only language for legislation, and all three – Luxembourgish, German and French – are used for administrative matters in

4292-665: The DSGV , and FIDES Beta and Delta are trustees for the sub-fund of the Landesbanken in the IPS. Landesbank Berlin (LBB) does not belong in the same category as it was converted into a joint-stock company ( German : Aktiengesellschaft ) in 2007, when the DSGV rescued it and took full ownership through two of its legal entities, Erwerbsgesellschaft der S-Finanzgruppe mbH & Co. KG (owning 89.37 percent) and Beteiligungsgesellschaft der S-Finanzgruppe mbH & Co. KG (owning 10,63 percent). The nine public insurers that belong to

4408-828: The Dalheim Ricciacum and the Vichten mosaic , on display at the National Museum of History and Art in Luxembourg City. The territory was infiltrated by the Germanic Franks from the 4th century, and was abandoned by Rome in AD 406, after which it became part of the Kingdom of the Franks . The Salian Franks who settled in the area are often described as the ones having brought the Germanic language to present-day Luxembourg, since

4524-666: The Deutsche Girozentrale (DGZ). Also during World War I , the Imperial German government leveraged the network of Sparkassen to place war bonds, marking the beginning of their activity in the securities space. In 1921, further legislative changes enabled them to underwrite and sell securities more broadly, thus allowing them to act practically as universal banks. The Sparkassen, however, were severely impacted by hyperinflation : their deposit base shrunk from nearly 32 billion marks in late 1918 (up from 19 billion in 1913) to

4640-622: The European Central Bank as a consequence of European banking union . In 2015, Deka joined Lloyds Bank and Qatar National Bank in a £705 million senior loan which financed the Qatar Investment Authority ’s acquisition of 8 Canada Square in Canary Wharf . That same year, Helaba ’s leadership proposed a merger with Deka. In May 2019, both entered into exploratory talks on a merger. Later that year, Deka’s supervisory board instructed management to explore “deeper cooperation” with

4756-522: The Grand Duchy of Luxembourg , is a small landlocked country in Western Europe . It is bordered by Belgium to the west and north, Germany to the east, and France to the south. Its capital and most populous city, Luxembourg City , is one of the four institutional seats of the European Union (together with Brussels , Frankfurt , and Strasbourg ) and the seat of several EU institutions, notably

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4872-510: The King of the Netherlands , would become, in personal union , the head of state. To satisfy Prussia, it was decided that not only the Fortress of Luxembourg be manned by Prussian troops , but also that large parts of Luxembourgish territory (mainly the areas around Bitburg and St. Vith) become Prussian possessions. This marked the second time that the Duchy of Luxembourg was reduced in size, and

4988-768: The Nine Years' War in 1684, France invaded Luxembourg again , conquering and occupying the Duchy until 1697 when it was returned to the Spanish in order to garner support for the Bourbon cause during the prelude to the War of the Spanish Succession . When the war broke out in 1701 Luxembourg and the Spanish Netherlands were administered by the pro-French faction under the governor Maximilian II Emanuel, Elector of Bavaria and sided with

5104-449: The Paleolithic Age , about 35,000 years ago. From the 2nd century BC, Celtic tribes settled in the region between the rivers Rhine and Meuse . Six centuries later the Romans named the Celtic tribes inhabiting these exact regions collectively as the Treveri . Many examples of archaeological evidence proving their existence in Luxembourg have been discovered, the most famous being the Oppidum of Titelberg . In around 58 to 51 BC,

5220-433: The Potsdam -based Mittelbrandenburgische Sparkasse  [ de ] ; and two specialized arms of the Sparkassen-Finanzgruppe, S-Kreditpartner  [ de ] (car loans and consumer credit) and S Broker  [ de ] (securities brokerage). Hamburg Commercial Bank left it by end-2021. Each of the regional sub-funds absorbs losses as needed to preventively support a member entity in need, unless it

5336-399: The Red Lands ' rich iron-ore grounds in the beginning of the 20th century drove Luxembourg's industrialization. After the decline of the steel industry in the 1970s, the country focused on establishing itself as a global financial center and developed into the banking hub it is reputed to be. Since the beginning of the 21st century, its governments have focused on developing the country into

5452-420: The Spanish Netherlands in 1556, and when France and Spain went to war in 1635 it resulted in the Treaty of the Pyrenees , in which the first partition of Luxembourg was decided. Under the Treaty, Spain ceded the Luxembourgish fortresses of Stenay , Thionville, and Montmédy , and the surrounding territory to France, effectively reducing the size of Luxembourg for the first time in centuries. In context of

5568-441: The old Frankish language spoken by them is considered by linguists to be a direct forerunner of the Moselle Franconian dialect , which later evolved into, among others, the modern-day Luxembourgish language . The Christianization of Luxembourg is usually dated back to the end of the 7th century. The most famous figure in this context is Willibrord , a Northumbrian missionary saint, who together with other monks established

5684-407: The "main bank" of the respective Länder . They are also local banks, mortgage banks and general commercial banks. Their duties and powers are codified in the individual banking laws of the Länder ( Landesbankengesetze ). The specific tasks for the savings banks include central clearing for cashless payments and liquidity funding for the regional savings banks . They also provide many services for

5800-409: The 1950s, Luxembourg became one of the six founding countries of the European Communities , following the 1952 establishment of the European Coal and Steel Community , and subsequent 1958 creations of the European Economic Community and European Atomic Energy Community . In 1993, the former two of these were incorporated into the European Union . With Robert Schuman (one of the founding fathers of

5916-576: The 1950s. The leading public figure of the Sparkassen-Finanzgruppe at the national level is the President of the DSGV, also known as the Sparkassenpräsident . Luxembourg – in Europe  (green & dark gray) – in the European Union  (green) Luxembourg ( / ˈ l ʌ k s əm b ɜːr ɡ / LUK -səm-burg ; Luxembourgish : Lëtzebuerg [ˈlətsəbuəɕ] ; German: Luxemburg [ˈlʊksm̩bʊʁk] ; French: Luxembourg [lyksɑ̃buʁ] ), officially

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6032-430: The 234 savings banks then existing under its jurisdiction and put them under the regime of the respective local governments; it served as a model for other German polities. Between 1850 and 1903, the idea of the municipal savings banks spread further, and the number of savings banks in Germany increased from 630 to 2834. In 1913, of the 1765 Sparkassen that operated in Prussia alone, about 90 percent belonged to either

6148-419: The Battle of Worringen helped the Counts of Luxembourg to achieve military glory, which they had previously lacked, as they had mostly enlarged their territory by means of inheritances, marriages and fiefdoms. The ascension of the Counts of Luxembourg culminated when Henry VII became King of the Romans , King of Italy and finally, in 1312, Holy Roman Emperor . With the ascension of Henry VII as Emperor,

6264-495: The Bourbons. The duchy was subsequently occupied by the pro-Austrian allied forces during the conflict and was awarded to Austria at its conclusion in 1714. As the Duchy of Luxembourg repeatedly passed back and forth from Spanish and Austrian to French rule, each of the conquering nations contributed to strengthening and expanding the Fortress that the Castle of Luxembourg had become over the years. One example of this includes French military engineer Marquis de Vauban who advanced

6380-475: The Constitution and the law. Legislative power is vested in the Chamber of Deputies , a unicameral legislature of sixty members, who are directly elected to five-year terms from four constituencies . A second body, the Council of State ( Conseil d'État ), composed of 21 ordinary citizens appointed by the grand duke, advises the Chamber of Deputies in the drafting of legislation. Luxembourg has three lower tribunals ( justices de paix ; in Esch-sur-Alzette ,

6496-402: The DSGV remained ultimately liable for DGZ. At the same time, the supervision of DGZ was transferred from the Interior Minister of Prussia to the national government of the Weimar Republic . From 1933, the National Socialists used DGZ to cover the steadily growing financial needs for rearmament and later for warfare. Following the end of World War II , the DGZ head office, in East Berlin ,

6612-421: The Dutch King who was also Grand Duke of Luxembourg, as well as Prussia, did not want to lose their grip on the mighty fortress of Luxembourg and did not agree with the Belgian claims. The dispute would be solved at the 1839 Treaty of London where the decision of the Third Partition of Luxembourg was taken. This time the territory was reduced by more than half, as the predominantly francophone western part of

6728-455: The EU), Pierre Werner (considered the father of the Euro ), Gaston Thorn , Jacques Santer and Jean-Claude Juncker (all former Presidents of the European Commission ), Luxembourgish politicians contributed substantially to the EU's formation and establishment. In 1999, Luxembourg joined the eurozone . Thereafter, the country was elected non-permanent member of the United Nations Security Council (2013–14). The steel industry exploiting

6844-464: The First World War, under the German occupation of Luxembourg during World War II , the country was treated as German territory and informally annexed to the adjacent province of Nazi Germany , Gau Moselland . This time, Luxembourg did not remain neutral as Luxembourg's government in exile based in London supported the Allies , sending a small group of volunteers who participated in the Normandy invasion , and multiple resistance groups formed inside

6960-433: The French army. Their sacrifices have been commemorated at the Gëlle Fra . After the war, Grand-Duchess Marie-Adélaïde was seen by many people (including the French and Belgian governments) as having collaborated with the Germans and calls for her abdication and the establishment of a Republic became louder. After the retreat of the German army , communists in Luxembourg City and Esch-sur-Alzette tried to establish

7076-402: The Holy Roman Empire and elsewhere, Wenceslaus, annexed the County of Chiny in 1364, and with it, the territories of the new Duchy of Luxembourg reached its greatest extent. During these 130 years, the House of Luxembourg was contending with the House of Habsburg for supremacy within the Holy Roman Empire and Central Europe. It all came to end in 1443, when the House of Luxembourg suffered

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7192-434: The IPS of the Sparkassen-Finanzgruppe is also designated as the deposit guarantee scheme for all its member banks. in August 2021, the DSGV members unanimously adopted a resolution to reform the system and establish a Deposit Insurance Fund, gradually from 2024-2025. The Sparkassen-Finanzgruppe publishes unaudited, unconsolidated, aggregated financial statements of the German activities of its group entities, in line with

7308-409: The Landesbanks, noting: "The revised statutes result in a more rule-based IPS that implements an early intervention system with clearly identified triggers and timely escalation of decision-making steps as well as increased ex-ante funds over time, which, in the view of the rating agency, increase the likelihood and timeliness of support". In line with the EU Deposit Guarantee Scheme Directive of 2014,

7424-440: The Landesbausparkassen are diverse, even though all involve one or several regional associations ( Sparkassenverbände ). Some, like LBS Ost and Bausparkasse Schleswig-Holstein-Hamburg, are joint-stock companies, while others are public-sector entities. Bausparkasse Schleswig-Holstein-Hamburg is owned by the Sparkassenverband (57.5%) and Hamburger Sparkasse (42.5%). LBS Nord is owned by NordLB (44%), Landesbank Berlin (12%) and

7540-445: The Lower Saxon Sparkassenverband (44%). Landesbausparkasse Hessen-Thüringen is majority-owned (68.85%) by the regional Sparkassenverband but also has stakes from the two Länder of Hesse and Thuringia as well as from the two Sparkassenverbände of North Rhine-Westphalia and two legal entities of the Finanzgruppe, FIDES Alpha and FIDES Beta. Landesbausparkasse Saar is owned by the Land (74.9%) and the Sparkassenverband (25.1%) of Saarland. For

7656-493: The Romans invaded the country when Julius Caesar conquered Gaul and part of Germania up to the Rhine border, thus the area of what is now Luxembourg became part of the Roman Empire for the next 450 years, living in relative peace under the Pax Romana . Similar to those in Gaul, the Celts of Luxembourg adopted Roman culture, language, morals and a way of life, effectively becoming what historians later described as Gallo-Roman civilization . Evidence from that period includes

7772-457: The Sparkassen to offer checking and related payment accounts. This change fostered the creation of regional public entities that cleared payments between different Sparkassen, known as Girozentralen . The first Girozentrale was established in 1909 in Saxony , soon followed by those for Bavaria (1914), the Rhineland (1914), Thuringia (1915), Silesia (1916), and from 1916, the national Deutscher Zentral-Giroverband which in 1918 became

7888-435: The Sparkassen-Finanzgruppe are complex, in line with its largely decentralized structure that mirrors its long history. The core feature of the Sparkassen-Finanzgruppe is a set of mutual support arrangements known as an Institutional Protection Scheme (IPS) in EU law, namely the Capital Requirements Regulation . The Sparkassen-Finanzgruppe IPS is complex and its contractual details are not made public. It started in 1969 with

8004-506: The Sparkassen-Finanzgruppe are: The core business of the eight Landesbausparkassen  [ de ] ("Land-level building savings banks") is collective real estate saving products ( Bausparen ) and low-interest residential mortgage loans, with a share of the German mortgage market of about one-third and cumulative assets of €74.5 billion. . As of 2022 they were, from north to south: The first Landesbausparkassen were established in 1929. The corporate forms and ownership structures of

8120-503: The Sparkassen-Finanzgruppe have no external auditors but are audited instead by audit entities of the group itself. Some group-level entities such as DekaBank , however, publish externally audited financial statements. The S-shaped logo of the Sparkassen-Finanzgruppe is one of Germany's most recognizable brand images. It was introduced in 1938 and given its present form, with the trademark red color, in 1972 by designer Otl Aicher . Erste Bank in Austria also uses said logo under license since

8236-441: The Sparkassen-Finanzgruppe included 520 member entities, as described in its 2021 Annual Report: The Deutscher Sparkassen- und Giroverband (DSGV, self-translated as "German Savings Banks Association") is a nonprofit association, based in Berlin and founded in 1924. It operates as an umbrella organization to facilitate decision-making processes, coordinate strategy, and represent its members' political and regulatory interests at

8352-559: The Sparkassenverbände and other managers of the relevant sub-funds. The corresponding uncertainty has generated concerns from the supervisors at the European Central Bank and BaFin and partial reform of the IPS adopted by the DSGV in August 2021. A new national protection fund is to be set up with 2.6 billion euro to be paid in by the Sparkassen and Landesbanken between 2025 and 2032, which

8468-538: The VFS, as is Sparkasse Westholstein  [ de ] despite its current public-sector legal status. Fulfilling public interests is still one of the most significant characteristics of public banks in general and the savings banks in particular. Although public interest is very unspecific, objects of those companies are usually: The total assets of the Sparkassen amount to about €1 trillion. The 431 savings banks operate

8584-414: The VFS. The Sparkassen work as commercial banks in a decentralized structure. Each savings bank is independent, locally managed and concentrates its business activities on customers in the territory in which it is situated under the Regional Principle. In general, Sparkassen are not profit oriented. The Träger of the savings banks are usually single municipalities or several municipalities within

8700-489: The bank from January 2020. In 2016, Deka was one of Germany's main issuers of credit-linked notes . In 2017, amid the Volkswagen emissions scandal , a German court named Deka as lead plaintiff for 1,470 damages claims against Volkswagen totaling 1.9 billion euros ($ 2 billion). Sparkasse (Germany) The Sparkassen-Finanzgruppe ("Savings Banks Financial Group") is a network of public banks that together form

8816-498: The city of Luxembourg , and Diekirch ), two district tribunals (Luxembourg and Diekirch), and a Superior Court of Justice (Luxembourg), which includes the Court of Appeal and the Court of Cassation. There is also an Administrative Tribunal and an Administrative Court, as well as a Constitutional Court, all of which are located in the capital. Luxembourg is divided into 12 cantons , which are further divided into 100 communes . Twelve of

8932-525: The city's nickname the Gibraltar of the North . Luxembourg was annexed by France, becoming the département des forêts (department of forests), and the incorporation of the former Duchy as a département into France was formalised at the Treaty of Campo Formio in 1797. From the start of the occupation the new French officials in Luxembourg, who spoke only French, implemented many republican reforms, among them

9048-543: The communes have city status ; the city of Luxembourg is the largest. Luxembourg has long been a prominent supporter of European political and economic integration . In 1921, Luxembourg and Belgium formed the Belgium–Luxembourg Economic Union (BLEU) to create a regime of inter-exchangeable currency and a common customs . Luxembourg is a member of the Benelux Economic Union and was one of

9164-451: The competing County of Vianden (and with it St Vith and Schleiden ) had either been incorporated directly or become vassal states to the County of Luxembourg. The only major setback during their rise in power came in 1288, when Henry VI and his three brothers died at the Battle of Worringen while trying unsuccessfully to add the Duchy of Limburg to their realm. But despite the defeat,

9280-479: The country (but also the then Luxembourgish-speaking part of Arelerland ) was transferred to the new state of Belgium, thereby giving Luxembourg its modern-day borders. The treaty of 1839 also established full independence of the remaining Germanic-speaking Grand-Duchy of Luxembourg. In 1842, Luxembourg joined the German Customs Union ( Zollverein ). This resulted in the opening of the German market,

9396-451: The country. With an area of 2,586 square kilometers (998 sq mi), Luxembourg is Europe's seventh-smallest country . In 2024, it had a population of 672,050, which makes it one of the least-populated countries in Europe , albeit with the highest population growth rate ; foreigners account for nearly half the population. Luxembourg is a representative democracy headed by a constitutional monarch , Grand Duke Henri , making it

9512-465: The defeat of Napoleon , it regained independence in 1867 after the Luxembourg Crisis . Luxembourg is a developed country with an advanced economy , and has one of the world's highest GDP (PPP) per capita as per IMF and World Bank estimates. The nation's levels of human development and LGBT equality are ranked among the highest in Europe. The historic city including its fortification

9628-462: The development of Luxembourg's steel industry , and expansion of Luxembourg's railway network from 1855 to 1875. After the Luxembourg Crisis of 1866 nearly led to war between Prussia and France, as both were unwilling to see the other taking influence over Luxembourg and its mighty fortress, the Grand Duchy's independence and neutrality were reaffirmed by the Second Treaty of London and Prussia

9744-700: The disclosure requirement for IPSs enshrined in Article 113(7)(e) of the EU Capital Requirements Regulation . Specifically, the scope of aggregation in 2021 (report on the financial year 2020) included all Savings Banks , Landesbanken, Landesbausparkassen, as well as Hamburg Commercial Bank since it was still affiliated with the Institution Protection Scheme. Neither the foreign branches of Landesbanken nor any of their subsidiaries, whether domestic or foreign, are included, and neither are

9860-484: The dynasty of the House of Luxembourg not only began to rule the Holy Roman Empire , but rapidly began to exercise growing influence over other parts of Central Europe as well. Henry's son, John the Blind , in addition to being Count of Luxembourg, also became King of Bohemia . He remains a major figure in Luxembourgish history and folklore and is considered by many historians the epitome of chivalry in medieval times. He

9976-676: The economy in their region. While the biggest, Hamburger Sparkasse , had total assets of €37.7 billion and 5,500 employees in 2009, the smallest ( Stadtsparkasse Bad Sachsa ) had only €129.6 million in assets and 45 employees. The Landesbanken are mostly owned by the regional savings banks through its regional association and the respective federal states. In total, the assets of the Landesbanks have shrunk by 45 percent, or more than €702 billion, between end-2008 and end-2017. The Landesbanks have traditionally acted as central financial services providers for regional savings bank association and as

10092-489: The establishment of a republic. During this time, Belgium pushed for an annexation of Luxembourg. However, all such claims were ultimately dismissed at the Paris Peace Conference , thus securing Luxembourg's independence. In 1940, after the outbreak of World War II , Luxembourg's neutrality was violated again when Nazi Germany 's Wehrmacht entered the country , "entirely without justification". In contrast to

10208-523: The establishment of protection schemes ( German : Sicherungseinrichtungen ) on a regional basis, expanded to the Landesbanks through a community of liability ( German : Haftungsverbund ) in 1973, and was reformed in 2005 following negotiations with the European Commission on state aid control . As of 2021, the Sparkassen-Finanzgruppe IPS included 13 participating sub-funds ( German : Teilfonds ): The Landesbanks' sub-fund includes

10324-677: The foreign branches of Landesbausparkassen. On that basis, the group had total aggregated assets of €2.4 trillion as of end-2020, of which 1.4 trillion in the local savings banks. The following entities are members of the IPS even though they are not included in the group's scope of accounting aggregation: Berlin Hyp , Deutsche Hypothekenbank , Frankfurter Bankgesellschaft (Deutschland) AG, Landesbank Berlin Holding , Portigon AG , S-Kreditpartner  [ de ] , S Broker  [ de ] , and Weberbank  [ de ] . Most entities of

10440-632: The fortifications around and on the heights of the city, fortification walls that are still visible today. During the War of the First Coalition , Revolutionary France invaded the Austrian Netherlands, and with it, Luxembourg. In the years 1793 and 1794 most of the Duchy was conquered relatively quickly and the French Revolutionary Army committed many atrocities and pillages against the Luxembourgish civilian population and abbeys,

10556-599: The founding members of the European Economic Community (now the European Union). It also participates in the Schengen Group (named after the Luxembourg village of Schengen where the agreements were signed). At the same time, the majority of Luxembourgers have consistently believed that European unity makes sense only in the context of a dynamic transatlantic relationship, and thus have traditionally pursued

10672-590: The independent County of Luxembourg (which was still a state within the Holy Roman Empire). By the middle of the 13th century, the counts of Luxembourg had managed to gain considerable wealth and power and had expanded their territory from the river Meuse to the Moselle . By the time of the reign of Henry V the Blonde , Bitburg , La Roche-en-Ardenne , Durbuy , Arlon , Thionville , Marville , Longwy , and in 1264

10788-528: The largest financial services group in Germany and in all of Europe. Its name refers to local government-controlled savings banks that are known in German as Sparkasse , plural Sparkassen . Its activity is overwhelmingly located in Germany. The Ersparungsclasse der Allgemeinen Versorgungsanstalt , established in Hamburg in 1778, is widely viewed as the first modern savings bank . Other accounts emphasize

10904-518: The long-lasting Golden Bull of 1356 , a decree which fixed important aspects of the constitutional structure of the Empire. Luxembourg remained an independent fief (county) of the Holy Roman Empire, and in 1354, Charles IV elevated it to the status of a duchy with his half-brother Wenceslaus I becoming the first Duke of Luxembourg . While his kin were occupied ruling and expanding their power within

11020-512: The most infamous being the massacres of Differdange and Dudelange , as well as the destruction of the abbeys of Clairefontaine , Echternach and Orval . However the Fortress of Luxembourg resisted for nearly 7 months before the Austrian forces holding it surrendered. Luxembourg's long defense led Lazare Carnot to call Luxembourg "the best fortress in the world, except Gibraltar", giving rise to

11136-468: The national and international levels. The 12 regional associations ( German : Sparkassenverbände ) are statutory bodies, of which savings banks Träger are statutory members. They are responsible for coordination between savings banks in a region, and manage the regional sub-funds that participate in the Sparkassen-Finanzgruppe's institutional protection scheme (except in Berlin where a special arrangement

11252-623: The occupied country. With 2.45% of its prewar population killed, and a third of all buildings in Luxembourg being destroyed or heavily damaged (mainly due to the Battle of the Bulge ), Luxembourg suffered the highest such loss in Western Europe, but its commitment to the Allied war effort was never questioned. Around 1,000–2,500 of Luxembourg's Jews were murdered in the Holocaust . The Grand Duchy became

11368-515: The others, the relevant regional association(s) are the sole Träger . Further consolidation happened in 2023: LBS Süd ( Landesbausparkasse Süd, Stuttgart und München ) was formed by merger of LBS Bayern and LBS Südwest; LBS NordWest ( Landesbausparkasse NordWest, Münster und Hannover ) by merger of LBS Nord and LBS West; and LBS NordOst ( Landesbausparkasse NordOst, Hamburg, Kiel und Potsdam ) by merger of Bausparkasse Schleswig-Holstein-Hamburg AG and LBS Ost. DekaBank with its subsidiaries

11484-578: The principle of laicism , which led to an outcry in strongly Catholic Luxembourg. Additionally French was implemented as the only official language and Luxembourgish people were barred access to all civil services. When the French Army introduced military duty for the local population, riots broke out which culminated in 1798 when Luxembourgish peasants started a rebellion. Even though the French managed to rapidly suppress this revolt called Klëppelkrich , it had

11600-427: The protracted nature of the Sparkassen-Finanzgruppe's IPS decision-making process, with a delay of nearly five months from the IPS's intervention decision to the agreement on basic principles ( German : Grundlagenvereibarung ) for NordLB's recapitalization. A revision of the IPS statutes ( German : Satzung ) in early 2024 led credit rating agency Moody's to upgrade its ratings of IPS members and specifically of

11716-479: The regional giro organizations ( German : Girozentralen ). DGZ was also tasked with short-term lending to regional giro associations that were members of the Deutscher Zentral-Giroverband , from 1924 the Deutscher Sparkassen- und Giroverband (DSGV), and to other German municipal associations, managing interest-bearing funds, buying and selling foreign exchange, and borrowing on their behalf. In 1919, DGZ

11832-406: The rest of the network in 1945, but reintegrated into it after German reunification in 1990. The Sparkassen-Finanzgruppe is highly idiosyncratic, and its description requires understanding of key notions that are unique to its German context. In the context of the Sparkassen-Finanzgruppe, the German word Träger  [ de ] ("holder") refers to the owner-like relationship between

11948-551: The savings banks in the region in securities and cross-country businesses. In contrast to savings banks, they do wholesale banking rather than retail banking. After multiple mergers and restructurings, five Landesbanken operated in Germany as of late 2022: FIDES Alpha and Gamma are trustee entities for the regional sub-funds of the Sparkassenverbände within the Institutional Protection Scheme (IPS) under

12064-417: The significance of the savings bank of Göttingen , founded in 1801, which was the first established with a municipal guarantor whereas earlier foundations had been initiated by merchants, clerics or academics (Hamburg later created its own municipal savings banks in 1827). In 1838, the Kingdom of Prussia adopted the first savings banks legislation ( Sparkassenreglement ), which unified the legal status of

12180-457: The six remaining such institutions (BayernLB, Helaba, LBBW, NORD/LB, SaarLB, and Landesbank Berlin AG) as well as the national DekaBank ; the Berlin entities Landesbank Berlin Holding and Berlin Hyp ; the defunct WestLB's "bad bank", Portigon AG; Frankfurter Bankgesellschaft , the group's main private bank; Weberbank  [ de ] , another private bank once owned by WestLB and subsequentlty by

12296-585: The territory had been part of the Holy Roman Empire as well as the Habsburgian Netherlands in the past, both the Kingdom of Prussia and the United Kingdom of the Netherlands now claimed possession of the territory. At the Congress of Vienna the great powers decided that Luxembourg would become a member state of the newly formed German Confederation , but at the same time William I of the Netherlands ,

12412-867: The three business divisions AMK (Asset Management Capital Markets), AMI (Asset Management Real Estate Business), C&M (Corporates and Markets), the sales division or one of the corporate centers. As of end-2020, the Savings banks network maintained a total of 769 foundations in Germany, with total capital of €2.72 billion. At the national level, the German Savings Banks Foundation for International Cooperation  [ de ] ( German : Deutsche Sparkassenstiftung für internationale Kooperation e.V. ) in Bonn , also known as Deutsche Sparkassenstiftung, centralizes actions in favor of international development. The internal legal and financial arrangements of

12528-529: The world's only remaining sovereign grand duchy . The County of Luxembourg was established in the 11th century, as a state within the Holy Roman Empire . Its ascension culminated in its monarch, Henry VII , becoming the Holy Roman Emperor in the 14th century. Luxembourg came under Habsburg rule in the 15th century, and was annexed by France in the 18th century. Luxembourg was partitioned three times, reducing its size. Having been restored in 1815 after

12644-504: Was allowed to maintain much of its independence and political mechanisms. Unaware of the fact that Germany secretly planned to annex the Grand-Duchy in case of a German victory (the Septemberprogramm ), the Luxembourgish government continued to pursue a policy of strict neutrality. However, the Luxembourgish population did not believe Germany had good intentions, fearing that it would annex Luxembourg. Around 1,000 Luxembourgers served in

12760-439: Was also authorized to provide long-term financing to municipalities and to issue municipal bonds. The name "Deutsche Kommunalbank" was consequently added to that of DGZ in 1921, so that its full name became Deutsche Girozentrale - Deutsche Kommunalbank , still known as DGZ. In 1931, DGZ was reorganized together with the broader municipal banking system, and it received a statute ( German : Satzung ) of its own in 1932. Even so,

12876-581: Was closed by the Soviet Military Administration . In 1949, it was revived as Deutsche Kommunalbank in Düsseldorf , West Germany , but with a more limited mandate that was focused on short-term transactions. In 1954, it was again named Deutsche Girozentrale - Deutsche Kommunalbank and resumed full activities, and in 1955 it opened a branch in West Berlin . In 1964-1965, DGZ's head office

12992-599: Was declared a UNESCO World Heritage Site in 1994 due to the exceptional preservation of its vast fortifications and historic quarters. Luxembourg is a founding member of the European Union , OECD , the United Nations , NATO , and the Benelux . It served on the United Nations Security Council for the first time in 2013 and 2014. The first traces of settlement in what is now Luxembourg are dated back to

13108-488: Was finally willing to withdraw its troops from the Fortress of Luxembourg under the condition that the fortifications would be dismantled. That happened the same year. At the time of the Franco-Prussian war in 1870, Luxembourg's neutrality was respected, and neither France nor Germany invaded the country. As a result of the recurring disputes between the major European powers, the people of Luxembourg gradually developed

13224-531: Was founded in 1996 as holding entity for the Deka Group. On 1 January 1999, DGZ and DekaBank merged to form DGZ-DekaBank Deutsche Kommunalbank , which was renamed DekaBank Deutsche Girozentrale in 2002. In April 2011, DSGV became the sole owner of DekaBank by purchasing the 50 percent stake owned until then by the Landesbanks . In November 2014, DekaBank came under the prudential supervisory authority of

13340-575: Was owned by the DSGV and Landesbanks which grouped the shares in the GLB GmbH & Co.OHG, which held the DekaBank shares. On 7 April 2011, the Savings Banks bought the 50% stake from the landesbanken for €2.3 billion to become sole owner of the DekaBank. The acquisition was closed on 8 June 2011 and DekaBank became fully, directly owned by the savings banks. 3,700 people throughout the group work in one of

13456-852: Was relocated from Düsseldorf to Frankfurt . Deka (full name Deutsche Kapitalanlagegesellschaft mbH , lit.   ' German capital investment company ltd ' ) was founded in 17 August 1956, as an asset management company based in Düsseldorf. It launched its first domestic investment fund in November 1956, and its first international fund in February 1962. In 1965, like DGZ, it relocated its headquarters to Frankfurt. In 1988, it established its first foreign subsidiary, Deka International SA in Luxembourg , followed in 1995 by Deka Bank (Schweiz) AG in Zürich . DekaBank GmbH

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