Yuriko Backes

The Chambre des Députés, Luxembourg’s parliament, on Wednesday approved a long-awaited modernisation of the Grand Duchy’s securitisation law that will enable fund managers to actively manage pooled debts such as corporate loans and mortgages.

Luxembourg has named Yuriko Backes as its new finance minister, replacing former finance minister Pierre Gramegna. She is the first woman to occupy the role.

Backes is formerly the Chief of the Grand Ducal Household. Prior to that, Backes served head of the European Commission’s representative office in Luxembourg, as well as being a diplomatic advisor (known as a “Sherpa”) to prime ministers Jean-Claude Juncker and Xavier Bettel.