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Annual Report2009/2010

The Swiss Bankers AssociationThe Swiss Bankers Association is the leading

organisation of the Swiss financial centre and

• represents the interests of the banks and secu-

rities dealers vis-à-vis the authorities in Swit-

zerland and abroad;

• promotes Switzerland’s image as a financial

centre throughout the world;

• fosters open dialogue with a critical public in

Switzerland and worldwide;

• develops the system of self-regulation in con-

sultation with regulatory bodies;

• supports the training of junior staff and estab-

lished executives in the banking industry;

• facilitates the exchange of information and

knowledge between banks and bank employees;

• coordinates joint projects undertaken by the

Swiss banks.

The Swiss Bankers Association (SBA) was found-

ed in 1912 in Basel and today has a membership

of 350 institutions and approximately 16 800 in-

dividual members. The Association’s Office em-

ploys a staff of 60. A total of 12 commissions deal

with key issues affecting the industry. Serving on

these commissions are representatives of various

banking groups as well as specialists from the

SBA. The SBA’s main objective is to safeguard

and promote an optimal environment for the

Swiss financial services industry at home and

abroad.

Patrick Odier, Senior Partner at Lombard Odier

Darier Hentsch & Cie, Geneva, has been Chair-

man of the SBA’s Board of Directors since 2009.

Urs. Ph. Roth has been Chief Executive Officer

since March 2001 and his term in office is due to

expire on 16 September 2010. He will be suc-

ceeded as head of the Executive Board by the new

Chief Executive Officer, Claude-Alain Margelisch,

on 17 September 2010.

A detailed report of the year’s activities is available in German and French on the website www.swissbanking.org under “Publications /Activity Report”.

Annual Report 2009/2010 SBA 1

98th Annual Report of the Swiss Bankers Association for the year 1 April 2009 to 31 March 2010

2 Annual Report 2009/2010 SBA

Chairman’s Foreword

Current Issues Regulation and systemic stability: A complex problem with no easy solution

Communication in Europe: Of garden gnomes and other preconceptions

Flat rate tax: Safeguards client privacy

SwissBanking | Future: Well equipped to compete for the talent of tomorrow

Bausparen and imputed rental value taxation:Possible methods of reform?

Reports from the Commissions

Areas of Responsibility within the Office

Association Business

Accounts

Organs of the Swiss Bankers Association

Bank Institutions

Utility Infrastructure Providers, Associations and Federations

Imprint

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8

12

14

18

20

22

28

30

32

36

38

42

49


Contents


Chairman’s Foreword

Dear Reader,

Since the outbreak of the global financial and economic crisis three years ago, the Swiss financial centre has come under im-mense pressure – and the past year has been no different. Headlines in the domes-tic and international press have continued to focus on buzzwords and hot topics such as rescue packages, grey lists, bank-client confidentiality and tax disputes with the US or Europe. All this criticism neverthe-less seems to go too far: compared with many of the world’s economies, our coun-try has actually weathered the crisis well. The only bank forced to fall back on gov-ernment aid has already repaid the support in full, with the government even earning an excellent profit on its investment.

In spring 2010, the Greece crisis reminded us once again of the value of prudent con-duct: with an exposure of just over EUR 3 billion, the Swiss financial centre came away well in international comparison. Many nations have been driven to record-high new borrowing in the wake of the fi-nancial crisis, while Switzerland’s finances have remained sound. The expected low debt-to-GDP ratio of some 40%, together with the highly-stable banking centre, will make a decisive contribution to the Swiss financial centre’s future competitiveness. These examples clearly demonstrate the re-silience of Switzerland’s financial centre, but we must still be aware that major na-tional and international challenges lie ahead – especially relating to tax and regu-latory issues. The Swiss Bankers Associa-tion has thrown its full energy into con-

fronting the challenges of the last 12 months in order to safeguard the future success of our profession. The strategy we have developed takes a “flat-rate tax” as its centrepiece. Not only was this strategy adopted in the Federal Council’s Financial Centre Strategy Report (the Graber report)

in December 2009, but it now forms the basis for practical discussions with our in-ternational partners. We have made care-ful preparations for the wide-reaching changes facing our operating environment while seeking a return to our traditional strengths – and this is precisely what allows us to look confidently towards the future of Switzerland’s financial centre and its economy.

Four-point forward strategyIn order to make the most of our strengths, the Swiss Bankers Association has devel-oped a forward strategy that aims to sus-tainably strengthen the financial sector, a sector which is vitally important to the Swiss economy. We have sought to do jus-tice to both the interests of foreign coun-tries as well as those of the Swiss financial centre. Formulated in the “Financial Cen-tre Strategy 2015”, the strategy is based on four main points: First of all, Swiss banks will in future focus on the acquisition and management of taxed assets. This will be achieved by adopting the OECD 26 global standard relating to administrative assist-

The expected low debt-to-GDP ratio of some 40%, together with the highly-stable banking centre, will make a decisive contribution to the Swiss financial centre’s future competitiveness.


ance regarding tax offences which pro-vides for the dropping of the distinction between tax evasion and tax fraud within the framework of international administra-tive assistance. Secondly, the status of cli-ent assets that are currently untaxed must be regularised. This type of regularisation stands at the heart of any future solution with the rest of the world, and it can take the form of a flat-rate tax or limitation pe-riods. In individual cases, it may be pos-sible to make agreements with relevant coun-tries that take account of the interests of tax-liable clients while securing confidence in Switzerland’s legal certainty. Third, pro-tecting the privacy of all clients must con-tinue to be a top priority. Automatic infor-mation exchange – which, by the way, is not standard international practice – is out of the question for Switzerland. Banks have developed the flat-rate tax model as an equivalent solution (see pages 14 to 17). This model provides foreign countries dir-ect access to their tax base while simultan-eously protecting the privacy of citizens innocent of any wrongdoing. And finally, point four: the Swiss financial centre must endeavour to improve market access and basic conditions for the provision of finan-

cial services from Switzerland. The finan-cial centre is currently characterised by an openness to the rest of the world and ex-emplary regulation. In light of this, one-sided discrimination among close trading partners is unacceptable and must be elim-inated, particularly once the international-ly-valid OECD standards have been adopt-ed in administrative assistance. The best

possible legal, regulatory and tax-related basic conditions must be produced in order to permanently improve our competitive-ness and guarantee an ideal situation for fostering future growth – yet without over-shooting the mark (see pages 8 to 11). In particular, regulatory efforts in areas such as “too big to fail”, capital and liquidity requirements and remuneration systems must go forward in a way that is calibrat-ed, differentiated and internationally coor-dinated.

These values are central to our strategy, and now that they have gained under-standing and acceptance from our sector’s major players and from the authorities, it is time that their implementation becomes our highest priority. We are fighting for this every day: what is at stake is nothing less than our financial centre’s competi-tiveness and its future as an attractive place to do business.

Building trustThe banking sector has always faced more than its fair share of criticism, and this mistrustful attitude has reached unprece-dented levels in recent years. Those who hold our industry in contempt often reveal themselves to be demagogues and seem to forget the fact that politicians and super-visory authorities are hardly blameless when it comes to the financial crisis. And yet we must recognise that we do indeed bear significant responsibility. The image we portrayed within society as a whole was not always to our advantage. The con-duct of a few strayed quite far from our traditional values and thereby affected the image of the whole banking profession. We should never forget that trust is a banker’s most important resource, and Switzerland’s financial centre must do

Trust is a banker’s most important resource. Being a banker is much more than simply an occupation. It is about commitment, an under-taking in service of our clients.


everything in its power to strengthen this trust once again. Being a banker is much more than simply an occupation. It is about commitment, an undertaking in service of our clients. Every bank employee, from Ex-ecutive Board members to client advisors, must take the initiative to contribute to the benefit of clients and thereby to the benefit of the public. We must restore our profession’s esteem for values such as sus-tainability, dependability, partnership and moderation.

It does not help matters when there is a wedge driven between the financial centre and the real economy. We must focus on what unites us, not on what divides us. A strong financial centre benefits the econo-my through low interest rates and provides sufficient capital as investment and busi-ness loans. Corporate financing in Switzer-land remains affordable despite the crisis, whereas companies abroad complain of a persistent credit crunch. A solid, stable fi-nancial centre is and will continue to be an absolute prerequisite for a strong business centre that is capable of competing on the international stage.

With centuries of tradition to back them up, Swiss banks will take on the challenges that await them. This is not the first time our banks have been forced to navigate a difficult environment – and it certainly will not be the last. The new strategy will strengthen the Swiss financial centre’s competitiveness in a globalised world and contribute to the prosperity of the financial sector and the country as a whole. Trust and reliability are our perennial strengths. The time has now come for us to revitalise this tradition while incorporating new elements. Our success will secure the financial cen-tre’s continued economic significance.

Farewell to Urs Ph. RothIn January 2010, Urs Ph. Roth announced his intention to retire from his post as Chief Executive Officer (CEO) in mid-September. He has headed the Swiss Bankers Associa-tion since January 2001, and the financial centre owes him a tremendous debt of grati-tude. Throughout these challenging years he lead the Association in a prudent, com-petent and solution-oriented manner and during the period of the financial crisis in particular made a decisive positive contri-bution by playing a major role in the formu-lation of the future strategy of the Swiss fi-nancial centre. In my dealings with Mr Urs Ph. Roth, I have found him to be a know-ledgeable leader with exceptional negotiat-ing skills. Thanks to his quiet but purpose-ful manner, he knew how to open some doors that at first seemed to be closed in or-der to make progress on issues of concern to the banking sector. During his period in of-fice he focused on three key areas. Firstly, international interests came to the fore un-der his leadership. In addition to visiting traditional destinations such as Brussels, Berlin and Washington, we also made regu-

lar visits to and cultivated meaningful con-tact with emerging Asian financial centres. Secondly, Mr Urs Ph. Roth was able to posi-tion the SBA as a tough but fair and reliable negotiating partner and, most importantly, ready to find solutions. And, finally, he intro-duced a management information system that provides the Board of Directors and Ex-

Throughout challenging years Urs Ph. Roth lead the Association in a prudent, competent and solution-oriented manner and during the period of the financial crisis in particular made a decisive positive contribution by play-ing a major role in the formulation of the fu-ture strategy of the Swiss financial centre.


ecutive Board with an excellent basis for de-cision-making regarding matters of resource allocation and information management. I would like to thank Urs Ph. Roth on behalf of the entire Association for his impressive personal dedication and service and wish

him all the best for the future. On 21 June 2010 the SBA’s Board of Directors named Claude-Alain Margelisch as Urs Ph. Roth’s successor. In addition to possessing out-standing technical and strategic skills which propelled him to becoming one of the archi-tects of the future strategy of the Swiss finan-cial centre, Claude-Alain Margelisch has also built up an excellent personal network of contacts amongst regulators and deci-sion-makers in all the world’s major inter-national financial centres – a network built

up since 2003 when he became the SBA’s Head of International Financial Markets.

In closing, I would like to take this opportun-ity to thank everyone who has contributed to the SBA’s commissions and working groups during what has been a very challeng-ing year. Without your valuable support we could have never handled this heavy workload. I am convinced that the Swiss financial centre can continue to count on this support in the future. A special “thank you” also goes to all colleagues at the SBA Office who I was able to get to know during my first year as Chairman, and who have shown themselves to be committed, profes-sional, solution-oriented and determined.

Patrick OdierChairman

With its forward strategy, the Swiss Bankers Association has sought to do justice to both the interests of foreign countries as well as those of the Swiss financial centre.


Systemic risk, the counterpoint to systemic stability, is often likened to a chain reaction or a domino effect. Remaining with the domino theme: imagine you are leader of a team look-ing to set a new world record in a domino-toppling contest. What would you do to stop your dominoes from toppling too soon? Make sure each individual domino is set up as stably as possible? Attempt to minimise jolts? Leave some gaps to be on the safe side? Or opt for a particular sequence that would at least keep damage to a minimum were something to go wrong?

Stability is generally understood as denot-ing a system’s ability to return to its nor-mal state after disruption of some sort. We know the term from different contexts and

disciplines. In physics, for example, a sta-ble system tends to retain its current state even in the face of an external distur-bance. Stable equilibrium therefore de-scribes the result of a control system. A typical example is the decreasing swing of a pendulum as a result of gravitational force and friction effects. The term “sta-bility” plays an important role in other contexts, however. In information tech-nology, it refers to the ability of an operat-ing system or piece of software to contin-ue functioning in various circumstances without experiencing any data loss or sys-tem crashes. In meteorology, stability de-notes the atmosphere’s ability to suppress vertical motion. In chemistry, a compound

is stable if its elements are not modified by external disruptions. Stability has many different meanings. We often describe re-lationships between people as being sta-ble, for example, and refer to population stability in biology, political stability, and aerodynamic stability, which denotes an aircraft’s ability to independently resume a normal flight position even in the midst of a disturbance.

Within the context of the most recent finan-cial crisis, for example, or with proposals on how to tighten bank and financial mar-ket regulation, the term “stability” is in-creasingly associated with the stability of the financial system. Here, it is most com-monly defined as the ability to resist (ex-ogenous) shocks and to function on a stable basis over time. While it is widely accept-ed that systemic stability is a legitimate goal, current discussions at both the na-tional and international level are focussing in particular on finding an appropriate definition of the relevance of financial mar-ket participants to the system and appro-priate regulatory measures.

The stability of the financial system is most commonly defined as the ability to resist (ex-ogenous) shocks and to function on a stable basis over time.

Regulation and systemic stability: A complex problem with no easy solution


to be supported, with due consideration given to international standards.

Basel IIIThe efforts of the Basel Committee for Banking Supervision aimed at tightening regulation and supervision constitute a central reform project for the bank regula-tory body. In reaction to the financial cri-

sis, the Committee published two key con-sultation papers in December 2009. The first focussed on strengthening the resil-ience of the banking sector and the second on the international framework for liquid-ity risk measurement, standards and mon-itoring. Among the elements contained in this comprehensive project are those aimed at enhancing the quality of equity capital held, the introduction of a leverage ratio with no risk weighting, intervention to re-duce procyclicality and additional liquidi-ty standards. The definitive version of the amended provisions, already informally referred to as “Basel III”, should be pub-lished at the end of 2010 and enter into force at the end of 2012.

In the statement of its position in April 2010 and acting in the interests of increas-ing systemic stability, the SBA declared its support for various main areas of focus in attempts to enhance capital adequacy and liquidity regulation. Nevertheless, given the complexity of the issues involved and the ongoing lack of a sufficient level of cal-

Too big to failIn Switzerland, the committee of experts commissioned by the Federal Council to make proposals as to how the economic risk posed by large companies could be limited presented its interim report on the “too big to fail” issue in spring 2010. The report concludes that – if no further meas-ures are taken to limit the risks generated by big “system-relevant” companies – po-tential crises in the future could lead to substantial government intervention being necessary, something which poses a prob-lem in terms of regulatory policy and could overstretch many governments’ fi-nancial capacities. Key criteria in defining system relevance are size, market con-centration, how interconnected an insti-tution is (“too interconnected to fail”) and whether there is a lack of suitable substi-tute options. The committee’s interim re-port already contains a range of possible alternatives and explores how priorities could be set. The report makes a clear dis-tinction between core measures which must continue to be applied – in particular in respect of capital adequacy and liquidi-ty – and measures which should continue to be looked into. In addition, the commit-tee has already submitted a number of proposals for public debate. Among these are the issues of isolated tax and insurance solutions, direct restrictions on the size of financial institutions and a ban on propri-etary trading.

The Swiss Bankers Association welcomed the report as a provisional text and recog-nises the fundamental need for action in connection with the “too big to fail” issue and systemic stability. In particular, the systematic approach selected, where the various measures are evaluated on the ba-sis of both economic and legal criteria, is

Among the elements contained in this compre-hensive project, already informally referred to as “Basel III”, are those aimed at enhancing the quality of equity capital held, the intro-duction of a leverage ratio with no risk weight-ing, intervention to reduce procyclicality and additional liquidity standards.


ibration, the SBA’s view is that thorough examination, possibly even further consul-tation within the banking sector, is required, along with uniform implementation at the international level.

Macroprudential supervisionBoth the core measures put forward by the “too big to fail” committee of experts, which include a progressive structure for capital adequacy requirements, and the proposed amendments from the Basel Committee, such as the introduction of a leverage ratio, continue to focus to a large extent on requirements in terms of individ-ual institutions. Such logic, based as it is on microprudential regulation and super-vision, is underpinned by the assumption that a financial system built on individual components that are stable or secure with-in themselves will be stable at the overall level. The financial crisis made it abun-dantly clear that, while necessary, this hy-pothesis does not necessarily represent a sufficient condition in and of itself.

What is becoming increasingly apparent against this backdrop is that, in future, the issue of additional macroprudential super-vision will become more important. Mac-roprudential supervision in this sense in-volves supervision of the financial system as a whole, taking explicit account of de-velopments in the economy and aimed clearly at reducing systemic risk. The SBA essentially supports such a view, geared di-rectly to safeguarding the financial system as a whole and the role it plays in mac-roeconomic developments. Nevertheless, the situation is currently still open with re-gard to the opportunities and limitations of macroprudential supervision. In its ac-tivities with international banking associ-ations, too, the SBA is currently advocat-

ing an analysis of the various existing alternatives available and that the corre-sponding position of the banking sector be

elaborated. Among the instruments which should be examined more closely, for ex-ample, are early warning systems coordi-nated at the international level and meas-ures aimed at reducing the procyclical effect of regulatory requirements.

Strategies for the futureWhat, then, are the conclusions that can be drawn from all the different developments? From the SBA’s perspective, future im-provements in regulation and supervision should be focused on five main issues of strategic importance: first, an appropriate distinction between the different types of banks and financial institutions must con-tinue to be made so that sufficient consid-eration can be given to the specific situa-tion of each type (“one size does not fit all”). This aspect is of particular relevance in light of the heterogeneous nature of Switzerland’s financial centre. Second, if regulatory requirements are tightened, a level playing field must be ensured by means of coordination at the international level. This is also something which is in the interests of competitiveness. The element of competition policy will certainly have to be taken into account, also in the context of the proposals from the “too big to fail” committee of experts and with Basel III. Third, the consequences of more stringent regulation must be carefully examined with regard to the cost/benefit situation. Even if the process of quantifying such as-pects often comes up against its limits in

What is becoming increasingly apparent is that, in future, the issue of macroprudential supervision will become more important.


practice, it is important that situations be looked at closely and there are serious at-tempts to implement measures that actually have a stabilising impact on the system. Next, the impact any regulatory changes could potentially have on the real sector must always be carefully weighed up. It must be anticipated in particular that tighter capital adequacy and liquidity re-quirements could impact – at least in part – conditions for the real economy via credit conditions. Last but not least: ensuring an integral approach to the consideration of the various proposals and projects will be key to

the success of measures aimed at reinforcing systemic stability. Preventative and remedial measures in particular must be decided on together in order to make sure that sufficient account is taken of interdependencies and

interconnections as well as cumulative ef-fects. Whether institutional structures as they exist in their present form will make such an integral frame of reference possible is currently a question which is still open.

The SBA is naturally interested in practical and credible improvements to the regulatory framework. In light of the most recent crisis, targeted adjustments not only appear nec-essary; provided they are structured appro-priately, they could even prove to be a rep-utational and competitive advantage for the Swiss financial centre. In a position paper entitled “The Financial Crisis and Systemic Stability” published in October 2009, the SBA reacted early on by setting out its posi-tion and arguments with regard to systemic stability (www.swissbanking.org, “Dossi-ers/Regulation/Speeches and basic texts”). For the Swiss financial centre, it is of vital importance that changes in banking and fi-nancial market regulation are based on a careful assessment of the situation and de-veloped with the international perspective in mind.

For the Swiss financial centre, it is of vital im-portance that changes in banking and finan-cial market regulation are based on a careful assessment of the situation and developed with the international perspective in mind.


Communication in Europe: Of garden gnomes and other preconceptions

A garden gnome smiles benignly out from a picture bearing the caption: “Switzerland is conservative, closed off and only looks out for number one.” How can this be con-nected to the SBA’s communication meas-ures in Europe? The answer is this: the pic-ture appears on one of the cards in a “myth” card game and the caption (in German) is just one of the many often-heard-but-rarely-challenged preconceptions expressed about Switzerland and its financial centre. The Swiss Bankers Association distributed this card game among Germany’s politicians and media as part of its many lobbying ac-tivities, in a move which fits well with the SBA’s proactive approach to communica-tion activities in Germany, France, Italy and the UK. These communication activ-ities have been expanded significantly since the start of the economic crisis as a result of the steady increase in pressure on Swit-zerland, due in no small part to the major budget deficits in neighbouring countries.

Dismantling preconceptions; communi-cating the strengths and strategy of the Swiss financial centre; the integrity of

and the co-operative role played by Swit-zerland, in, for example, the fights against money laundering, terrorism and finan-cial criminality – these are the main mes-sages resolutely sent out by SBA delega-tions in Berlin, Paris, Rome and London. In addition to these general themes, the topics dealt with include regulatory and tax issues of current importance, and other matters connected with financial policy. Lobbying activities are supple-mented and reinforced by active, con-stant media work. As well as media rep-resentatives, the groups targeted by communications activities in Europe include politicians, members of govern-ment, representatives of regulatory bod-ies, central banks and administrative bod-ies, opinion-makers from associations, think tanks and universities. One of the fundamental principles of this interna-tional dialogue is ensuring a long-term view. There is no place here for short-ter-mism and shooting from the hip. The aim is to build solid networks where partners can be convinced by the quality of the in-formation and arguments put forward. Switzerland’s ambassadors and their staff working locally make a major contribu-tion to the success of this process by es-tablishing contacts and raising awareness of sensitive issues on a bilateral basis.

Since the start of the economic crisis the Swiss Bankers Association has intensified its lobby-ing activities in the major European capitals. The long-term aim of the many different com-munication measures is to win opinion-makers over in matters of concern to the Swiss finan-cial centre by putting forward information and convincing arguments of the highest quality.

One of the fundamental principles of this in-ternational dialogue is ensuring a long-term view. There is no place here for short-termism and shooting from the hip.


Lobbying activities in Germany are already well established at a high level. The SBA has in the past been invited to take part in hearings in the German parliament, for ex-ample. Bodies representing foreign interests rarely receive such an opportunity to put their position forward directly in domestic debates. Focussed lobbying talks with gov-ernment circles in Berlin are supplemented by more broad-based events on specialist topics. The card game mentioned previous-ly, a political newsletter published twice yearly (in German, and entitled “Aussich-ten”) help ensure the continuity of dialogue.

In France, relatively little is known about Switzerland’s financial centre in the target groups mentioned, leaving considerable scope for misunderstandings and precon-ceived ideas. What is needed here are tai-lored and targeted information campaigns. The media play an important role in such campaigns. Alongside interviews – prima-rily with the SBA’s Chairman – in major business and economic publications, back-ground talks raise awareness of the con-cerns of the Swiss banks. The more journal-ists are correctly informed about a situation, the more objective their reporting tends to be. For some years now Swiss bankers have regularly met representatives from French government and political circles with such meetings now taking place on an even more frequent basis than in the past.

Switzerland’s financial centre has long en-joyed close ties with the City of London: as a competitor in global financial business

certainly, but also as a like-minded partic-ipant in international issues. One expres-sion of these close ties is the “Swiss – City of London Financial Round Table” which takes place each year, alternately in Lon-don and Switzerland. Twenty-five of the highest-level representatives of the diplo-matic bodies, central banks, regulatory au-thorities, financial institutions and bank-ing associations from each side discuss issues of topical interest and explore solu-tions, with this point of reference in bilat-eral relations facilitating constant dialogue over the year. London is also regarded as the gateway to the global financial sector thanks to its media, and the SBA takes con-siderable care to foster close contacts with opinion-makers in the editorial offices at the Financial Times and The Economist.

Italy is important primarily – but not solely – for banks in Ticino, the Italian-speaking part of Switzerland. Lombardy is one of Europe’s most important and prosperous economic regions and lies right on Switzer-land’s doorstep. This is why the SBA has in the past focussed mainly on Milan. Now, however, the time is right to extend deal-ings to Rome. Tax issues in particular have increasingly been a central focus of dealings with Italy, and, while the SBA is not direct-ly involved in government negotiations, it makes sense for the banks to have their in-terests represented in Italy’s capital city, in consultation with the Swiss authorities.

The SBA’s schedule naturally contains a number of lobbying events in the European capitals mentioned. Added to these are events in Brussels and Strasbourg involv-ing the European Union, in Paris with the OECD, in the United States, in Asia, the Middle East and, of course, Switzerland. All of which means there is very little time left over for playing card games.

Dismantling preconceptions; communicating the strengths of the Swiss financial centre; the integrity of and co-operative role played by Switzerland, in, for example, the fights against money laundering or financial criminality – these are our main messages.


The flat rate tax, or definitive withholding tax, aims to ensure that the assets deposit-ed by foreign-domiciled clients with Swiss banks are compliant with tax laws of their relevant tax domiciles. At the same time the purpose is to protect the privacy of these clients.

Upon request, Switzerland offers to col-lect a flat rate tax on income paid on balances of foreign-domiciled clients for European countries wishing to avail them-selves of such a service. This tax is de-ducted by the bank as paying agent and credited to the tax authorities in the coun-try where the client resides. In return, Switzerland demands discrimination-free access to the financial markets of these countries under the prevailing national law.

The flat rate tax therefore means• that clients/tax subjects have satisfied

their tax obligations in respect of the authorities in their country of domicile and it is thus no longer necessary to dis-

close their assets or their investment in-come to the tax authorities.

• that the client’s privacy can be safe-guarded. This then eliminates the need for an automatic exchange of informa-tion, although the client can still opt in favour of disclosure instead of paying the flat rate tax.

How the flat rate tax worksAfter taking the requirements of local tax legislation into consideration, Switzerland concludes bilateral agreements with inter-ested third-party countries allowing pay-ing agents domiciled in Switzerland to as-sess the assets belonging to clients resident in these countries for tax purposes and to deduct the tax due. Switzerland proposes a modular system based on the EU paying agent taxation (module 1). Three further modules record dividends (module 2), col-lective capital investment (module 3) and capital gains (module 4). Where required, assets in general can also be taken into consideration (module 5).

The flat rate tax is collected via a paying agent. Using the tax rates applicable in the client’s country of residence, the paying agent calculates the tax due each year on the assets the client has deposited with and

The flat rate tax project represents an important element of both the Swiss Bankers Associa-tion’s 2015 Financial Centre Strategy and the financial market strategy of the Swiss federal government, published in December 2009. The flat rate tax project proposal was developed in a body constituted by the Swiss banks.

Flat rate tax: Safeguards client privacy

The flat rate tax means that clients have satis-fied their tax obligations in respect of the au-thorities in their country of domicile and that the client’s privacy can be safeguarded.


has managed by the bank in Switzerland and remits this amount to the Swiss Fed-eral Tax Administration, disclosing only the name of the country in which the client resides but not the name of the client.

The model is in general also open to coun-tries with progressive rates of taxation, on the condition, however, that a uniform rate be applied. A progressive taxation system would be virtually impossible to imple-ment in technical terms.

Depending on the requirements of the country of domicile, four modules cover all sources of investment income, such as pay-ments of interest, dividends, income from collective investment vehicles, and capital gains on all assets held by the client. The same applies to assets held via structures where the client is the beneficial owner. Once a year the Swiss Federal Tax Admin-istration will transfer a lump sum covering all the individual tax amounts due to the respective country of tax domicile. The procedure used here is the same as that which is in use between Switzerland and the EU within the context of the agreement on the taxation of savings income.

The levying of the flat rate tax on the assets a client has deposited with a bank in Swit-zerland constitutes final and definitive tax-ation in respect of these assets. This means that the client does not need to declare the assets in question in his or her tax return. Upon request, the client can receive an an-nual tax statement issued by the payment agent showing the tax amounts deducted.

Upon expiry of the limitation period for the respective country of domicile, the cli-ent may regard his or her assets as “tax compliant” and therefore as having been declared in full. Evidence of this should be available in the form of the tax statements issued by the paying agent. Alternatively, a retroactively applicable component would have to be incorporated into the flat rate tax.

The individual modulesModule 1 – Interest incomeThe provisions of the EU agreement on the taxation of savings income apply in full to the taxation of interest. Nothing changes here for residents of EU member states. Module 1 is already being applied today under the provisions of the savings taxa-tion agreement between Switzerland and the EU.

This should remain the case in general so that other modules can build upon the savings tax agreement. Nevertheless, the final and definitive character of the tax re-tention must be agreed upon. A further reservation is in the area of the rate of tax applicable: within the framework of the adjustment of the EU savings taxation agreement, this would have to be reduced from 35% (starting in 2011) to the local rate of each treaty state. The federal gov-ernment’s share might also need to be ad-justed together with the other modules.

Module 2 – DividendsThe savings taxation agreement will also be extended to include dividend payments. The principles of module 2 are already familiar from the US Qualified Interme-diary Agreement. This could be extended with a reasonable amount of effort to in-clude stocks.

The levying of the flat rate tax on the assets a client has deposited with a bank in Switzer-land constitutes final and definitive taxation in respect of these assets.


Withholding tax on foreign stocks will be taken into account by the paying agents and offset.

Module 3 – Collective investmentsTo keep things relatively simple, collective investments are covered by a special mod-ule. The tax assessment of such invest-ments must be defined in detail within bi-lateral negotiations and very much with a view to ensuring a straightforward ap-proach. The aim should be to present a proposal which is easy to handle and meets the requirements of all the countries in-volved as far as is possible.

A collective investment should be taxed ei-ther on the basis of its distributions or on the gains or losses it realises (∆ NAV, net asset values). The principle of transparency applies. If a collective investment scheme is able to distinguish in its statements to cli-ents the portion of interest and dividends from capital gains or losses, a specifically reported capital loss may be offset against the capital gain. Losses on non-transpar-ent investments cannot be offset.

Distribution funds are generally taxed on the basis of distributions, regardless of whether they consist of interest, divi-dends, income from derivatives or capital gains. On the sale of the investment or partial repayment, the resulting gain or loss is taxed.

Accumulation funds are taxed upon the sale of units; i.e. upon the realisation of any gain or loss. Partial redemptions are taxed in the same way as gains.

Implementing the flat rate tax in the financial sector would cost between CHF 300 million to CHF 500 million.

Module 4 – Capital gains and lossesIn Italy today, capital gains are taxed and paid directly via custodians. In Germany, the banks perform this service directly. The technical instruments for this are al-ready available on the market.

Besides taxing interest and dividend pay-ments, the paying agent calculates the gain on the sale of individual instruments and deducts the tax due from the client’s ac-count. Where transactions result in a loss, this will be offset against any gains made by the client on other transactions. Capital losses may not be offset against dividends and interest payments.

Where the balance is negative, i.e. where there is a net loss in a given tax year, the paying agent credits the client with a tax loss carryforward which may be offset against any future gains during a certain period (e.g. three or five years).

When calculating the tax on individual products there are already a multitude of different approaches being used today in the various countries. It is a precondition for the Swiss banks that everyone agrees on a single approach that calculates, for in-stance, the gain on the individual products based on the prevailing market price or av-erage price (net asset value) or the effective distribution.

For products with a complex structure, a transparent approach is vital. If product is-suers are in a position to distinguish inter-est from a premium and/or the market val-ue, they can separate these at the level of the actual product, allowing them to be offset accordingly. If the product is not transparent, all payments will be covered via module 1 (Interest income).


Module 5 – Assets (i.e. wealth in general)Certain countries have a wealth tax. This could be levied directly on the client’s as-sets as at 31 December of each year and transferred on an anonymous basis. If as-sets are taxed at a progressive rate, a flat rate would ideally have to be applied.

CostsBased on initial estimates, implementing the flat rate tax in the financial sector would cost between CHF 300 million to CHF 500 million. Sector-wide solutions could result in cost-savings and a reduction in the time and effort necessary for imple-mentation. The Swiss Bankers Association is in discussions with external bodies in or-der to explore what form technical imple-mentation could take in respect of a soft-ware programme for calculating the amount

of tax due for the various financial prod-ucts held by clients. Another aspect being discussed with various providers is that of the possibility of outsourcing. The discus-sions which have taken place to date have been positive and have shown that it should be possible for financial intermediaries to either integrate an application in their own systems or have the process carried out ex-

ternally. As with the EU’s taxation on sav-ings income, financial institutions should expect a significant investment in the time and effort required initially and then a rel-atively low level of disruption thereafter.

Financial institutions should expect a signifi-cant investment in the time and effort required initially and then a relatively low level of dis-ruption thereafter.


SwissBanking | Future: Well equipped to compete for the talent of tomorrow

The campaign focuses primarily on rais-ing awareness of the two forms of basic bank training available: basic commercial training in banking and the “BEM” bank entry programme for high school gradu-ates. Attention is also drawn to bank IT apprenticeships. Completing such an ap-prenticeship gives young people a solid in-itial training basis which opens up many different avenues. Running parallel with the umbrella campaign, banks will contin-ue to provide basic training to young peo-ple on an independent basis.

The three pillars of the umbrella campaignThe communication campaign is based on three pillars, the main element being the website www.swissbanking-future.ch, which sets out five good reasons for getting in-volved in basic bank training. This dynamic website, which is specially designed to ap-peal to young people, shows how exciting and diverse the three-year bank commercial training course and the BEM programme are. The site is informal and relaxed, with personal input from trainees, interns and training staff also giving a glimpse into the everyday experiences of young people dur-

ing training. In addition, the site provides valuable tips on the application process and is directed, too, at parents and teachers, as they play an important role when young people make their career choices.

The second pillar is made up of a newly designed brochure, a flyer and various factsheets which look at the individual ba-sic training options available. This printed material has been in circulation since spring 2010 and is distributed via various chan-nels such as via careers guidance officers or at school events and vocational training fairs. It is also used by individual institu-tions as a supplement to their own commu-nication materials. All the information and materials available can also be found at www.swissbanking-future.ch (“Infocorner/ Shop”; in German, French and Italian only).

Until now, banks and regional training com-mittees have acted unilaterally at vocational

According to the Swiss Federal Statistical Office, over the next decade the number of young people entering vocational training will drop by around one-fifth, due primarily to demo-graphic developments. Given that they operate in a sector which requires a very sophisti-cated level of training, banks are dependent on a supply of young talent that is highly moti-vated and well-educated. To help deal with this challenge, in spring 2010 the Swiss Bankers Association together with its member institutions launched an umbrella communication campaign on basic training under the label “SwissBanking I Future”.

“Your training, your future. Train with a Swiss bank” is the slogan Swiss banks are using to attract school-leavers into a promising career in banking.


training fairs. The idea that banks join forc-es with a uniform presence at such fairs con-stitutes the third pillar of the umbrella com-

munication campaign. It will use the same design of “SwissBanking | Future”, which appeals to young people, and will communi-cate the campaign on a broad basis, leading to greater awareness at several levels.

Good reasons for choosing basic bank trainingIt is no secret that Swiss banks offer high quality basic training. The training pro-grammes available in the banking sector have a modern and forward-looking struc-ture; the study media and methods used are state of the art; and trainees are looked after on the job by experienced training

staff. In short: there are a number of good reasons for training with a bank! “Swiss-Banking | Future” highlights five reasons in particular: those who train for a career in banking will work in a dynamic environ-ment; they will acquire a wide rage of skills; they will work in diverse areas; they will work for attractive employers; lastly, they can improve their future prospects thanks to a ready supply of further train-ing opportunities.

Banks will continue to need well-trained, highly committed employees to fill a wide range of demanding positions in the fu-ture. The umbrella communication cam-paign will help banks find young people who are open and who have the skills and the willingness to take on new tasks and challenges with commitment and enthusi-asm. With “SwissBanking | Future”, the banking sector is well equipped to face the growing competition for young talent.

Banks will continue to need well-trained, highly committed employees to fill a wide range of demanding positions in the future.


During the last two decades, the rate of home ownership in Switzerland has consistently been on the rise: in 2000 it came in at just under 35%, while today it already exceeds 40%. These figures may seem to indicate that the constitutional mandate to encourage home ownership is well on its way to success. Yet some interest groups feel the pace is still too slow, and three public referenda are currently pending. Two of these aim to support the rate of home ownership using Bauspar models, where home-ownership savings incur tax benefits, while the third looks to reform how imputed rental value is taxed.

A place of one’s own thanks to BausparenThe three proposals on the table suggest that the increase in home ownership has come about without government interven-tion. According to the referenda sponsors, low interest rates and attractive condomin-iums have been decisive in raising the rate of owner-occupied residences. Despite this upward trend, the number is still very low in international comparison. Surveys also reveal that approximately 75% of respond-ents would find it desirable to purchase their own homes, which shows that the in-terest in owning a home in Switzerland is much higher than the actual rate of owner-ship. In order to fulfil its constitutional mandate, then, the state should do more to encourage home ownership. The Bauspar model proposed by the Swiss Homeown-ers’ Association (Schweizerischer Hausei-gentümerverband, HEV) would allow con-struction savings and the accrued interest to be exempt from income and wealth tax for up to ten years.

The advantages of BausparenIn order for such a programme to be justi-fiable, renters must also benefit from home ownership and costs cannot exceed

the economic returns. Despite the con-struction boom of recent years, housing demand consistently outstrips supply. Pro-moting construction thus brings advantag-es for renters and owners alike, tending to avoid housing shortages and rising rents.

Bausparen can also be seen as a type of re-tirement provision, in particular when the savings rate increases through the acquisi-tion of owner-occupied real estate. This is in keeping with the constitutional man-date to encourage personal pension provi-sions through “tax and property policy measures”. The lost tax revenues must therefore be seen in conjunction with the generally increased housing supply and as support for retirement provisions. It is also conceivable that increased consump-tion in later life, together with a tendency towards larger investment volumes, will be able to compensate – at least in part – for these lost tax revenues. Tax incentives

The interest in owning a home in Switzerland is much higher than the actual rate of owner-ship. In order to fulfil its constitutional man-date, then, the state should do more to encour-age home ownership.

Bausparen and imputed rental value taxation: Possible methods of reform?


make an indirect counter-proposal as a way of completely reorganising the system. The Federal Council proposed to simulta-neously eliminate imputed rental value taxation and all tax deductions – except for those that result in energy conservation or renovations aimed at preservation. Fur-thermore, debt interest tax relief for indi-viduals is set to be available for only around 80% of investment income. As a concession to first-time homebuyers, the Federal Council’s counter-proposal allows for limited tax-deductions for mortgage debts during the first ten years following the purchase of the residence.

The Federal Council’s proposal does little to achieve its intended aim of simplifying the tax system. Engineering firms must un-dertake complicated work to evaluate the energy-saving and conservational aspects of any work done on owner-occupied resi-dences. The use of the residence by self-employed people must also be given partic-ular consideration. All of these factors result in a complicated tax system – exact-ly the opposite of the original goal. The proposal also goes against balanced taxa-tion. A tax system must ensure that invest-ment income is taxed – no matter what form that income may take. It is not imme-diately clear why the income-in-kind of property ownership should be tax-free while interest or dividend income, for ex-ample, continues to be taxed. The existing system of imputed rental value taxation is balanced and systematically correct. The fact that this form of taxing assets is not always easy to explain does not justify abolishing it.

are generally well adopted and have a guiding effect on behaviour. The Bauspar programmes must therefore be structured appropriately, easy to implement and in-troduced universally.

Reform of imputed rental value taxationThe imputed rental value tax system is fre-quently subject to criticism. Most recently, the HEV took the discussion to the politi-cal stage when it launched the “Secure Living in Retirement” (“Sicheres Wohnen im Alter”) initiative. The initiative’s back-ers are not seeking to change the funda-mental principles of the current tax sys-tem, but are rather calling for pensioners to have more choice. People who reach re-tirement age would have the right to make a one-off decision as to whether they wish to stay with the current system or to omit the taxable imputed rental value. In return for abolishing tax on imputed rental val-ue, the possibility of making tax deduc-tions would be drastically reduced. This system thus allows users to maintain their residences to a high standard until retire-ment, and then perform only the most nec-essary maintenance work afterwards. This would further exacerbate Switzerland’s tendency towards renovation backlogs and ultimately place more of a burden on fu-ture generations of property owners. In occupational pensions, a homeowner’s lumpsum payment would be given prefer-ential treatment with regard to tax com-pared with a renter’s pension payments. With respect to this last point, it must be added that the lumpsum payment is far from advisable for all pensioners who own their own homes.

System change proposed by the Federal CouncilThe Federal Council rejected the popular initiative for the reasons discussed above, but took the occasion as an opportunity to

The existing system of imputed rental value taxation is balanced and systematically cor-rect. The fact that this form of taxing assets is not always easy to explain does not justify abolishing it.


The following section summarises the main business dealt with by the SBA’s various com-missions in the year under review. A more detailed report, together with the names of all members of the commissions, is available in German and French on the Swiss Bankers Asso-ciation’s website www.swissbanking.org under “Publications/Activity Report”.

Reports from the Commissions

Fritz Müller, Managing Director,

Credit Suisse AG (Zurich)

The Commission for Tax and Finance Policy was active in a broad range of areas in the year under review due to the fast-moving pace of developments in international tax law. The commission worked on the formulation of a detailed opinion on the planned ordin-ance for requests for administrative assistance under existing double taxation agree-ments and in relation to Article 26 of the OECD Model Tax Convention. It also worked intensively on the issue of the impact and implementation of the Foreign Account Tax Compliance Act (FATCA). Here it worked very closely with the European Banking Feder-ation and the Institute of International Bankers and submitted a detailed opinion to the Treasury and the IRS. Lastly, the commission examined the SBA’s strategy with regard to Swiss banks no longer accepting untaxed money. Here the focus will be on working out how such a strategy can be implemented at banks in organisational terms.

Commission for Tax and Finance Policy

Dr Patrik Gisel, Deputy Chair of the

Executive Board,

Raiffeisen Switzerland

(St. Gallen)

The Commission for Swiss Client Business once again pursued a diverse range of retail-banking-related projects in the year under review. As part of its activities, the commission also supports our Association’s Office in formulating comments, positions, opinions and FAQs. Examples of areas where it is active are lending business and SME-related issues, PostFinance, payment transactions, consumer credit, leasing transactions and current political developments in the real estate and mortgages sector. The commission also con-ducts high-level talks with other associations, such as SwissHoldings, Swissmem, the Swiss Small Business Association, bauenschweiz as the Swiss construction sector’s national as-sociation, and organisations in the tourism sector. The commission will continue to pur-sue this successful dialogue at the strategic level in the future. Fostering such trust-based relationships is extremely important, particularly within the context of the financial cri-sis. To underscore this, in mid-2009, the commission sponsored a high-level event fo-cussing on the situation in the credit market. The commission also acts as the board of the depositor protection association, with few exceptions holding two posts concurrently.

Commission for Swiss Client Business


Dr Felix P. Graber,Managing Director and

Senior Legal Counsel to the

Group Executive Board,

Credit Suisse Group AG

(Zurich)

The Legal Commission addresses issues of legal policy, self-regulation and compliance and is supported in this by a number of working parties. After 12 years as chairman of the commission, Prof. Dr Hanspeter Dietzi handed over his position to Dr Felix Graber. Among the main issues addressed in the year under review were asset management (adap-tation of guidelines in line with the FINMA Circular “Guidelines on asset management”), fiduciary investments (reworking of guidelines), legislation governing dormant assets, client information in connection with cross-border payment transactions, international administrative assistance on tax-related matters and strategic orientation with regard to the EU (financial services agreement). One issue requiring a growing level of attention is that of international regulation (which includes the Basel Committee on Banking Super-vision). Lastly, a major project is that of the planned “Country Manuals” for banking services provided from Switzerland in selected countries (cross-border business).

Legal Commission

Dr Urs Ph. Roth, CEO of the SBA (Basel)

The Commission for Communications and Public Affairs deals with all matters affecting public affairs for the Swiss Bankers Association. During the period under review, attention was focused primarily on the impact of the global economic crisis and the international tax discussion, in particular the persistent pressure being placed on Switzerland. Among the main areas of interest were Switzerland’s relationship with the United States as well as involvement in the new negotiations on double taxation agreements with major economies. Top priority in the second half of the year in particular went to the communication of the 2015 Financial Centre Strategy. With all the various developments, key figures from the SBA often found themselves in the media spotlight in the year under review. It is pleasing to note that the yearly survey showed that the Swiss population’s confidence in its finan-cial institutions was practically unchanged and remained solid and stable. The SBA’s change of chairman also resulted in a further area of intense activity. Following the Bank-ers Day of 17 September in Geneva, new Chairman Patrick Odier started work on inten-sive communication activities with all of the SBA’s dialogue partners. After an initial phase in Switzerland, top-level meetings then took place abroad. The Chairman also initiated a review of the Association’s communication activities. As a result of this, internal commu-nications, “Social Media” and activities in the core markets of France, the UK and Italy were expanded significantly, working in collaboration with the internationally-active communications firm Publicis Consultants. For the first time ever, the Association sent a delegation to Tokyo for lobbying meetings. The regional expansion of the SBA’s activities was apparent in the many events organised under the banner “Swiss Banking – on Air”, aimed at 16- to 20-year-olds, and further talks with cantonal authorities. The Forum Fi-nancial Centre Switzerland was re-launched under the banner “Swiss Banking Dialogue”. Alongside the annual press conference in September, a popular information seminar for journalists from Switzerland and abroad was held in Berne.

Commission for Communications and Public Affairs


Dr Jürg Gutzwiller, Member of the Executive

Board of RBA-Holding AG

(Gümligen)

The Training Commission is involved at all levels of the banking and finance training system. Demographic trends (declining number of students entering basic training, in-crease in average age of working population) formed the basis for two important projects in the year under review. In spring 2010 the Swiss Bankers Association together with its member institutions launched a joint basic training campaign under the banner “Swiss-Banking | Future”. This will support the banks in their search for the talent of tomorrow. Parallel to this, the Training Commission, working partly with social partners, looked in detail at aspects of and requirements in connection with lifelong learning. The new fea-tures resulting from the reform of basic commercial training introduced in 2008 were set out in an internal paper for the sector in spring 2010. These changes are expected to come into force in 2012. The key activities in the area of advanced training were the support and backing provided to the Higher Specialist College of Banking and Finance (HFBF) including a review of the HFBF qualification process, cooperation with various universi-ties, particularly in the area of Bachelor programmes, issues of transparency and informa-tion in connection with advanced training in banking and finance. Further important developments in banking and finance training were the awarding of the first HFBF de-grees, the optimisation of the BEM introductory program for school leavers, the complete overhaul of the study materials for the “Banking Today 2.0” basic training, and new work carried out on new strategic issues and topics such as the qualification framework for banking and finance.

Training Commission

Ralph Odermatt, Managing Director,

UBS AG (Zurich)

The main focus of the activities of the Commission for Financial Market Regulation and Accounting currently is dealing with regulatory reactions to the financial crisis. For ex-ample, the commission formulated the SBA’s position with regard to the Basel Committee on Banking Supervision’s consultative documents of December 2009 pertaining to capital adequacy and liquidity. The commission conducts assessments on an ongoing basis and plays a key role in developing the responses from the banking sector with regard to regu-latory projects at various levels. In accounting, the commission constantly monitors devel-opments at the relevant international levels, particularly in connection with the IFRS and US GAAP accounting standards, and represents Switzerland on the Accounts Committee of the European Banking Federation (EBF). At the national level, the commission played an intensive role in various accounting projects over the year under review. One such project was the amendment of the SIX Exchange Regulation’s guidelines, with efforts directed at ensuring that the possibility of applying the accounting standards stipulated in the Swiss Banking Act could be retained within the Domestic Standard segment. The commission is also active with regard to framework agreements on netting through a permanent working party.

Commission for Financial Market Regulation and Accounting


Andreas Schlatter, Managing Director,

UBS AG (Zurich)

During the year under review, the commission examined the proposed Alternative Invest-ment Fund Management Directive (AIFMD), coming out in particular in favour of a lib-eral regulatory framework in dealings with ‘third countries’ such as Switzerland. To this end, our Association made the commission’s position known to the European Banking Federation (EBF) as well as the Swiss authorities and the SFA. The commission also fo-cused on the reform of second pillar structures and the associated amendments to the Swiss Federal Act on Occupational Retirement, Survivors’ and Disability Pension Plans (BVG) during the year under review. It looked in detail at the issues surrounding trans-parency in occupational pensions and the provisions on compensation for asset managers as set out in FINMA circular 2009/1 “Benchmarks for Asset Management”. In addition, the commission’s proposal to extend the provisions of the BVG to investment foundations whose purpose is to invest second pillar assets was approved. Finally, the expert group on Global Investment Performance Standards (GIPS), working under the aegis of the com-mission, delivered its detailed opinion on the “GIPS 2010” project. This group of experts also organised various GIPS events in Geneva and Zurich.

Commission for Institutional Asset Management

Peter Lorenz, Securities Services,

Market Infrastructure &

Initiatives,

UBS AG (Zurich)

The Swiss Commission for Financial Standardisation received a new chairman in the year under review, with the SBA’s Board of Directors appointing Peter Lorenz (UBS) to succeed Matthias Kälin (UBS). At UBS, Peter Lorenz is responsible for Securities Services, Market Infrastructure & Initiatives with the Wealth Management – Swiss Bank unit. While efforts to standardise infrastructures in the financial sector have not abated in any way, what has become apparent is that initiatives are increasingly stemming from international bodies, with Switzerland then only being left with discussions as to whether to accept or how to implement such initiatives. The commission’s experts concluded 43 amendments in the year under review. The eGRIS project (electronic property information system), which was supported by the client business commission and the lending business subgroup of the standardisation commission, was transferred to the SIX Group for further development. This project falls within the remit of the SIX Group, which has considerable experience in operating information systems.

Swiss Commission for Financial Standardisation


Rainer Flury, Managing Director,

UBS AG (Zurich)

The Commission for Security is an advisory specialist and steering body for all matters related to security. The main focus of the commission’s activities in the year under review was security in connection with card business and Internet crime. Looking at these aspects specifically, the Information Security working party examined various problematic areas of e-banking. Another area of priority was dealing with the growing number of “grand-child scams”. The Commission for Security, together with representatives from the police force, explored possible preventative measures which could be put in place on the bank side. The SBA subsequently issued a circular setting out recommended measures for mem-ber institutions in suspected cases of grandchild scams. The commission also provided its input in the SBA’s consultation procedure on the draft legislation aimed at updating the federal government’s police laws and formulated its position within the same framework on the Council of Europe’s convention on cybercrime. Rainer Flury stepped down as chairman of the commission at the end of 2009. No successor has been appointed as yet.

Commission for Security

Cesare Ravara, Director,

Credit Suisse AG (Zurich)

The Commission for Economic Policy is the Association’s think tank for economic issues and issues related to economic and regulatory policies. It dealt with both international and national developments in the year under review. Its duties at the international level involve helping prepare the banking aspects of official trade missions. It also constantly monitors and assesses relevant political and regulatory trends in the USA and the EU. As part of its duties at the national level, the commission was active, for example, in the for-mulation of a position paper in connection with the financial crisis and system stability and took the lead on the formulation of the SBA’s position on the FINMA Circular on remuneration systems. Specially appointed working parties developed the quantitative and economic fundamentals for the Swiss Financial Centre Master Plan and were active in a project run by the Federal Office for Statistics. The Commission for Economic Policy continues to play an active role in various publications produced by our association.

Commission for Economic Policy


Michael Auer, Chief Operating Officer,

Raiffeisen Switzerland

(St. Gallen)

The Commission for Human Resources looked at HR policy issues of interest to both the industry as a whole and to individual members, and dealt with social insurance and HR policy matters. It was also active in steering developments in human resources manage-ment that are of concern to banks, and launched, implemented and provided assistance on HR projects relevant to banks throughout Switzerland. The commission worked with the Swiss bank employers’ organisation supported by local bank associations. The econ-omiesuisse-appointed working party critically examined Project ELM (Unified Salary Reporting to Social Security and Tax Authorities). The commission’s coordinator, Lucas Metzger, who was appointed by economiesuisse to the advisory board of Swissdec, the body responsible for ELM, handed over his position and the dossier to Pascal Baum-gartner. The commission was active in the banks’ project to set up a new, Swiss-wide em-ployers’ organisation supported directly by the banks. The new body was founded in May 2009 and became operational on 1 January 2010, when it also assumed the duties of its predecessor organisation and the Commission for Human Resources. Both bodies were subsequently dissolved as of this date. To facilitate coordination between the SBA and the new bank employers’ association, Lucas Metzger was elected on to the latter’s board.

Commission for Human Resources

Jean-Marc Bongard, Deputy Director,

Pictet & Cie (Geneva)

One of the main tasks of this commission is to deal with securities issued by companies or by Swiss or foreign public-sector bodies that are administered by Swiss banks where there is a risk of defaulting (failure to make interest payments or repay principal upon maturity, debt restructuring and/or rescheduling proposals, etc.). During the year under review, the commission focused in particular on problems stemming from the liquidation of Iceland’s three biggest banks, Kaupthing, Landsbanki and Glitnir. The SBA member banks were kept informed of developments in these bankruptcy proceedings by means of various circulars. Our association is working on this matter with the Swiss Federal Depart-ment of Foreign Affairs, which has contacts on the ground in Iceland, and organised a fact-finding mission to Reykjavik between 1 and 3 February 2010 with members of the commission. The aim of this mission was to ensure that Swiss creditors are treated equally with other groups of creditors. The commission also continued to examine the SAirGroup restructuring and the distressed bonds issued by the Republic of Argentina.

Commission for the Safeguarding of Swiss Financial Assets


Areas of Responsibility within the Office

Head Office BaselAeschenplatz 74052 BaselPO Box 41824002 BaselT +41 61 295 93 93F +41 61 272 53 [email protected]

Bern OfficeHotelgasse 103011 BernT +41 31 312 27 27F +41 31 312 27 87

Zurich OfficeLimmatquai 1228001 ZurichT +41 44 266 93 00F +41 44 266 93 01

Urs Ph. Roth


Jean-Marc Felix Claude-Alain MargelischRenate Schwob Lucas Metzger

Board and Executive Committee OfficeStefan Tobler

Public Affairs Switzerland Kuno Hämisegger

Public Affairs Monitoring Yves Weidmann

Public Affairs Research Janick Tagmann

Training Matthias Wirth

Basic training Daniela Strohmeier

Advanced training Marie-Theres Lorenzon

Junior development Stefan Hoffmann

EconomicsMartin Hess (from 1.10.2010)

Economic Analysis Raphael Vannoni

Chief Executive OfficerUrs Ph. Roth*

Financial Market SwitzerlandRenate Schwob***

Financial Markets InternationalClaude-Alain Margelisch**

CommunicationsJean-Marc Felix***

Controlling & LogisticsLucas Metzger***

Banks Markus Staub

Banking Regulations

Risk Management

Bank Accounting

Financial Markets Law Christoph Winzeler

Securities Trading & Clearing

Netting

Corporate Governance

Compliance / Money Laundering / FATF Pascal Baumgartner

Retail Banking & Infrastructure Renate Schwob***

Bank Security Pascal Baumgartner

Payment Systems Renate Schwob***

Real Estates and Consumer Issues Patrick Loeb

Europe Claude-Alain Margelisch**

America / Asia Heinrich Siegmann

Federal Finance & Tax PolicyUrs Kapalle

Tax Issues Jean Brunisholz

WTO / OECD / ICCHeinrich Siegmann

E-Commerce Mireille Tissot

Institutional Asset Management Mireille Tissot

International Legal IssuesClaude-Alain Margelisch**

Asset Protection

Events Céline Zumstein

Communications SwitzerlandThomas Sutter

Internal Communications/ Publications Corinne Moser

Communications InternationalJames Nason

Web ServicesAlexandra Arni

Issues ManagementThomas Sutter

Depositor ProtectionPatrick Loeb

Human ResourcesUrsula Zähringer

Shipping/Printing Patrick Kalt

Administration & ServicesThomas Knell

AccountingErnst Buess

ITMartial Schilliger

Databases/SupportPriska Lanz Niederer

* Chief Executive Officer (CEO) until 16.9.2010 ** Deputy CEO, from 17.9.2010 CEO *** Member of the Executive Committee

Bankers DayThe 96th General Assembly of the Swiss Bankers Association was held on 17 September 2009 at the Espace Hippomène in Geneva. Some 400 bankers and guests from business, politics, public administration, associations and the media attended the event. The SBA also had the honour of welcoming ambassadors from over 20 countries, lending a real international touch to the proceedings.

“We must shape our future!” was the title of Pierre G. Mirabaud’s final Chairman’s address at the Swiss Bankers Day. In his address, Pierre Mirabaud named four prerequisites for future success: firstly, both Switzerland and its financial centre must act more optimisti-cally and with greater self-confidence. Secondly, it is not only bankers who must act ethi-cally, but also countries and their representatives. Thirdly, it must be remembered that crises are part and parcel of a market economy but every new economic cycle begins at a higher level of prosperity than the last. A free market economy and globalisation must continue to be safeguarded. In his fourth and final point, Pierre G. Mirabaud emphasised the significance of foreign economic policy within foreign policy. He concluded his ad-dress by expressing his thanks for the successful and pleasant co-operation with repre-sentatives from politics and administrative bodies over the previous six years. He also praised the excellent work done by the government and the Swiss National Bank with a view to overcoming the financial crisis. He wished his successor as Chairman, Patrick Odier, Senior Partner with Geneva-based private bankers Lombard Odier Darier Hent-sch & Cie, every success and expressed his complete confidence in him: “He is the right man for the job and I have no doubt that his intimate knowledge of the world of banking will make him more than equal to the problems that await him.”

Following the Chairman’s address, the government’s traditional message of greeting was delivered by Hans-Rudolf Merz, President of the Swiss Confederation, and entitled “Time for Bankers”.

The General Assembly approved the 2008/2009 Annual Report and the financial state-ments.

Board of Directors, Board Committee and Presiding CommitteeGuy de Picciotto (Union Bancaire Privée) and Pierre G. Mirabaud (Mirabaud & Cie) re-signed from the Board of Directors during the course of the year, with the latter also stepping down from his position as Chairman of our association. The General Assembly of 17 September 2009 appointed Nicolas Pictet (Pictet & Cie) to succeed Pierre G. Mirabaud as a member of the Board. Lukas Gähwiler (UBS AG) was co-opted on 21 June 2010 as successor to Francesco Morra (UBS AG) on the Board of Directors. The Board of Direc-tors co-opted Jean Berthoud (Banque Bonhôte & Cie SA) to succeed Guy de Picciotto.


Association Business

The Board of Directors also appointed Patrick Odier (Lombard Odier Darier Hentsch & Cie) as its new Chairman and elected Nicolas Pictet to the Committee of the Board of Directors.

OfficeJean Brunisholz joined our association in the Tax Issues unit on 1 June 2009. Patrick Loeb took up his function as head of Depositor Protection on 1 July 2009, the same day that Cathy J’espère took up her newly created position of translator/assistant in our Financial Markets International department. Andrea Rugel, PR specialist, left us at the end of June, as did Ariane Wüthrich, assistant in Communications. The vacant secretariat position was filled on 1 September by Kristina Gasser. Michael Waldburger took up the newly creat-ed position of research assistant in our Communications department on 7 September. On 2 November Karin Bollmann took over Stephan Zähringer’s duties in Members’ admin-istration, working on a 50% basis. Janine Dietler took up the newly created position of assistant in HR/Controlling & Logistics at the beginning of January 2010. Ivana Sempre-vivo, assistant in Financial Market Switzerland, left us at the end of January and her du-ties were taken over by Janine Sasse from 1 February. Claudia Strub, head of Economic Analysis & Studies, left our association with effect from the end of February 2010. Nadine Zwahlen took up her position as assistant in our Communications department on 15 February. The telephone switchboard unit was reinforced with the arrival of Nathalie Dalcher at the beginning of April. Nathalie Dalcher will also provide cover and deputise for other members of staff and will work on a 40% basis. Serge Burdet, IT, and Tanja Rokitzky, specialist in Communications, left us at the end of April. Corinne Moser took up the vacant post in the Communications Department.

In June 2009 the Board of Directors promoted Pascal Baumgartner to Member of Senior Management.

At the end of July 2010, our Office had a permanent staff of 60, representing 52 full-time equivalent positions, three temporary staff members (1.7 FTEs) and one secondee.



Balance Sheet as of 31 December 2009

AssetsIn CHF 2009 2008

Cash and cash equivalents 21 542 653 23 881 287Accounts receivable 1 230 125 1 304 989Accrued income and prepaid expenses 241 860 458 596

Total current assets 23 014 638 25 644 872

Securities and financial assets 11 556 715 11 893 344Movable property and equipment 1 1Property 3 700 000 3 700 000

Total fixed assets 15 256 716 15 593 345

Total Assets 38 271 354 41 238 217

LiabilitiesIn CHF 2009 2008

Accounts payable 901 226 2 360 831Accrued expenses and deferred income 1 309 617 1 535 838Special-purpose provisions 25 264 150 26 438 900

Total liabilities 27 474 993 30 335 569

Association capital 6 961 000 2 000 000Fund capital 0 5 028 000Reserves 3 835 361 3 874 648

Total equity capital 10 796 361 10 902 648

Total Liabilities 38 271 354 41 238 217


Income Statement 2009

Notes to the Financial Statements

IncomeIn CHF 2009 2008

Membership fees 28 118 707 29 663 859Financial income 447 938 922 065Income miscellaneous 8 452 451 9 495 461Release of provisions 2 008 000 5 525 000

Total Income 39 027 096 45 606 385

ExpensesIn CHF 2009 2008

Operating and commission expenses 25 663 239 23 786 784Personnel expenses 10 332 398 15 590 901General and administrative expenses 2 420 134 2 460 682Depreciation, amortisation and provisions 524 050 3 483 600Interest expenses 750 750Tax expenses 192 812 236 310

Total Expenses 39 133 383 45 559 027

Surplus –106 287 47 358

Appropriation of SurplusIn CHF 2009 2008

Utilisation of reserves –39 287 0Allocation to reserves 0 61 358Use of fund capital –67 000 –14 000Release of fund capital –4 961 000 0Allocation to association capital 4 961 000 0

Surplus –106 287 47 358

In CHF 2009 2008

Fire insurance values of tangible fixed assetsMovable property and equipment 2 934 000 2 770 000Property 18 093 700 18 027 200

Fair values of securities and financial assets 13 687 999 13 093 538

Pledges in favour of third partiesPledged securities 600 000 600 000

To the General Assembly of the members of the Swiss Bankers Association (SwissBanking), Basel


Report of the Statutory Auditors on the Financial Statements

As statutory auditors we have audited the financial statements of the Swiss Bankers Asso-ciation (SwissBanking; see pages 32 and 33), which comprise the balance sheet, income statement and notes, for the year ended 31 December 2009.

Board of Directors’ responsibilityThe Board of Directors is responsible for the preparation and fair presentation of the financial statements in accordance with Swiss law (Art. 957 ff. of the Swiss Code of Ob-ligations) and the Association’s Articles of Incorporation. This responsibility includes designing, implementing and maintaining an internal control system suited to the prep-aration and fair presentation of financial statements that are free from material mis-statement, whether due to fraud or error. The Board of Directors is also responsible for selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances.

Auditors’ responsibilityOur responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with Swiss law and Swiss auditing standards, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit applies procedures to obtain audit evidence about the amounts and other disclo-sures in the financial statements. The procedures selected depend on the auditor’s judge-ment, which includes an assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making these risk assessments, the auditor considers the internal control system, to the extent that it is relevant to the preparation and fair presentation of the financial statements, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control system. An audit also includes an evaluation of the appropriateness of the accounting policies used and the reasonableness of accounting es-timates made, as well as an evaluation of the overall presentation of the financial state-ments. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.


OpinionIn our opinion, the financial statements for the year ended 31 December 2009 comply with Swiss law (Art. 957 ff. of the Swiss Code of Obligations) and the Association’s Articles of Incorporation.

Report on other legal requirementsWe confirm that we meet the legal requirements concerning licensing (Audit Supervision Act) and independence (Art. 69b of the Swiss Civil Code in conjunction with Art. 728 of the Swiss Code of Obligations) and that there are no circumstances incompatible with our independence.

In accordance with Art. 69b of the Swiss Civil Code in conjunction with Art. 728a para. 1 point 3 of the Swiss Code of Obligations and Swiss Auditing Standard 890, we confirm that an internal control system exists which has been designed for the preparation of the financial statements according to the instructions of the Board of Directors.

We recommend that the financial statements submitted to you be approved.

Basel, 28 April 2010

Ernst & Young Ltd.

Thomas SchneiderLicensed Auditor(in charge of audit)

Stefan LutzLicensed Auditor


Organs of the Swiss Bankers Association

Chairmen since the year of foundation

Governing Board (as of end August 2010)

1912–1917

1917–1927

1927–1946

1946–1950

1950–1965

1965–1986

1986–1992

1992–2003

2003–2009

since 2009

Friedrich Frey, Basel

Dr h.c. Alfred Sarasin, Basel

Robert La Roche, Basel

Bernhard Sarasin, Basel

Dr Charles de Loës, Geneva

Alfred E. Sarasin, Basel

Dr Claude de Saussure, Geneva

Dr Georg F. Krayer, Basel

Pierre G. Mirabaud, Geneva

Patrick Odier, Geneva

Patrick Odier**

Dr Lukas Gähwiler**

Martin Scholl**

Walter Berchtold**

Dr Urs Ph. Roth**

Chairman, Senior Partner, Lombard Odier Darier Hentsch & Cie, Geneva

Vice Chairman, CEO Switzerland and Member of the Group Executive Board, UBS AG, Zurich

Vice Chairman, Chief Executive Officer (CEO), Zürcher Kantonalbank, Zurich

Treasurer, Member of the Executive Boards, Credit Suisse Group AG

and Credit Suisse AG, Zurich

Delegate of the Governing Board and CEO (until 16.9.2010),

Swiss Bankers Association, Basel


Raymond J. Bär*

Arthur Bolliger*

Dr Alfredo Gysi*

Pascal Kiener*

Paul Nyffeler*

Nicolas Pictet*

Dr Pierin Vincenz*

Jean Berthoud

Christian R. Bidermann

Blaise Goetschin

Bernard Kobler

Eduardo Leemann

Maurice Monbaron

Stephan Weigelt

to be filled

Chairman of the Board of Directors, Julius Bär Gruppe AG, Zurich

Chairman, InCore Bank AG, Zurich

Chairman of General Management, BSI SA, Lugano

Chairman of General Management, Banque Cantonale Vaudoise, Lausanne

Chairman, RBA-Holding AG, Gümligen

General Partner, Pictet & Cie, Geneva

Chairman of the Executive Board, Raiffeisen Group, St. Gallen

CEO, Banque Bonhôte & Cie SA, Neuchâtel

Partner, Rahn & Bodmer Co., Zurich

Chairman of General Management, Banque Cantonale de Genève, Geneva

CEO, Luzerner Kantonalbank AG, Lucerne

CEO, Falcon Private Bank Ltd., Zurich

Vice Chairman of the Board of Directors, Crédit Agricole (Suisse) SA, Geneva

CEO, Bank CA St. Gallen AG, St. Gallen

Representative of the Association of Swiss Cantonal Banks, Basel

* Member of the Committee of the Governing Board** Member of the Presiding Committee and the Committee of the Governing Board

Ernst & Young AG, Basel

Auditors


Bank Institutions

Prof. Dr Ulrich Zimmerli

Dr Philippe Amsler

Prof. Paolo Bernasconi

Prof. Dr Claude Bourqui

Prof. Dr Hanspeter Dietzi

Prof. Dr Dieter Zobl

Chairman, former Professor at the University of Bern, former member of the

Council of States, Muri b. Bern

Lecturer in Banking Law, University of Applied Sciences Western Switzerland, Geneva, formerly

legal consultant with Credit Suisse AG and Lombard Odier Darier Hentsch & Cie, Choulex

Professor at the Universities of Como (I) and St. Gallen, former Public Prosecutor in Lugano,

Attorney-at-Law and Notary, Lugano

Visiting Professor at the University of Lausanne, former Professor, University of St. Gallen,

former Partner, Ernst & Young AG, Commugny

Former Deputy General Counsel UBS AG, former Chairman of the Legal Commission of the

Swiss Bankers Association, Binningen

Former Prof. of Private, Commercial and Banking Law at the University of Zurich,

former Head of Legal Department, Zürcher Kantonalbank, Rüschlikon

Supervisory Board for the Due Diligence Agreement

Georg Friedli

Robert Fiechter

Secretary, Attorney-at-Law, Bahnhofplatz 5, 3011 Bern

PO Box 6233, 3001 Bern

Deputy Secretary, Attorney-at-Law, 4, avenue de Champel, 1206 Geneva

Secretary of the Supervisory Board

Daniele Calvarese

Dr Martin Lüscher

Didier de Montmollin

Dr Beat von Rechenberg

Attorney-at-Law, via Nassa 21, 6901 Lugano

Attorney-at-Law, Seestrasse 41, 8002 Zurich

PO Box 1878, 8027 Zurich

Attorney-at-Law, 2, rue Charles Bonnet, 1206 Geneva

PO Box 189, 1211 Geneva 12

Attorney-at-Law, Dreikönigstrasse 7, 8002 Zurich

PO Box, 8022 Zurich

Investigators of the Supervisory Board


Annemarie Huber-Hotz

Paul Hasenfratz

Prof. Dr Ulrich Cavelti

Prof. Dr Mario Giovanoli

Monika Weber

Chair, former Federal Chancellor, Bern

Vice Chairman, former CEO of the Zürcher Kantonalbank, Wallisellen

Chairman of the Administrative Court of canton St. Gallen

and former occasional Federal Supreme Court Justice, St. Gallen

Former Professor, University of Lausanne, Arlesheim

Former member of the Council of States, former Chairwoman of women’s

consumer forum Schweiz KF, Zurich

Swiss Banking Ombudsman Foundation

PD Dr Christoph Winzeler Attorney-at-Law, Basel

Foundation Administrator

Hanspeter Häni

Christian Guex

Rudolf Schenker

Martin Tschan

Stefan Peter

Banking Ombudsman

Deputy Banking Ombudsman

Deputy Banking Ombudsman

Attorney-at-Law, Deputy Banking Ombudsman

Head, Contact Office

Bahnhofplatz 9, PO Box 1818, 8021 Zurich

T +41 43 266 14 14 (8.30–11.30 am) German/English

T +41 21 311 29 83 (8.30–11.30 am) French/Italian

F +41 43 266 14 15

www.bankingombudsman.ch

Office of the Swiss Banking Ombudsman

Ernst & Young AG, Basel

Auditors


Dr Patrik Gisel

Charles Stettler

Alain Robert

Barend Fruithof

Dr Hannes Glaus

Heinz Hofer

Brunello Perucchi

Pius Ch. Schwegler

Alessandro Seralvo

Thomas M. Steinebrunner

Chairman, Deputy CEO, Raiffeisen Switzerland, St. Gallen

Vice Chairman, Deputy CEO, Head of Commercial Clients Business Unit,

Zürcher Kantonalbank, Zurich

Vice Chairman Wealth Management & Swiss Bank, UBS AG, Zurich

Head Corporate Clients, Member of Regional Management Board Switzerland,

Credit Suisse AG, Zurich

Attorney-at-Law, Swiss Association of Independent Securities Dealers, Zurich

Managing Director, GE Money Bank, Zurich

Managing Director, Banca Popolare di Sondrio (Suisse) SA, Lugano

Chairman of the Executive Board, RBA-Holding AG, Gümligen

Director, Cornèr Banca SA, Lugano

Attorney-at-Law, Rahn & Bodmer Co., Thalwil

Swiss Banks’ and Securities Dealers’ Deposit Guarantee Association

Patrick Loeb

Lucas Metzger

CEO

Deputy CEO

Einlagensicherung der Schweizer Banken und Effektenhändler

PO Box 4182

4002 Basel

T +41 61 295 92 92

F +41 61 272 53 82

[email protected]

www.einlagensicherung.ch

Board

Office


Josef Meier

Jean-Luc Besençon

Michael Federer

Dr Jürg Gutzwiller

René Hoppeler

Christoph Huber

Christian G. Machate

Lucas Metzger

Gottlieb Prack

Thomas Schenkel

Pietro Soldini

Andreas Zingg

Chairman, Managing Director, Credit Suisse AG, Zurich

Member of the Board of Directors, Banque Cantonale Vaudoise, Lausanne

Member of the Board of Directors, Raiffeisen Switzerland, St. Gallen

Chief of Staff, RBA-Holding AG, Gümligen

Member of the Executive Board, Zürcher Kantonalbank, Zurich

Managing Director, UBS AG, Zurich

Head of HR Private Banking, Credit Suisse AG, Zurich

Member of the Executive Board, Swiss Bankers Association, Basel

Head of Human Resources, LGT Bank (Switzerland) AG, Basel

Managing Director, Rahn & Bodmer Co., Zurich

Managing Director, BSI SA, Lugano

Head of Human Resources, Julius Bär Gruppe AG, Zurich

AGV Banken (Swiss Bank Employers’ Association)

Dr Balz Stückelberger

CEO

AGV Banken (Swiss Bank Employers’ Association)

Dufourstrasse 49

P.O. Box 4182

4002 Basel

T +41 61 295 92 95

F +41 61 272 93 97

[email protected]

www.agv-banken.ch

Board

Office


Utility Infrastructure Providers for the Swiss Banking Sector

SIX Group Postal address

SIX Group AG

Selnaustrasse 30

PO Box 1758

8021 Zurich

Chairman: Prof. Dr Peter Gomez

CEO: Dr Urs Rüegsegger

Registered office

Selnaustrasse 30

8001 Zurich

T +41 58 854 20 91

F +41 58 854 30 91

www.six-group.com

SIX Swiss Exchange Selnaustrasse 30

PO Box 1758

8021 Zurich

T +41 58 854 54 54

F +41 58 854 54 55

www.six-swiss-exchange.com

Chairman: Prof. Dr Peter Gomez

CEO: Dr Christian A. Katz

SIX Multipay Postal address

SIX Multipay AG

Hardturmstrasse 201

PO Box 1521

8021 Zurich

Registered office

Hardturmstrasse 201

8005 Zurich

T +41 44 832 91 11

F +41 44 832 91 15

www.six-multipay.com

SIX Card Solutions Postal address

SIX Card Solutions AG

Hardturmstrasse 201

PO Box 1521

8021 Zurich

Registered office

Hardturmstrasse 201

8005 Zurich

T +41 84 866 11 11

F +41 84 866 11 12

www.six-card-solutions.com

SIX Telekurs Hardturmstrasse 201

PO Box 1521

8005 Zurich

T +41 44 279 51 11

F +41 44 279 51 12

www.six-telekurs.com

Utility Infrastructure Providers, Associations and Federations


SIX Group Services Postal address

SIX Group Services AG

Hardturmstrasse 201

PO Box 1521

8021 Zurich

Registered office

Hardturmstrasse 201

8005 Zurich

T +41 44 279 41 11

F +41 44 279 41 12

www.six-group.com

SIX PayNet Postal address

SIX PayNet AG

Hardturmstrasse 201

PO Box 1521

8021 Zurich

Registered office

Hardturmstrasse 201

8005 Zurich

T +41 44 832 95 11

F +41 44 832 95 25

www.paynet.ch

SIX Interbank Clearing Postal address

SIX Interbank Clearing AG

Hardturmstrasse 201

PO Box 1521

8021 Zurich

Registered office

Hardturmstrasse 201

8005 Zurich

T +41 44 279 31 11

F +41 44 279 31 12

www.six-interbank-clearing.com

Swiss Bankers Prepaid

Services

Kramgasse 4

3506 Grosshöchstetten

T +41 31 710 11 11

F +41 31 710 12 00

[email protected]

www.swissbankers.ch

Pfandbriefbank

schweizerischer

Hypothekarinstitute

Nansenstrasse 16

PO Box 6446

8050 Zurich

T +41 44 315 44 55

F +41 44 315 44 66

[email protected]

www.pfandbriefbank.ch


Pfandbriefzentrale

der schweizerischen

Kantonalbanken

Bahnhofstrasse 9

PO Box

8050 Zurich

T +41 44 293 93 93

F +41 44 292 31 24

www.pfandbriefzentrale.ch

Aduno-Gruppe Europa-Strasse 18

8152 Glattbrugg

T +41 58 958 60 00

F +41 58 958 60 01

[email protected]

www.aduno-gruppe.ch

Center for Young

Professionals in

Banking (CYP)

Puls 5

Giessereistrasse 18

8005 Zurich

T +41 43 222 53 53

F +41 43 222 53 54

[email protected]

www.cyp.ch

Higher Vocational Education

in Banking & Finance (HFBF)

Office

AKAD Höhere Fachschule Banking und Finance AG

Jungholzstrasse 43

8050 Zurich

T +41 44 307 32 47

F +41 44 307 32 22

[email protected]

www.akad.ch/banking+finance

Swiss Finance Institute Office

Walchestrasse 9

8006 Zurich

T +41 44 254 30 80

F +41 44 254 30 85

[email protected]

www.swissfinanceinstitute.ch


Association of Swiss

Cantonal Banks

Wallstrasse 8

PO Box

4002 Basel

T +41 61 206 66 66

F +41 61 206 66 67

[email protected]

www.kantonalbank.ch

Chairman: Paul Nyffeler

CEO: Hanspeter Hess

RBA-Holding AG Mattenstrasse 8

3073 Gümligen

T +41 31 660 44 44

F +41 31 660 44 55

[email protected]

www.rba-holding.ch

Chairman: Paul Nyffeler

CEO: Pius Ch. Schwegler

Raiffeisen Group Raiffeisenplatz 4

9001 St. Gallen

T +41 71 225 88 88

F +41 71 225 82 51

www.raiffeisen.ch

Chairman: Dr h.c. Franz Marty

CEO Raiffeisen Group: Dr Pierin Vincenz

Swiss Association of

Credit Banks and Financing

Transactions

Uraniastrasse 12

PO Box 3228

8021 Zurich

T +41 44 250 43 40

F +41 44 250 43 49

[email protected]

www.vskf.org

Chairman: Heinz Hofer

CEO: Dr Robert Simmen

Associations and Federations

Association of

Swiss Commercial and

Investment Banks

Selnaustrasse 30

PO Box

8021 Zurich

T +41 58 854 28 01

F +41 58 854 28 33

[email protected]

[email protected]

www.vhv-bcg.ch

Chairman: Raymond J. Bär

Secretary-General: Dr Dieter Sigrist, Dr Benno Degrandi

Association of Foreign Banks

in Switzerland

Löwenstrasse 51

8001 Zurich

PO Box 1211

8021 Zurich

T +41 44 224 40 70

F +41 44 221 00 29

[email protected]

www.foreignbanks.ch

Chairman: Dr Alfredo Gysi

CEO: Dr Martin Maurer

Swiss Private Bankers

Association

8, rue Bovy-Lysberg

PO Box 5639

1211 Geneva 11

T +41 22 807 08 04

F +41 22 320 12 89

[email protected]

www.swissprivatebankers.com

Chairman: Dr Konrad Hummler

CEO: Michel Y. Dérobert


Swiss Funds Association

(SFA)

Dufourstrasse 49

PO Box

4002 Basel

T +41 61 278 98 00

F +41 61 278 98 08

[email protected]

www.sfa.ch

Chairman: Martin Thommen

CEO: Dr Matthäus Den Otter

Association of Swiss Holding

and Finance Companies

PO Box 4182

4002 Basel

T +41 61 295 93 93

F +41 61 272 53 82

[email protected]

www.holdingverband.ch

Chairman: Dr Georg Stucky, former National Councillor, Baar

CEO: Thomas W. Knell


Swiss Associations

Association for the History of

Finance (Switzerland and the

Principality of Liechtenstein)

8000 Zurich

T +41 44 333 71 92

F +41 44 333 97 96

[email protected]

www.finanzgeschichte.ch

Chairman: Fritz Jörg

Vice-Chairman: Dr Urs Alfred Müller

CEO: Dr Jürg Spiller

European Banking Federation

(EBF)

10, rue Montoyer

B-1000 Bruxelles

T +32 2 508 37 11

F +32 2 511 23 28

[email protected]

www.ebf-fbe.eu

Chairman: Alessandro Profumo

Secretary-General: Guido Ravoet

EFAMA – European Fund

and Asset Management

Association

18/2, Square de Meeûs

B-1050 Bruxelles

T +32 2 513 39 69

F +32 2 513 26 43

[email protected]

www.efama.org

Chairman: Jean-Baptiste de Franssu

Vice-Chairman: Claude Kremer

Managing Director: Peter De Proft

Institute of International

Bankers (IIB)

299, Park Avenue

17th Floor

USA-New York, NY 10171

T +1 212 421 16 11

F +1 212 421 11 19

[email protected]

www.iib.org


International Associations

PublisherSwiss Bankers Association (SBA), Basel

Concept, design and compositionRamstein Ehinger Associates AG

Branding and Corporate Identity

Printing

Reinhardt Druck Basel

Picture sourceKeystone, Getty Images, Corbis, Shutterstock

Copies of this report are available fromSwiss Bankers Association

Aeschenplatz 7

PO Box 4182

4002 Basel

Switzerland

T +41 61 295 93 93

F +41 61 272 53 82

[email protected]

www.swissbanking.org

This report is also published in German and French.

Imprint

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Swiss Bankers Association Aeschenplatz 7 PO Box 4182 4002 Basel SwitzerlandT +41 61 295 93 93F +41 61 272 53 82 [email protected] www.swissbanking.org

2009/2010 annual report - swissbankingshop.sba.ch/999949_e.pdf · the swiss bankers association ......

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