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Spanish ratification of the Luxembourg Rail Protocol marks start of key phase of treaty implementation

Written by RWG-Admin on . Posted in 2023, Allgemein, Archive, News.

Spanish ratification of the Luxembourg Rail Protocol marks start of key phase of treaty implementation

The Kingdom of Spain has ratified the Luxembourg Rail Protocol to the Cape Town Convention on International Interests in Mobile Equipment. A ceremony marking the ratification took place at UNIDROIT in Rome on 20 January, bringing the world an important step closer to building more efficient and sustainable transport systems in and between countries.

This ratification is the fourth thus far, following those of Luxembourg, Sweden and Gabon, as well as of the European Union in regard to its competencies, thereby satisfying the first condition for the Protocol’s entry into force. It marks the beginning of the treaty’s next phase: the opening of the International Rail Registry in Luxembourg City, which will be available online 24/7.

To read the complete press release, click here.

Basel IV May Seriously Damage the Rail Sector

Written by RWG-Admin on . Posted in 2022, Archive. No Comments on Basel IV May Seriously Damage the Rail Sector

Basel IV May Seriously Damage the Rail Sector

The revision of the Basel III rules on prudential standards for banks will probably come into effect on 1st January 2025. The proposals represent a significant threat to the financing and development of the rail sector if, when implemented, they take no account of the additional security given to banks when they are lending secured against, or leasing, rolling stock. This will mean higher costs for the banks, the rail operators and the consumer.

The Rail Working Group has today issued a detailed position paper arguing for a more realistic assessment of the way that banks should risk weight their financings of railway equipment. “As we begin COP 27 and re-engage with the battle against climate change, with regulators encouraging banks to finance more environmentally friendly forms of transport – such as rail – it makes no sense at all to artificially increase banks’ cost of funds” said RWG Chairman Howard Rosen, “particularly when the Luxembourg Rail Protocol is operating, which will give banks enhanced security over financed railway equipment. The new proposed rules will reduce the availability and increase the costs of credit for operators at a time when more investment in rolling stock is urgently needed as railways play a critical role in post pandemic economic regeneration and regional integration,” he added.

Position paper

Breakfast on 22nd September at the Luxembourg Embassy in Berlin

Written by RWG-Admin on . Posted in 2022, Archive. No Comments on Breakfast on 22nd September at the Luxembourg Embassy in Berlin

Breakfast on 22nd September at the Luxembourg Embassy in Berlin

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On 22 September 2022, HE Ambassador Jean-Paul Senninger, Luxembourg Ambassador the Federal Republic of Germany, hosted a special breakfast event in Berlin focused on the Luxembourg Rail Protocol’s benefits for the European rail sector and in particular for Germany. Panel speakers Jens van Laak (Vossloh Locomotives), Robert van Duuren (ING),  Mark Stevenson (VTG), Frank Hermandung, (KfW IPEX)  and RWG Chair Howard Rosen, moderated by Benjamin von Bodungen (Bird & Bird) chair of the RWG’s German contact group, discussed the specific advantages of the Protocol both for passenger and freight rail in Germany. The breakfast, which was attended by German policy makers and various stakeholders in the rail and finance sectors, coincided with InnoTrans, the major bi-annual international rail exhibition.

For more information about the Luxembourg Rail Protocol in German click here.