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Wishes2009
History - A Credit Union Based in Luxembourg
For active and retired civil servants and other staff of intergovernmental organizations and their dependants


AMFIE is a savings and loans cooperative established in Luxembourg in 1991 at the initiative of a group of 21 international civil servants with considerable experience in running a Credit Union.
AMFIE works in the same way as a financial institution, but does not itself seek to make profit. It is governed by both the Luxembourg legislation on co-operative societies and the Luxembourg legislation on financial institutions.

AMFIE is a rapidly-growing Association with members from 79 organizations and agencies of the United Nations System, the European Union, NATO, OECD, ESA etc. As AMFIE grows, so do the benefits of the members because the Association is founded on the mutual principle of collective security and profitability.

When founded in 1991, AMFIE had 1.5 million Euros in member deposits. Today AMFIE manages over 155s million Euros in member deposits. In 1991, AMFIE had 200 members. Today over 3,000 international civil servants rely on AMFIE to provide them with the best financial services and products in support of their savings and investment objectives. AMFIE’s operations are constantly monitored by internal and external auditors who report each half year to the Board of Directors, the Supervisory Board and the Luxembourg authorities.

The Market
There exist other international mutuals catering for the needs of international civil servants based in Europe. They are in effect saving and loans organizations, with a certain autonomy in how they are managed but fully integrated from an administrative point of view with a specific international organization (e.g. FAO in Rome, UNESCO in Paris, European Headquarters of the United Nations and other UN organizations in Geneva) and are open only to the personnel of these organizations.
AMFIE is the only true ecumenical institution open to the entire community of international and European public service.

AMFIE has therefore considerable capacity to grow if one considers that the number of its members does not exceed 3% of the total population of international civil servants working for intergovernmental organizations (approximately 100,000 of which over 20,000 are working for the European Union institutions). There is no doubt that if AMFIE continues to establish itself within the institutional structures of international organizations, it will be able to provide its members with important benefits by developing amongst them a mutualist ideal and by reinforcing the spirit of solidarity in terms of financial security, investment opportunities and lending capabilities. Already the management fees of AMFIE are considerably lower than the array of commissions and fees charged by high street banks; a significant increase in the capabilities of AMFIE can only increase the gap with competing financial services institutions. AMFIE is already providing a viable alternative for holders of current accounts which are badly or not at all remunerated.

The Objectives
In keeping with established principles of mutual institutions, AMFIE seeks to combine three fundamental objectives: security, confidentiality and profitability. We ensure that these objectives are applied uniformly to all members, no matter the size of the assets they entrust to us. Unlike certain high street banks, AMFIE does not have privileged clients; all members are assured of obtaining the same high quality of service adapted to their needs, expectations and personal and family situation.

Security:

AMFIE only deposits funds entrusted to it with financial institutions of the highest standing and credit rating.

Confidentiality:

AMFIE is subject to Luxembourg legislation which provides for full banking and professional secrecy, and as such guarantees complete confidentiality.

Profitability:

AMFIE offers a large and diversified range of financial services and products which enables each member to select those services and products best suited to their saving and investment projects.