Basel/Bern, 14 September 2006 – The 93rd General Assembly of the Swiss Bankers Association (SBA) is taking place today in Bern’s “Stade de Suisse” stadium. Over 400 bankers and invited guests from industry, politics, the administration, professional associations and the media are taking part in the event. An international dimension is being added by the presence of ambassadors from more than 30 countries. In his speech, SBA Chairman Pierre Mirabaud called for more incentives to encourage economic success and for people to resist what he called the dangerous tendency to level everything down. Only through achievement and success could Switzerland’s prosperity be maintained in the long term. He finished by urging the Swiss to accept the Eastern Europe Cooperation Act in the 26 November referendum.
The traditional speech by a representative of the government was given by Federal Councillor Hans-Rudolf Merz.

“Achievement must be rewarded” stated Pierre Mirabaud in his Chairman’s speech at Swiss Bankers Day in Bern. He emphasised the importance of the Swiss banking industry for the country’s economy and its significance in generating prosperity in Switzerland. Banks are important employers, create some 10% of the country’s GDP and generate about 15% of all direct and indirect tax revenues. Switzerland is the world’s market leader in crossborder asset management. However, Mr. Mirabaud said that instead of being proud of this success, certain groups always feel obliged to relativise it or indeed even to apologise for it. Mr. Mirabaud said he regretted this state of affairs and added that many people in Switzerland apparently have a problem coping with very successful people or companies. More and more noise was emanating from those circles pressing for an indiscriminate redistribution, excessive regulation and bureaucratisation of economic success. The economically strong were thereby increasingly being placed at a disadvantage in favour of the economically weak. In Mr. Mirabaud’s opinion this was leading to a catastrophic levelling-down that ultimately stood to threaten social harmony and prosperity in Switzerland.

“If Switzerland wants to remain successful in international competition, then high achievers and entrepreneurs must not be driven out of the country,“ Mr. Mirabaud stressed. Switzerland had to create more incentives in order to encourage the desire to achieve and in order to actually enable people to achieve. Anyone prepared to deliver above-average performance should be allowed to enjoy the fruits of their efforts. This principle applied not only to those at the top of the earnings tree but to anyone in Switzerland prepared to roll up their sleeves and achieve. Only then could the higher performers assume their social responsibility to those who, through no fault of their own, are less successful than they are. Mr. Mirabaud said it was clear that the state had to be concerned about equality of opportunity and the protection of the weak. However, equality should not be pursued to the extent that achievement and success no longer receive the rewards they deserve, because achievement and success keep our welfare state on its financial legs.

Mr. Mirabaud finished with a passionate call on the Swiss to accept the Eastern Europe Cooperation Act (cohesion contribution for the 10 new EU member states) when it is put to the vote on 26 November 2006. He reminded his audience of the Memorandum of Understanding signed with the EU during the Bilateral ll negotiations in which Switzerland undertook to make this payment, saying this obligation had to be respected. In addition, Mr. Mirabaud spelled out the political, economic and historical arguments in favour of the Eastern Europe Cooperation Act and stressed the negative consequences of a rejection.

Federal Councillor Hans-Rudolf Merz delivered the traditional greetings on behalf of the government in a speech entitled “The Competitiveness of the Financial Centre”.

Note to journalists
PDF The full text of Mr. Mirabaud's speech.
PDF Address on behalf of the government by Federal Councillor Hans-Rudolf Merz (German/French)

Contacts
Thomas Sutter	James Nason
Head of Communications Switzerland	Head of International Communications
Swiss Bankers Association, Basel	Swiss Bankers Association, Basel
Tel. +41 61 295 92 06	Tel. +41 61 295 92 15
Fax +41 61 272 53 82	Fax +41 61 272 53 82
www.swissbanking.org	www.swissbanking.org