Public investment vehicles surface across the legislature, from the coalition programme declaration of 22 November 2023 to the interpellation on state shareholdings of 16 June 2026. The sittings covered the state investment bank SNCI and its start-up, Horeca, and dual-use defence funds, the FSIL sovereign wealth fund and its move into private equity and Bitcoin, the citizen bonds that mobilise idle household deposits, including the Defence Bond of bill 8633 and the start-up tax credit of bill 8526, and the state's shareholdings in companies such as SES, Post, CFL, and Spuerkeess. Budget figures behind these vehicles are set out on the State budget and public finances page. The quotes below are taken verbatim from the Compte rendu officiel of each sitting.
\nOn 15 October 2025, during the finance minister's answers on measures to strengthen the financial centre's competitiveness, Laurent Mosar welcomed the announcement that 1% of the FSIL sovereign fund would be invested in Bitcoin.
\n\n\nEch begréissen och ganz staark, wëll ech och emol eng Kéier hei soen, datt de Finanzminister wärend senger Budgetsried och deklaréiert huet, datt 1 % vun deem Fonds intergénérationnel géif a Bitcoins investéiert ginn.
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I welcome very strongly, as I want to say once here, that the finance minister also declared during his budget speech that 1% of that intergenerational fund would be invested in Bitcoin.
\nSitting of 15 October 2025, Laurent Mosar, CSV
\nOn 17 December 2025, presenting bill 8526 introducing a start-up tax credit, Laurent Mosar listed the businesses excluded from the new credit.
\n\n\nBestëmmt Branchen a Situatioune sinn ausgeschloss a ginn net als Startup consideréiert, sou zum Beispill: Affekotecabineten, Audit-, Expert-comtable-Büroen, Immobiliegesellschaften, déi de Bau, d’Locatioun, d’Gestioun oder d’Promotioun vu Wunnenge maachen, oder och nach SICARen.
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Certain sectors and situations are excluded and are not considered a start-up, for example: law firms, audit and accountancy offices, property companies that build, let, manage, or develop housing, or also SICARs.
\nSitting of 17 December 2025, Laurent Mosar, CSV, PL8526 — Impôt sur le revenu
\nOn 18 December 2024, in the budget debate, Diane Adehm gave the amount invested through the Digital Tech Fund's second compartment.
\n\n\nEsou goufen am Fréijoer dëst Joer 19,4 Milliounen Euro vun esouwuel ëffentleche Betriber wéi och vu privaten Investisseuren an dat zweet Kompartiment vum Digital Tech Fund gestach.
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So in the spring of this year, 19.4 million euros were put into the second compartment of the Digital Tech Fund by both public companies and private investors.
\nSitting of 18 December 2024, Diane Adehm, CSV
\nOn 16 December 2025, as budget rapporteur, Maurice Bauer proposed studying whether every newborn child could be given 500 euros in financial instruments rather than a savings account.
\n\n\nass et hei d’Propositioun, ze analyséieren, ob et méiglech ass, all neigebuerenem Kand e Montant vu 500 Euro ze schenken, mat der Oplag, dass dës Suen net op e Spuerkonto kommen, mee an d’Finanzinstrumenter investéiert ginn, déi direkt der Ekonomie zeguttkommen.
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The proposal here is to look at whether it is possible to give every newborn child an amount of 500 euros, on condition that the money does not go into a savings account but is invested in financial instruments that directly benefit the economy.
\nSitting of 16 December 2025, Maurice Bauer, CSV
\nOn 24 April 2024, in the debate on the housing relaunch package, Gilles Baum described the SNCI as the central actor supporting businesses through the digital and decarbonisation transition.
\n\n\nD’SNCI spillt e ganz wichtege Rôle bei der Ënnerstëtzung vu politeschen an ekonomesche Prioritéiten. Fir d’Betriber a hiren Efforten ze begleeden, fir déi duebel Transitioun unzegoen, dat heescht d’Dekarboniséierung an d’Digitalisatioun, ass d’SNCI den zentralen Acteur.
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The SNCI plays a very important role in supporting political and economic priorities. To accompany businesses in their efforts to take on the double transition, that is decarbonisation and digitalisation, the SNCI is the central actor.
\nSitting of 24 April 2024, Gilles Baum, DP
\nOn 16 June 2026, opening his interpellation on the state's role as shareholder, André Bauler gave the combined value of the state's stakes in Post, CFL, and Spuerkeess.
\n\n\nWa mir nach d’Parten huelen, déi de Staat bei der Post, der CFL an der Spuerkeess hält, da komme mir op iwwer 2 Milliarden Euro.
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If we also take the stakes the state holds in the Post, the CFL, and Spuerkeess, we come to over 2 billion euros.
\nSitting of 16 June 2026, André Bauler, DP
\nOn 24 April 2024, in the debate on the 2024 budget, Taina Bofferding pointed to the FSIL sovereign fund created under the previous three-party coalition.
\n\n\nAn zweetens wëll ech och nach hei op de Fonds souverain intergénérationnel hiweisen, dee jo ënnert der Dräierkoalitioun geschafe ginn ass.
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And secondly I also want to point out here that the sovereign intergenerational fund was created under the three-party coalition.
\nSitting of 24 April 2024, Taina Bofferding, LSAP
\nOn 18 March 2025, asking a parliamentary question on the SES blocking minority, Franz Fayot described the activist fund Appaloosa's demand to abolish the state's B-shares.
\n\n\nEt gëtt zum Beispill gefuerdert, d’B-Aktien, déi dem Lëtzebuerger Staat eng Minorité de blocage vun 33 % an der SES ginn, ofzeschafen an domat d’Participatioun op 16,67 % ze verwässeren, ouni speziell Stëmmrechter.
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It is being demanded, for example, that the B-shares that give the Luxembourg state a blocking minority of 33% in SES be abolished, diluting the stake to 16.67% without special voting rights.
\nSitting of 18 March 2025, Franz Fayot, LSAP
\nOn 29 April 2025, during the ADR group's topical hour on the Horeca sector, Joëlle Welfring asked whether the government would work with the SNCI on a dedicated tourism bank.
\n\n\nGëtt et Initiativen, fir zum Beispill geziilt op d’Besoine vum Horeca-Secteur agoend an ausgeriichten Instrumenter, eventuell an Zesummenaarbecht mam SNCI, beispillsweis eng Tourismusbank, ze schafen, sou wéi et se an europäesche Länner an an anere Regioune scho gëtt?
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Are there initiatives to create instruments targeted at the needs of the Horeca sector, possibly in cooperation with the SNCI, for example a tourism bank, as already exists in other European countries and regions?
\nSitting of 29 April 2025, Joëlle Welfring, déi gréng
\nOn 20 March 2025, in the debate on electricity network costs, Joëlle Welfring argued for a state pre-financed fund to spread grid expansion costs over decades.
\n\n\nFirwat ass esou e Fong wichteg? Doduerch dass e Stroumnetz, dat haut muss ausgebaut ginn, iwwer vill Joerzéngte wäert Avantagë bréngen, mécht et Sënn, duerch esou e Mechanismus déi héich Gesamtnetzkäschten, déi elo fir den Ausbau an d’Moderniséierung ufalen, op méi Joerzéngten ze strecken.
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Why is such a fund important? Because a power grid that must be expanded today will bring benefits over many decades, it makes sense to use such a mechanism to spread the high total network costs now needed for expansion and modernisation over more decades.
\nSitting of 20 March 2025, Joëlle Welfring, déi gréng
\nOn 18 December 2024, on a motion to feed the FSIL with future revenue windfalls, Sven Clement explained why the Piraten would abstain rather than back the fund's stock-market exposure.
\n\n\nWann een eng Arbitrageopportunitéit géif benotzen a seet: „Ma, eisen Invest generéiert méi Revenu duerch d’Zënsen, duerch de Rendement, wéi eis d’Schold, déi mer doduerch mussen ophuelen, kascht\"
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If one were to use an arbitrage opportunity and say: well, our investment generates more revenue through interest, through the return, than what the debt we take on for it costs.
\nSitting of 18 December 2024, Sven Clement, Piraten
\nOn 20 May 2026, during the state-of-the-nation debate, Sven Clement asked how the planned defence bank would relate to the SNCI's dual-use vehicle.
\n\n\nWéi gesäit d’Gouvernance aus? Wéi gëtt parlamentaresch kontrolléiert? Wat ass dat genaut Mandat? Wéi ass d’Relatioun mat der IEB, mam NATO Innovation Fund, mam SNCI- Dual-use-Vehikel?
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What does the governance look like? How is it controlled by parliament? What exactly is the mandate? What is the relation with the EIB, with the NATO Innovation Fund, with the SNCI dual-use vehicle?
\nSitting of 20 May 2026, Sven Clement, Piraten
\nOn 18 December 2024, on the same motion, David Wagner criticised the FSIL sovereign fund for investing in listed shares the state cannot control.
\n\n\nMir ware scho ganz, ganz kritesch par rapport zu deem Fonds souverain, well e bëssen aneschters d’ailleurs och wéi beim Kompensatiounsfong ass et jo esou, datt awer déi Suen a Fongen investéiert ginn, déi och op der Bourse gehandelt ginn, wou een och schwéier Afloss kann dorobber hunn.
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We were already very, very critical of that sovereign fund, because a little differently than with the compensation fund, the money is invested in funds that are also traded on the stock exchange, where one can hardly have any influence over it.
\nSitting of 18 December 2024, David Wagner, déi Lénk
\nOn 17 December 2025, during the debate on bill 8633 exempting the Defence Bond from tax, David Wagner called citizen bonds a sympathetic idea but objected to using one to finance rearmament.
\n\n\nAlso, Staatsemprunten, mir fannen dat eng ganz sympathesch Iddi. Ech repetéieren dat net, wat schonn e puermol repetéiert ginn ass a wat och an der Motioun vun der LSAP drasteet a wat d’CSL och gesot huet, datt een dat muss maache fir zukunftsträchteg Domäner, an der Ekologie, am Sozialen et cetera.
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So, state loans to citizens, we find that a very sympathetic idea. I will not repeat what has already been repeated a few times and what is also in the LSAP motion and what the CSL also said, that one should do that for future-oriented areas, in ecology, in social matters, and so on.
\nSitting of 17 December 2025, David Wagner, déi Lénk, PL8633 — Dotation annuelle CAA
\nOn 22 November 2023, in the coalition programme declaration, Luc Frieden named a modernised SNCI among the alternative ways to finance large projects.
\n\n\nMir wëllen och alternativ Finanzéierungsformen erunzéien, fir verschidde grouss Projeten ze finanzéieren. Dat kënnen ëffentlech-privat Partenariate sinn, Biergerfongen, staatlech Fongen, staatlech Participatiounen a Gesellschaften oder och via eng moderniséiert SNCI oder mat Institutioune wéi zum Beispill der Europäescher Investitiounsbank.
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We also want to draw on alternative forms of financing to finance various large projects. These can be public-private partnerships, citizen funds, state funds, state shareholdings in companies, or also via a modernised SNCI or with institutions such as the European Investment Bank.
\nSitting of 22 November 2023, Luc Frieden, Premier ministre
\nOn 13 May 2025, in the state-of-the-nation declaration, Luc Frieden announced the Defence Bond as one of the sources financing higher defence spending.
\n\n\nÉischtens: een Deel iwwert de Budget selwer – ënner anerem mat engem Defensebond, also engem Staatsemprunt fir Sécherheet, un deem sech Privatleit bedeelege kënnen.
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Firstly: one part via the budget itself, among other things with a Defence Bond, that is a state loan for security, in which private individuals can take part.
\nSitting of 13 May 2025, Luc Frieden, Premier ministre
\nOn 18 March 2025, answering the question on the SES blocking minority, Luc Frieden stated that the government had no intention of giving up its voting rights.
\n\n\nD’Lëtzebuerger Regierung steet hannert der SES, erkennt d’Wichtegkeet vun der SES un. An d’Lëtzebuerger Regierung, de Lëtzebuerger Staat, vertrueden duerch d’Regierung, huet net d’Intentioun, déi Stëmmrechter, déi se an de Statute vun der SES huet, opzeginn.
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The Luxembourg government stands behind SES, recognises the importance of SES. And the Luxembourg government, the Luxembourg state, represented by the government, has no intention of giving up the voting rights it has in the statutes of SES.
\nSitting of 18 March 2025, Luc Frieden, Premier ministre
\nOn 17 December 2025, in the debate on the Defence Bond tax exemption, Gilles Roth described the SNCI's dual-use fund as a second channel of defence financing alongside the bond.
\n\n\nAn en aneren Deel geet iwwer eis national Promotiounsbank, nämlech d’SNCI, och iwwert d’Fongen, déi se opleet an a sougenannten „Dual-use-Gidder\" investéiert, dat heescht Gidder, déi souwuel fir zivill Zwecker wéi och fir militäresch Zwecker kënne genotzt ginn.
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And another part goes via our national promotional bank, namely the SNCI, also via the funds it sets up and invests in so-called \"dual-use goods,\" that is goods that can be used for both civilian and military purposes.
\nSitting of 17 December 2025, Gilles Roth, Ministre des Finances
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