Liecht. assets fall by 19% after secrecy war, recession - Spear's Magazine

Liecht. assets fall by 19% after secrecy war, recession

Assets managed in Liechtenstein fell by 19 percent in 2008, after an onslaught against the principality’s banking secrecy as well as impact of the global financial crisis, an official report shows.

Assets managed in Liechtenstein fell by 19 percent in 2008, after an onslaught against the principality’s banking secrecy as well as impact of the global financial crisis, an official report shows.

The Liechtenstein Financial Market Authority also warned that the full impact of the pressure that led to a landmark decision by the principality to ease its strict banking secrecy rules would only be manifest later this year.

Assets under management by Liechtenstein’s financial centre fell 19 percent to SwFr225.44 billion, the regulator said in its annual report.

In addition, 15 banks in the principality recorded a 60 percent plunge in annual profits last year to SwFr 336.8 million after the credit crisis.

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