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2013/08/30 00:00:00 GMT+2

Statement from the Swiss Bankers Association regarding the publication of the US programme

  • The SBA takes note of the publication of the US Programme.
  • The programme brings with it painful consequences for the banks in Switzerland. The fines in particular are at the upper end of legally acceptable and economically bearable levels. It is, however, the sole remaining solution for enabling the banks to resolve the legal problems with the US conclusively, and for creating legal certainty.
  • Each bank is now requested to analyse its situation unconditionally within the very tight deadline, and then to take an according decision. The SBA will support the banks in this process as far as possible and will fulfil important coordination tasks.
  • With regards to certain ambiguities in the programme, the SBA expects the DoJ to enter into a constructive dialogue with the participating banks, in order to enable the banks to implement the programme.
  • A positive factor is that the protection of employees can now be afforded to the best possible extent, as the agreement between the two social partners and the SBA will come into effect.