You are invited to download our Newsletter n°48.

We invite you to read our latest news regarding the crisis situation faced by Dexia. 
Click here

The Board of directors is pleased to invite the members of AMFIE to the XVIII Annual General Meeting. For more information, please click on the following link.
 

Convening notice

Always seeking to provide appropriate responses to our members’ requests, the Executive Committee is now offering a new solution to enhance your savings.

We invite you to consider the “AMFIE FLEXIBLE" term deposit in Euros, U.S. dollars and Pounds Sterling, for investments of 3, 6 and 12 months with a guaranteed return at maturity.

For more information, please click on the following link:
« AMFIE FLEXIBLE – Time deposit »

Please find the returns on the remunerated current account for the 2nd term 2010. Please click on the link : Yields

Our corresponding bank in Paris, CIC, informs us that the opening hours for cash withdrawals have changed. From now on, this transaction can be made on Tuesdays, Thursdays and Fridays morning from 9:00 to 12:30. We also remind you that the branch offices moved to 75 rue de Rennes in the 6th district of the capital (from 57 rue de Rennes).

Result of the auction

The auction of the 88 available shares took place on October 14th, 2010 in the presence of Mr. Pettinger, teller elected by the General meeting, Mr Argyropoulos and Mr. Littlejohn, members of the Board of Directors.
Following the opening of the 33 bids submitted by the members, the award price was set at EUR 220 per share.
The bids at a price higher than EUR 220 have been fully met. The shares that remained available were awarded to the members who bid EUR 220 in proportion to the number of shares of their bid.

The interest rates presented here are disappointing for our members as well as for us. As you will recall, these results were anticipated by our chairman in his message which prefaced the AMFIE Annual Reports for 2009.

The security of your savings has always been and will remain for AMFIE our major goal which takes precedence over performance and excludes risky investments. Your savings are mainly entrusted to banks that offer maximum security because their deposits are guaranteed in Luxembourg. The rates obtained by these banks are very close to those fixed by central banks in Europe and the US. At the moment, those rates are slightly above zero or historically low.

We hope that a gradual increase in interest rates will soon allow AMFIE to obtain more satisfactory yields without jeopardizing the security of your savings.

Following numerous queries and within the framework of AMFIE’s development, we are pleased to announce that our web site www.amfie.net is now operational. Thus the on line consultation of current accounts is now possible.

Application form (to be sent to us by postal mail)

For any question relative to this service, please contact us amfie.net@amfie.org or +352 42 36 61 280

We are pleased to announce the returns on the remunerated current account for the 2nd term 2009. Please click on the link : Yields

In order to improve our services, AMFIE has opened two new bank accounts (EUR and USD) with ING Luxembourg. Details of these accounts are as follows:
ING Luxembourg
52, route d’Esch
L-2965 Luxembourg

LU35 0141 6408 6620 0000 (EUR)
LU30 0141 4408 6620 3010 (USD)
Code SWIFT : CELLLULL

The charges for deposits and withdrawals applicable to these accounts are detailed below:

Deposits:
by cheque : EUR 5
by transfer : No fee
In cash: No fee

Withdrawals:
by cheque : N/A
by transfer : No fee (for EUR transfers over 50k and USD transfers: EUR 3.00 per transfer)
In cash: No fee
You can find all this information in our document “AMFIE’s services and indicative charges”

The latest times for receiving instructions (for processing by our bank/broker on that same day) are on or before :

Money Transfers: 12 noon
Foreign exchange transactions: 15.30
Stock Exchange orders(securities/bonds): 16.15
Investment funds orders: depends on the fund. Please refer to the Secretariat.

Foreign exchange /Stock exchange orders received after these times but before 16.30 will be sent by us to our bank or broker but without guarantee that they will be processed by the bank/broker on that same day. Orders received after 16.30 will be treated the following day.

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Press release

This Wednesday, June 3, France and Luxembourg signed an amendment to the anti-double taxation treaty between the two countries.

For more information in this regard, you can consult hereafter an article published on Thursday, June 4, in the Luxembourg newspaper "La Voix", as well as an article published June 3, 2009 on the website of the "Gouvernement du Grand-Duché de Luxembourg".

The Board of directors is pleased to invite the members of AMFIE to the XVIII Annual General Meeting. For more information, please click on the following link.

Convening notice and elections

Click here

Please double click on the attached link to read the Q&A note issued by the Luxembourg Bankers’ Association and a summary of this note prepared by our Executive committee on the impact of the changes proposed by the G20 group of nations on double taxation treaties and bank secrecy .

We would like to advise our members who ask AMFIE to make a payment to a third party on their behalf to include a reference in the instruction to enable the third party to identify the nature of the payment. For example, when the transaction is used to pay an invoice, you must keep in mind that the ordering party is AMFIE and not the member. Therefore the member should provide the invoice number or the client number so that the beneficiary can associate the amount received to the invoice or his client.

Messages to our Members from the executive committee:

of 11/02/09 of 11/11/08 of 23/10/08 of 8/10/08 of 2/10/08

On 1 January 2009 the euro will become legal tender in Slovakia, replacing the Slovak koruna at the irrevocably fixed exchange rate of €1 = SKK 30,1260 .

For further information on the changeover please click on the following link: http://www.ecb.int/euro/changeover/slovakia/html/index.en.html

Double click here

We would like to request, for the common good, that you inform the Secretariat well in advance (at least two business days) when you need to make a large withdrawal from your account (in excess of EUR 100, 000 or the equivalent in other AMFIE currencies). This will enable our Treasurer, who is responsible for all placements (always for the short or medium term), to take the necessary steps to fund such withdrawals in the most cost efficient manner.

In order to generate the highest possible returns on our remunerated current accounts our treasurer places the substantial majority of funds entrusted to us with our financial partners for fixed periods so as to obtain the most favourable terms. Large withdrawals, if unannounced, often require us to break such contracts resulting in high penalties charges and loss of interest. This, of course, has a negative impact on the returns generated on our remunerated current accounts.

 

As you are aware, our rates are applied to all current accounts- no matter the size of the deposit- and returns are calculated semi-annually pro rata temporis, i.e. from day one of the deposit to the date of withdrawal.

Without pretending that we offer the best returns, AMFIE would nevertheless like to warn you to be careful about being enticed by promises of significantly higher returns.

Some of you have recently sent us financial literature/publicity promising some very attractive returns. Upon careful reading of the small print we have noted the following points which merit being brought to your attention:


The rates advertised are often quoted “Gross”, that is before deduction of various bank charges, many of which are not very clear
The size of the deposit which can benefit from the higher rate promised is often restricted
The exceptional return is only available for new deposits and is for a very short period of time after which it falls dramatically
The period is even further restricted in that you may not benefit from this rate for up to 15 days after you place the funds on deposit and/or ends retroactively up to 2 weeks before the end of your deposit should you decide to withdraw your funds prematurely. In other words, your money could be hibernating (depending on the season) for several weeks.
In addition your funds are blocked during the period and may not be available to you.

We would like to remind our Members to read very carefully the small print contained in financial literature offering promises of high interest rates and to not hesitate to obtain clear answers to any question you may have from the issuer of the document before making your deposit.


 

We would like to inform you that, in the interest of better security, members who wish to make deposits or withdrawals in cash (or cash equivalents) will from now on need to do so directly at the counter of one of our banking partners (click here for the full list).

Your secretariat is in fact no longer authorised to handle cash (or cash equivalents) on your behalf. We would like to thank all of you who undertake transactions of this nature for their respect of this new procedure. We would also ask you to accept our apologies for any inconvenience caused as a result of this new security measure which was taken in the secretariat’s and your general interest.
 

We would like to draw your attention on the requirement to strictly respect the directives issued by the Luxembourg authorities in the context of the fight against money laundering.

In this regard we request you to send us a certified copy of your identity document (passport or identity card).

Many of you have complied with this request and we would like to thank you sincerely for this.

The certification can be made, either by a person recognised by AMFIE such as one of our co-ordinators, human resources manager of your international organisation, chairperson of a recognised association of international civil servants or any authorised official (town hall official, police officer, consular official, solicitor, etc.).


 

Please be aware of a new fraud that is increasingly evident among the tide of internet "spam". The fraud takes the form of an email, apparently from a reputable bank, stating that, in view of the increasing amount of internet fraud, the bank has decided to ask its customers to confirm their credit card and/or bank account numbers.

Several banks’ names have been used, and no doubt more will appear. The email asks the bank’s customers either to respond to the email or, more commonly, to log onto a website, to confirm their customer details. Apparently, the website even looks like the bank’s own internet banking site, but needless to say, it has nothing whatever to do with the bank in question.

Please do not, under any circumstances, log onto such websites! Even logging-on can allow a virus into your computer! If you receive such an email using the name of your bank, kill it immediately, and inform your bank (by phone or letter).

It is to avoid such problems that AMFIE does not have an "internet banking" facility.



 

In the interest of our members’ security, the secretariat have received clear instructions never to give by telephone, financial information pertaining to members accounts opened with AMFIE and in particular in respect of the available balance on those accounts.

If members wish to obtain urgently information on their accounts, they should request so by fax. If however a member takes upon himself or herself to mention a figure or an information relating to his/her account, which can sometimes happen, then the secretariat may only confirm or deny the information provided without correcting it if incorrect.

We thank you in advance for respecting these instructions which have been put in place in order to fully comply with bank secrecy, which is guaranteed by Luxembourg legislation.

 

Please note that SGBT Luxembourg will charge 0.1% commission with a minimum of EUR 10 for cash withdrawals in currencies other than EURO.