Basel/Bern, 18 September 2008 – The 95th General Assembly of the Swiss Bankers Association (SBA) took place today in the Stade de Suisse in Bern. "Crises are also opportunities" was the title of this year’s speech by SBA Chairman Pierre Mirabaud. In his speech, Mr. Mirabaud attacked the numerous critics of Switzerland’s financial centre and called on them to make a more sophisticated analysis of developments instead of just panic-mongering. He also commented on the global financial crisis and listed some lessons to be learnt, stressing that the crisis had aspects that were positive as well as negative. Examples included the fact that the good reputation of the Swiss financial centre remained intact and the financial commitments of foreign in-vestors were a strong vote in favour of the quality of Swiss banking. The final part of Mr. Mirabaud’s speech was devoted to the subject of privacy. He once again emphasised that the future of Swiss bank-client confidentiality would be determined by the Swiss people and not by foreigners. He also asked why the onus was always on supporters of privacy to justify themselves and not on those who want to roll back the frontiers of an individual’s private sphere.

Over 400 bankers and invited guests from industry, politics, the administration, professional associations and the media attended today’s event, as did ambassadors and diplomatic representatives from over 40 countries.

In his speech, SBA Chairman Pierre Mirabaud made no secret of his disappointment with those critics of the Swiss financial centre who only speak out when the financial centre is in difficulty. But the focus of his speech was very much on the opportunities and lessons to be learnt from recent difficulties. He began by analysing what he called the financial sector’s "annus horribilis" of 2008, describing some positive aspects of the financial crisis and drawing up a list of lessons to be learnt. The second part of his speech addressed the subject of pri-vacy and his statements left the audience in no doubt about his belief in bank-client confidentiality and his support of Switzerland as an example of a state ruled by law.

Pierre Mirabaud admitted that mistakes had been made leading to the "annus horribilis" of 2008, although the world’s financial sector had been saved from a far more serious fate by the coordinated intervention of various central banks. However, he was sharply critical of banks in general: it could not be denied that risk management procedures had failed, and the incentives which banks incorporated in their remuneration schemes were also in need of re-examination and should be adapted if necessary. He appealed to every individual’s sense of social responsibility and called for a generous dose of consciousness of this responsibility as well as moderation. "It was not the system that failed, but a few participants in the system. Greed, egotism and thoughtlessness have been pushing aside moderation, the common good and consideration."

Pierre Mirabaud went to express his disappointment over attacks - some verging on personal insults - made by some politicians and critics of the Swiss financial centre. "If the economy is doing well, it is thanks to others. But if it’s doing badly, only the banks are to blame. An entire industry is defamed and a professional body is ridiculed in the media...It is especially in times of crisis that a sense of proportion is called for, and not panic-mongering."

Pierre Mirabaud devoted the second part of his speech to the important subject of privacy. He criticised foreign pressure on the protection of privacy, saying: "Red carpets are rolled out for retired former finance ministers and once again one of Switzerland’s ruling parties could think of nothing better than to join forces with the EU against Switzerland’s interests." He added that he did not want to see foreigners criminalised in Switzerland or indeed made subject to different laws. "Switzerland is a state founded on the rule of law and such a state does not deviate from the principle of treating native citizens and foreigners alike." Furthermore, a state should serve its citizens and not vice versa, and it followed that preserving privacy was a fundamental principle. He concluded by saying that it is not the Swiss who have to justify the principle of protection of privacy, but other countries who should give their reasons for not doing so. "Let us not be deterred. Protection of financial privacy is important and right, is firmly rooted within Switzerland, and is an opportunity and not a risk for Switzerland and the Swiss financial centre."

Federal Councillor Micheline Calmy-Rey delivered the traditional address on behalf of the government.

Note to journalists
The full text of Pierre Mirabaud’s speech will be available here.

Contacts
Thomas Sutter	James Nason
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