swiss banking_ annual report 2012

7/22/2019 Swiss Banking_ Annual Report 2012

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Annual Report2011/2012

SwissBanking


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2 AnnualReport2011/2012 SwissBanking

Contents

ChairmansForeword

Reportsromthe

Commissions

AreasoResponsibility

withintheOfce

AssociationBusiness

Accounts

Organsothe

SwissBankersAssociation

BankInstitutions

UtilityInrastructure

Providers,Associations

andFederations

TheSwissBankers

Association

4

36

44

48

50

58

62

70

78

100yearso

SwissBanking

30

Lookingtothenext100yearswithcon-

dencemore...

Sustainability 20

Approachingatrilemmamore...

Banking

regulation

8

Dynamism in capital adequacy and

liquiditymore...

E-Mailcontact

Blog

Shadow

banks

26

Underthewatchuleyeotheregula-

torsmore...

Cleanmoney

strategy

14

How banks are aiming to ensure tax

compliancemore...


3/41

4 AnnualReport2011/2012

Chairmans Foreword

PatrickOdier

the works taking place in the Swiss

nancialcentre.

Tax agreements into extra time

Astoughasthenegotiationsonthetax

agreement betweenSwitzerland andGermanywere,theprocessopolitical

approvalhasbeenevenmoredrawn-

out.Thepoliticaldebateisparticularly

heatedinGermany.Also,anadditional

protocolmodiyingthetaxagreement

withthiscountryhasbeensigned.The

adjustmentshavenotaectedthemain

provisionsotheagreement,however,

sowewereabletogivethemourull

backing.TheagreementswiththeUK

andAustriawerelesspoliticallycontro-

versialandhavebeenratied.InJune

2012,theSwissParliamentalsogaveits

approval to all three agreements.

Directly ater that, a reerendumwas

calledbygroupsontheletandrightothe political spectrum. We are con-

vinced,however,thatSwissvoterswill

notbemisledandwillrecognisethat

thetaxagreementsarenotjustinthe

interestobankingcustomers,thecoun-

triessigningtheagreementsandthe

banks,butaboveallarebenecialor

Switzerland, the Swiss economy and

theSwissworkorce.Butitisnotjustin

our country that political orces are

DearReader

Inthisspecialcentenary

yearortheSwissBankers

Association,thereisnodoubtthatour

nancial centre has rarely aced so

manychallenges.Thesituationreminds

meoamotorwaywithroadworksevery-

where:nosoonerisonenishedthan

anotherbegins. Sometimesthey are

mileslonganditisdifculttoseewhat

progressisbeingmade.Inotherplaces

drivingisdifcultanddangerous,and

theroutecanchangeovernight.And

yet:itsgoingahead.Itiseasiertodrive

onthenewroadandjourneysarecom-

pletedmorequicklyandsaely.Itisthe

sameorus.Letstakeaquicktouro



4/41


resortingtoallthedemocraticmeans

available,evenattheriskoailure.In

Germany too, the ederal states gov-

ernedbyoppositionparties,whichrep-

resentamajority,aretryingtousethe

tax agreement as an electoral issue,

otenusingaggressiverhetoric.Iremain

optimistic,however.Towardstheendo

thisyear,therewillbeahistoricoppor-

tunitytoendthesedecade-oldroad-

worksonceandorall,andtodriveon

new,improvedroadsinuture.Ihope

all those involved can achieve this,

becauseitisclearthattochangecourse

wouldnotbepossibleorsustainable.

Weneedtocompletetheworkwehave

started,andbuildaroadthatistor

theuture.

US cross-border and FATCA issue

major steps towards our goalAnotherexampleolengthyroadworks,

which in thiscasehave alsobecome

highly dangerous due to oncoming

trafc,isthecross-borderissuewiththe

US, which unortunately escalated

againlastyearollowingtheindictment

oWegelinbank.Switzerlandhasmade

anumberoconcessionstotheUSin

thepast ewmonths, orexampleas

regards questions o administrative

assistance.Particularlyworthmention-

ingaretheadditionstothedoubletax-

ationagreement,whichpermitgroup

enquiriesbasedonbehaviouralcriteria.

TheUSnowneeds to showthat it is

interestedinndingamutuallysatisac-

torysolutionto thenegotiations. For

banksinSwitzerland,themainconcern

isstilltondanalsolutionthatcovers

theentirenancialcentre.Oneimpor-

tantpartotheseroadworkswillsoon

becompleted.TheBankersAssociation

was one othe rst organisations to

highlightthemajorproblemsinvolved

intheimplementationoFATCA,soit

isahighlypositivedevelopmentthat

Switzerland (andJapan)wereable to

enterintonegotiationswiththeUS.This

meansthatamoresensibleormo

implementation orFATCAis likelyto

beound.UnliketheagreementswithveEuropean countries, thissolution

alsotsbetterwithourlegalsystem.

Regulation better coordination

needed

Asregardsthisthirdexampleoroad-

works,Iwouldliketoreertothearticle

onpage8,whichexplainsalltheregu-

lationsintheareaocapitaladequacy.

Eective, reasonable regulation is

importantortheSwissnancialcen-

tre. For this reason, we have always

takenaveryconstructiveapproachto

newregulationproposals.Butwehave

also hadnumerous discussions with

our regulators in which we have

emphasised Switzerlands particulari-

ties,advocatedalevelplayingeldand

in particular highlighted theharmul

eectso(toomuch)regulation.Over

thepastyear,manybankershavetold

mehowimportantitisorthebanking

industry,theauthoritiesandpoliticians

topulltogetherinthesedifculttimes.

Thesame goesor roadworks: inorder

tomakeprogress,everyoneneedsto

work together, agree on a common

approachandcoordinatetheproject.

Weneedtoworkhardertoachievethis

intheSwissnancialcentre,asthisis

theonlywayinwhichwewillbeableto improve our competitiveness. A

common marketing approach is an

essentialelementothis,andweneed

to be more pro-active in driving it

orward.

It is our mission, our task and our

responsibilitytoensurethatourindus-

trycontinuestoullitsroleasakey

partner in the development o our

economyandouremploymentmarket

withtheocusonourclientsinterests.

Despiteallthechallengesacingus,my

conclusionisapositiveone.Thepast

nancialyearhasshownthatpersever-

ance,persuasivenessandinventiveness

arekeytoachievingsuccess.

Iwouldliketothankalloyouwhohave

workedonthevariousprojectsIhave

describedinthisarticle:yourcontribu-

tionswillbeneteveryone.Thisincludes

themembersoourcommissionsand

workinggroups,andocourse,allmem-

bers ostaat the Ofce, who have

showntremendousdedicationin this

centenaryyearundertheleadershipo

Claude-AlainMargelisch.

PatrickOdier,Chairman


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Banking regulation

Dynamismincapitaladequacyandliquidity

Insomeways,itmightseemtemptingtoblameanaeroplanecrashongravity,becauseinthemostbasicsensethisdiagnosiswillalwaysbecorrect.Butwhatanexplanationothiskindcannotdo,o course,is explainwhy aeroplanesusuallystayin the air.Methodicaldisciplineisalsoneededwhenanalysingthecauseso

theinancialcrisisthemostobviousexplanationsarenotalwaysthebestones.Inparticular,moresubtleinterpretationscanleadtobetteranswers,andthisalsoappliestobankingregulationorthepurposesoincreasingsystemstability.Markus Staub HeadoBankingPolicyandBankingRegulation


6/41


Thepastewmonthshave

been characterised by

bothintriguingandalarm-

ingregulatorydynamism.

Notonlyhavenumerouscomplexreg-

ulationprojectsbeenpushedorward

andapproved,butthespeedatwhich

regulationsarebeingtightenedand

the interdependence o dierent

projectshavealsoincreasedconsider-

ably.Belowwewilllookatourcurrent

examplesoregulatoryrequirements

governing capital adequacy and

liquidity.

Basel III

Firstly, on 1 June 2012, the Federal

Councilapprovedtherevisionothe

CapitalAdequacyOrdinance(CAO),as

partoSwitzerlandsimplementation

oBaselIII.Followingonromthis,theSwiss Financial Market Supervisory

Authority(FINMA)issuedseveralnew

and revisedcirculars.This hadbeen

precededbymanymonthsoprepa-

rationsbythenationalworkinggroup

chargedwithimplementingBaselIII,

whichourAssociationwasalsoheavily

involvedin.TheresultisthatBaselIII

willenterintoorceinSwitzerlandat

thebeginningo2013,ontimeandin

line with the recommendations o

the Basel Committee on Banking

Supervision, asthe successormodel

toBaselII.Inadditiontostricterdei-

nitions o regulatory capital and its

components, Basel III also imposes

considerablytougherrequirementsas

regardsbankscapitaladequacy.How-

ever, the introduction o a leverage

ratio,inthesenseoanadditionalcap-

ital adequacy requirement without

risk weighting, is still subject to a

period o observation, and theinal

recommendationsotheBaselCom-

mitteeasregardsliquidityarealsostill

outstanding.In Switzerland, anothernational working group under the

aegis o FINMA has already begun

the necessary preparations. Existing

liquidityregulationissettobeunda-

mentally restructuredover the next

ewyearswiththeplannedintroduc-

tionotwonewkeyindicators:ashort-

term liquidity coverage ratio (LCR)

anda long-termnetstableunding

ratio(NSFR).

Anticyclical capital bufer

The second example o the current

drive or increased regulation ando

reormsconnectedwithBaselIIIisthe

introduction o an anticyclicalcapital

buer.Thisinstrument,whichtakesthe

ormoanadditionalbutonlytempo-

rarilyapplicablecapitalrequirement,is

intendedtostrengthentheresistance

othebankingsystemandhelpslow

down excessive credit growth when

thisoccurs.Theabove-mentionedrevi-

sion o the Federal Councils Capital

AdequacyOrdinancelaidtheounda-

tionsorthisnewtypeoinstrument,

whichistobeactivatedattherequest

o the Swiss National Bank (SNB),

althoughthedecisiontoactivateitwill

betakenbytheFederalCouncilitsel.

The anticyclical buer is a prominent

exampleoa macroprudential instru-

ment,inthatitwillbeapplieddirectly

tostabilisethebankingsystemandthe

economy.Itremainstobeseenwhen

andonwhatscalethenewbuerwill

beusedinuture.

Too big to ail

ThethirdexampleisocoursetheSwiss

Toobigtoail(TBTF)packageomeas-

ures, whichis related tocapitalade-

quacyandliquidityregulationandalso

hasspecicrelevanceortheyearunder

review.Thispackagecontainsspecic

regulatoryrequirementsorinstitutions

with systemic importance. The Swissparliament dened theguiding prin-

ciplesintermsotheBankingActinits

autumnsessiono2011,andthecom-

ponentsothepackagerelatingtothe

Banking Ordinance and the Capital

AdequacyOrdinancehavebeenesh-

ed out over the past ew months.

Exceptionally, the Swiss parliament

retainedtherightoco-determination

orvariouscentralaspectsothepack-

The speed and interdependenceof regulatory projects have in-creased considerably.


7/41


age,so statutoryimplementationwill

also be dealt with by parliament. In

addition to its capital adequacy and

liquidity-relatedcomponents,theTBTF

package also contains requirements

relatedtoriskdistribution(reductiono

riskclusters)andorganisation(contin-

gencyplanning).Finalimplementation

at statutory level is expectedto take

placeintheautumnsessiono2012.

Real estate and mortgages

Fourthlyandnally,variousregulatory

changes specically aect the real

estate andmortgagemarket,where

overheat ing tendencies can be

observed in particular geographical

regions(hotspots).Aewmonthsago,

wethoroughlyrevisedourguidelines

or mortgage business (guidelines

governingtheexamination,valuationand treatment o mortgage-backed

loans). Our Association alsoworked

togetherwiththeFederalDepartment

o Finance and FINMA to submit a

counter-proposaltothetighteningo

risk weightings or mortgages that

wasoriginallyplannedbytheederal

government.Thecorrespondingsel-

regulationmeasures(guidelinesrelat-

ing to minimum requirements or

mortgageinancing)wererecognised

byFINMAattheendoMay2012as

theminimumstandardundersupervis-

ory law and enteredinto orce on

1 July 2012.The banking sector is

thereoreplayingamajorroleinstabil-

isingtherealestatemarket.

Careul navigation is vital

Ocourse,theSBAhasgivenintensive

supporttoalldratedprojects.Overall,

wesupportthesemeasuresintheircur-

rentorm,whichinsomecaseshasbeensubstantially modiied. Our detailed

responsetotheourproposalsdescribed

waspublishedon16January2012and

canbeoundonourwebsite.

Topickuptheaeroplaneanalogyagain,

a sober analysiso thenancialcrisis

pointstoonecentrallessonaboveall:

therecognitionthatasystemmadeup

o stable banks does not necessarily

equate to a stable banking system.

Thereis aneconomically justiedrole

or targeted macroprudential regula-

torymeasurestoincreasethestability

othenancialsystemasawhole.How-

ever,itisequallyimportantthatregula-

torychangesareappliedinatargeted

waytoidentiedareasoweaknessand

implementedonaproportionatescale.

Inviewotheratonewregulations

thathavenowbeenagreed,itwillbe

vitalinuturetopaycloseattentionto

internationaldevelopmentsandimpli-

cationsortherealeconomy,sothatwe

do not end up inadvertently ying

blind ater themeasures have beenintroduced.

Weshouldalsonotorgetthatstability

oten results rom movement and

momentum,asintheprincipleoaero-

dynamic lit inthe case othe aero-

plane,orwhenridingabike,whereitis

only the stabilisingcentriugal orces

producedbyorwardmotionthatpre-

ventthebikeromtippingovertoone

side.Likewise,intherealityothenan-

cialmarkets, regulatory requirements

must not impede themomentumo

market development and innovation,

butrathercontributetotheappealand

competitivenessoournancialsector.

Macroprudential regulationshould increase the stability ofthe financial system as a whole.

[email protected]

MassnahmenimHypothekarbereich:GutbegrndeteZuversicht!(German)

EURO2012undBankenregulierung:GibtesParallelen?(German)

With the new self-regulationguidelines for mortgage busi-

ness the banking sector contrib-

utes distinctly to stabilising thereal estate market.
http://shop.sba.ch/999945_d.pdfhttp://shop.sba.ch/999945_d.pdfhttp://shop.sba.ch/999945_d.pdfhttp://shop.sba.ch/999945_d.pdfhttp://shop.sba.ch/999985_d.pdfhttp://shop.sba.ch/999985_d.pdfhttp://shop.sba.ch/999985_d.pdfhttp://www.swissbanking.org/en/medienmitteilung-20120116http://www.swissbanking.org/blog-detail.htm?id=59http://www.swissbanking.org/blog-detail.htm?id=59http://www.swissbanking.org/blog-detail.htm?id=66http://www.swissbanking.org/blog-detail.htm?id=66http://www.swissbanking.org/blog-detail.htm?id=66http://www.swissbanking.org/blog-detail.htm?id=59http://www.swissbanking.org/en/medienmitteilung-20120116http://shop.sba.ch/999985_d.pdfhttp://shop.sba.ch/999985_d.pdfhttp://shop.sba.ch/999945_d.pdf


8/41

14 AnnualReport2011/2012 SwissBankingAnnualReport2011/201214

Clean money strategy

Howbanksareaimingto

ensuretaxcompliance

Bankswillinutureaimtoacquireandmanagetaxedassets.Thingsweresetinmotionwiththeadoptionothestandardonadminis-trativeassistanceindoubletaxationmattersthatisincorporatedinArticle26otheOECDModelTaxConvention,andurtherprogressisnowbeingmadewiththeconclusionobilateralagreementsonthewithholdingtax.TherearealsoplanstoimplementtheFATF(FinancialActionTaskForce)requirementtoclassiytaxcrimesaspredicateoencesormoneylaundering,butwedonotyetknowwheretheseplanswilllead.Renate SchwobHeadoFinancialMarketSwitzerland


9/41


Everyoneistalkingaboutit,

anditsoundsgood,butno

one real ly knows what

c lean money s tr ategy

means.Itisanillchosenterm,how-

ever, its brevity and conciseness,

coupledwiththeactthateveryone

thinkstheyknowwhatitmeans,have

ensuredithasbecomeestablishedin

literatureandpractice.Inshort,clean

moneystrategymeansthatromnow

on,onlytaxedassetsaretobeman-

agedintheSwissinancialcentre.This

sounds simple and easy to under-

standonpaper,butthequestiono

how such a result can actually beachieved remains unanswered. The

oglitedalittleinFebruarythisyear,

when the Federal Department o

Finance(FDF)publishedadiscussion

paperonastrategyoratax-compli-

antandcompetitiveinancialcentre

which is the actual ly cor rect

descriptionothecleanmoneystrat-

egy.TheSBAseesvariouselements

orelevanceinit.

Withholding tax model

Therst purposeo thisstrategy is to

dealwiththetax-relatedproblemso

thepast.Atthemoment,thisisbeing

achievedbymeansobilateralagree-

ments on a withholding tax, which

allowstaxpayerstobetaxedinaccord-

ancewiththeregulationsthatapplyin

their country o residence whilepre-

serving their anonymity. The agree-

mentsprovideorregularisationothe

untaxed assets that are already held

withbanksinSwitzerland,andguaran-

teesprotectionoaectedclientspri-

vacy.Theyalsoobligethebankstopay

anyuturetaxesdueonsuchassetsto

the Swiss FederalTax Administration.

Agreements have been signed with

Germany,theUKandAustria,andthe

Swissparliamentapprovedthemon15

June. These agreementsarethe onlyway in which the issue o untaxed

moneythatounditswayintoSwitzer-

landinthepastcanbeapproachedsys-

tematicallyandnotonacase-by-case

basis.Theproblemwillnotbesolvedby

theotencitedautomaticexchangeo

inormation,norbyclientssubmittinga

taxhonestydeclarationorsel-declar-

ation,which is a particularlypopular

ideaamongpoliticians.But thewith-

holdingtaxmodelmustalsolooktothe

utureandensurethatoreignclientsin

Switzerland are taxed in exactly the

sameway astheywould bein their

country o domicile, while still sae-

guardingtheirprivacy.Inthisway,the

interestsothecountryodomicilewill

bedulyprovidedor.TheSBAisthere-

oreverycriticalotheactthatgroups

on the let and right o the political

spectrumhavecalledorareerendum.

ANovotetothetaxagreementswould

harm Switzerlands interests and be

damagingtoitsnancialcentre.

International administrative

assistance in tax matters

Thesecondway inwhichthe strategy

otax-compliantassetsisbeingimple-

mented is by bringing international

administrativeassistanceindoubletax-

ation matters into line with global

standards(Article26otheOECDModel

TaxConvention).Theseinternationally

recognised s tandards are being

enshrined in double taxation agree-

mentsbetweenSwitzerlandandother

countries.ThismeansthatSwitzerland

hascommitteditseltoprovidingthe

relevantsignatorystateswithanyinor-

mationthatislikelytoberelevantor

enorcementotheirdomestictaxlaws,

whetherornotthishastodowithtax

oences.Theimplementationothese

agreementsissetoutinmoredetailed

termsinthenewlawonadministrative

assistanceintaxmatters.Theadoption

ointernationalstandardsinthedouble

taxationagreementsisorward-looking,

althoughthecircumstances towhich

thesemeasuresapplycouldalsobein

thepast.Thisstephasraisedtheques-

tiono whetherSwiss tax authorities

shouldcontinuetobereusedaccess

tobankclientdata,whichwouldmean

they werein a worse positionthantheiroreigncounterparts.Bywayoa

reminder,Swisslawmakesadistinction

betweentaxraudandtaxevasion.The

ormer is dealt with by the criminal

prosecutionauthorities,whoaregranted

accesstobankclientdatabytheSwiss

codeocriminalprocedure.Thelatteris

dealtwithbythetaxauthorities,who

have no power to take compulsory

measuresandthereorecannotaccess

From now on, only taxed assetsare to be managed in the Swissnancial centre.

Neither the automatic exchangeof information nor the tax hon-esty declaration for clients are asolution.


10/41


bankclient data. Thediscussions are

takingplaceagainstthebackdropoa

criminaltaxlawthatisbeingrevisedin

any case, and the outcome remains

uncertain.

Tax crimes in FATF standards

Thirdly, and nally, the clean money

strategy addresses the issue o how

banks can ensure that no untaxed

moneyisdepositedwiththeminuture.

The current agreementon the Swiss

bankscodeoconductwithregardto

the exercise o due diligence (CDB)

alreadyprohibitsactiveassistanceintax

evasionandtheightocapital.Banks

mustnotprovideanyassistancetotheir

clients in carrying out acts aimed at

deceivingSwissororeignauthorities,

particularlytaxauthorities,bymeanso

incomplete or otherwise misleading

attestations.However,thequestiono

controllinguntaxedmoneyisalsorele-

vantintermsotheFATFsdecisionin

Februarythisyeartodenetaxcrimes

aspredicateoencesormoneylaun-

dering. Thisdecisionposes problems

notonlyorSwitzerlandbutorother

FATFmembercountriesaswell.Under

Swisslaw,apredicateoenceormoneylaunderingmustbeclassedasaVerbre-

chen(crime),thatis,acriminaloence

punishable by a prison sentence o

more thanthreeyears. However, cur-

rentSwisstaxlegislationdoesnotpro-

videortaxoencesthatareclassied

as crimes, so it will be necessary to

deneataxoencewherethedegree

ounlawulnessresultsinitbeingclas-

siedasacrime.Theinterestingaspect

othisFATFrequirementisclearlythe

duty o the nancial intermediary to

discloseanywell-oundedsuspiciono

moneylaundering.Inuture,thisduty

todisclosewillalsoapplytotaxcrimes.

Expansion o due diligence

obligations?

TheFDFdiscussionpapermentionedat

thebeginningo this article debates

thepossibleexpansionotheduedili-

genceobligationsornancialservice

providerswithregardtoinvestigations

intotax honesty.Themain ideais to

introducean obligationor clients to

submitataxhonestydeclarationwhen

abusinessrelationshipis established.

Following on rom the measures to

combatmoneylaundering,thereisalso

talkorejectingbusinessrelationshipsi

therearesufcientgroundstosuspectthataclientdoesnotconducttheirtax

aairs honestly.The paper alsostates

thatacatalogueogroundsorsuspi-

cionwouldneedtobecompiled.The

FINMA Anti-Money Laundering Ordi-

nanceiscausingsomeuncertainty:in

thecaseotaxcrimes,thisOrdinance

wouldalsoapplytoassetsthatarethe

proceedsoacrime,andwhoseorigins

aretobeconcealed.Butuntaxedassets

arelegalmoneythatwillonlybecome

criminal assets i a tax oence that

comesunderthescopeotaxevasion

iscommitted.Itwouldbedesirableor

theFATForOECDtodevelopastandard

thatoersurtherhelptonancialinter-

mediaries.PerhapsSwitzerlandwillbe

abletoplayapioneeringroleinthis,as

ithasalreadydonewiththedevelop-

mentothe40FATFrecommendations,

which arebasedon theSwissagree-

mentonduediligence.

[email protected]

WeissgeldstrategieInhaltvorVerpackung(German)

It will be necessary to dene a tax

offence where the degree ofunlawfulness results in it beingclassied as a crime.
http://www.swissbanking.org/blog-detail.htm?id=26http://www.swissbanking.org/blog-detail.htm?id=26http://www.swissbanking.org/blog-detail.htm?id=26


11/41


Sustainability

Approachingatrilemma

Whatissustainability?Inthisageoclimatechangeandenergytran-

sition,ndingthecorrectresponsetothisquestionisanotincon-siderabletask.Whilethequestionisverystraightorward,thereisno

simpleanswer;itactuallygivesrisetoatrilemma.Stean Tobler StrategyDevelopment

SwissBanking


12/41


example, harmul emissions can be

reducedbyproducingandconsuming

less(sufciency).Butitiseasytoimag-

inethedifcultiesinimplementingsu-

ciencymeasuresinagrowth-oriented

globaleconomy,bothintermsoeco-

nomicsustainabilityandromapoliti-

calperspective.

Theemphasisisthereoreonefciency

measures,thedevelopmentotechnol-

ogiesandprocessestoexploitrenew-

ableenergysourcesandultimatelytheir

systematicapplication.Itishighlylikely,

however,that environmental restruc-

turing based ongreen growth will

needtobenancedandinsomecases

willlead toconsiderable increasesin

energypricesovertheshorttomedium

term.WhileSwitzerland, beinga rich

nation,couldundoubtedlyaordthese

increases,theywould,wereitpossible

toimplementsuchmeasuresglobally

(aswouldideallyneedtobethecase),

resultinsocialdisadvantageindevel-

oping and emerging markets and

among the less well-o sections o

industrialised societies. So does this

takeusbacktothemaximormulatedbyMiltonFriedmanattheendothe

1960s, namely that the only social

responsibilityobusinessistoincrease

itsprots?

Resolving the trilemma is the

challenge o the age

The notion that this kind o environ-

mentally-blindgrowthgivesrisetoa

situation calling or correctivemeas-

Ineverydaylanguageweusethe

termsustainable ina rangeo

waysandtomeanverydierent

things.Sustainabilityasapara-

digm has its origins in orestry and

reerstoamethodoorestmanage-

mentwherebytreeselledorcommer-

cialusageareallreplacedwithseed-

lings that grow naturally into new

maturetrees.Themostrequentlycited

modern denitionothe termis the

onecoinedintheBrundtlandReport

publishedbytheUNWorldCommis-

sion on Environment and Develop-

ment in 1987:Sustainable develop-

mentisthekindodevelopmentthat

meetstheneedsothepresentwith-

outcompromisingtheabilityouture

generationstomeettheirownneeds.

Environmental, social and eco-nomic sustainability three target

dimensions

Accordingtothisdenition,sustainable

development comprisesthree related

aspects.Firstly,developmentissustain-

ableiitisenvironmental,inotherwords

geared to protecting nature and the

environmentandhenceensuringcare-

uluseonaturalresources.Secondly,

developmentissustainableiitissocial,

inother wordsdesignedto allowall

memberso society toparticipate in

socialdevelopment.Andthirdly,devel-

opmentissustainableiitiseconomi-

cal,inotherwordsocusedonshaping

economicactivityinsuchawaythatit

oers a sound, long-term basis or

employment and prosperity. These

threeaspectscanbedescribedastar-

getdimensionsthatcanrapidlybecome

conicting andlead toa genuinetri-

lemma. Energy transition andclimate

changearetwogoodexamplesothis

problem.

Suciency, eciency, or what?Fromasocialperspective,anenviron-

mentallysoundplanetEarthisdesira-

ble.Thenaturaldisastersbroughtabout

byclimatechangecanleadtomassive

social and economic upheavals and

thusdestroythenaturalcornerstoneso

co-existenceorthelongterm.Arrest-

ingorevenbetterreversingthistrend

willcallortheenvironmentalrestruc-

turingotheeconomyandsociety.For

Suciency measures are dicultto implement in a growth-orien-ted economy, both in terms ofsustainability and from a politi-cal perspective.

Sustainability comprises threerelated aspects: environment,

social questions and economy.


13/41


Credit Suisse. But even that wasnt

enough.Togive thevastnumberso

constructionworkersrequiredor the

giganticinrastructureprojectsadegree

o security against the uncertainties

involved in their work, Escher also

oundedSchweizerischeRentenanstalt

(nowSwissLie).

Switzerlandwillnot preventclimate

change,butasarichnationitcouldhelp

promote close cooperation between

nance,businessand researchonthe

onehandandpoliticiansontheotherto

identiynewsolutionsthatcouldthen

beexportedtothosecountrieswhere

theyaregenuinelyneeded.Switzerland

possessesalltheprerequisitesordevel-

opinganewEschersystemorthe21st

century,andtheSwissnancialcentre

canplayakeyroleinensuringitssuc-cess.Switzerlandscourse orthe next

100yearsshouldbesettoday.

Moredetailedinormationontherole

othebankscanbeoundinajointposi-

tionpaperpublishedbyCredit Suisse

andWWF.

uresgearedaroundclimatechangeand

energytransition,asdescribedabove,

currently appears, rom an academic

perspectiveatleast,tobeanaccepted,

albeit widely disputed, hypothesis.

Resolvingthistrilemmawithoutresort-

ingtotheideaoaBiblicalapocalypse,

however,isthemajorchallengeoour

age.Reasonenough,too,ortheSwiss

nancialcentretoadoptasustainable

approachtosustainability.Whilewedo

notclaimtobeevenclosetondinga

solution to the trilemma, we should

take a brie look at areas where the

bankscanplayarole.Thequestionathand is how major inrastructure

projectsandahostosmall,decentral-

ised investments in thegreen econ-

omy are to be nanced. This goes

beyond thequestion o an attractive

WACCornetworkinvestors(ensuring

planning security) to new nancing

solutionsortheeed-inremuneration

atcostinstrumentandtheprovisiono

direct placement opportunities or

institutionalinvestorssuchaspension

undsandlimitedpartnershipsorthe

simplication o project bonds, or

examplethroughthecreationopub-

lic-privateriskdistributionmechanisms

(Europe2020ProjectBondInitiative).

An Escher system or the

21st century

Furthermore, and weremoving into

visionary territory here, thedevelop-

mento themodern Swisseconomy

was ounded on theEschersystem.

Theprominent19th-centurygurewas

almosttheperectembodimentothe

cooperationbetweennance,business

and research. Switzerlandneededto

renewitsinrastructureinordertocre-

ate the basis or broad-based social

prosperity,andthismeantconstruct-

ingarailwaynetworkthatwouldlinkthecountrywithitsimmediateneigh-

boursineverydirection.Astherewere

nobanksinSwitzerlandabletonance

aprojectothismagnitude,andSwit-

zerlanddidnotwanttobedependent

onoreign capital, Alred Escher, the

thenvice-chairmanotheFederalPoly-

technic Institute and President o the

National Council, ounded Schweizer-

ischeKreditanstalt,thebankthatisnow

[email protected]

Environmentally-blind growthcalls for corrective measures

geared around climate changeand energy transition.
https://infocus.credit-suisse.com/data/_product_documents/_articles/325711/Studie.pdfhttps://infocus.credit-suisse.com/data/_product_documents/_articles/325711/Studie.pdfhttps://infocus.credit-suisse.com/data/_product_documents/_articles/325711/Studie.pdf


14/41


Shadow banks

Underthewatchuleyeo

theregulators

Theshadowbanking sectorhasrecentlycomeunderintensescru-tinyromregulatorsateritwasheldpartiallyresponsibleinternatio-nallyorthe2007to2009nancialcrisis.Measuresarenowbeingtakentoreducetherisksinuture.Raphael Vannoni HeadoEconomicAnalysis

SwissBanking

regulators and authorities intend to

monitor and regulate this business

more closely in uture.TheG20have

tasked theFSB withcarryingoutthe

necessarypreliminaryworkandissuing

internationalguidelines.Themajorityo

thereormproposalsareexpectedto

bepublishedbysummer2012,andthe

G20islikelytoapprovetherecommen-

dationsinthelateautumno2012.

WorkinginparallelwiththeFSB,the

European Commission published a

GreenPaperwhichwasconsultedon

upto1June2012.Thisdocumentis,by

denition,ormulatedinrelativelyneu-

tralterms,butitisveryclearabouttheseriousnessotheproject.Inparticular,

itmovesawayromabstractacademic

conceptsandreerstospecictypeso

companiesandproducts.

Someassociatedregulationsarealready

being developed and introduced at

nationallevel.InEurope,orexample,

thereiscurrentlyaocusonincreasing

investorprotection,whileSwitzerlandis

It is widely recognised that

shadow banks ull important

economicunctions: theyresult

in liquid markets and improve

access tocredit inthe economy. For

example, the European Commissionbelievesthatinsituationswherebanks

arescalingbacktheirbalancesheets(a

process known as deleveraging),

shadowbanksstepintothebreachand

sustainthenancingotherealecon-

omy.Thereisnostandarddenitiono

theshadowbankingsector.TheFinan-

cial Stability Board(FSB) givesa very

broadone,namelythatthesectorcom-

prisescompaniesandactivitiesoutside

otheregulatedbankingsector.Creditcreation by means o maturity and

liquiditytransormation,leverageexpan-

sion(ascanbeenseeninthebanking

system), and a typically short-term

nancingstructureareallcharacteristic

attributesoshadowbanking.

What regulations are planned?

The shadowbanking sector covers a

widerangeo banking activities, and

Characteristic activities in the

shadow banking sector includecredit creation and leverageexpansion.

Shadow banks foster liquid mar-kets and improve access to creditin the economy.


15/41


cial system. As such, experts believe

thatshadowbankingtriggeredthestart

othecrisisandexacerbatedtheliquid-

itycrisis.

Work to be done

Authoritiesand industryare inagree-

mentthatactivitiesintheshadowbank-

ingsectorneedtobeassessedbeore

stricterregulationisintroduced,sothat

thetypeandscaleotheriskscanbe

better evaluated and addressed. I

stricterregulationis tobe imposed,

theremustbeaclearemphasisonacti-

vitiesandnot oninstitutionstoavoidcreating a new, unregulated shadow

bankingsector.

TheSBAiscurrentlyestablishingitsposi-

tion on shadow banking. A working

groupotheEuropeanBankingFedera-

tion,owhichtheSBAisamember,is

preparingitsresponsetotheEuropean

CommissionsGreenPaperonshadow

banks.Giventhecomplexityotheissue,

itis seen asparticularly important or

thebankingsectortoadoptacoherent

position.

preparingregulationsorindependent

assetmanagers.Thesupervisionothese

managersbyFINMAistobeintroduced

inconjunctionwithanewnancialser-

viceslaw(seealsotheFINMAposition

paperDistributionrules).Regulators

willthereorehavetoensurethataddi-

tionalrequirements orshadowbanks

arecloselyharmonisedwiththereorms

thathavealreadybeenlaunched.

What are the main reasons or

increased regulation?

Dependingonhow itis dened, the

shadow banking sector is relatively

large.AccordingtoFSBestimates,the

global shadow banking sector com-

priseshaloallbankingactivity.Iitis

broadlydened(orexample,toinclude

independent asset managers, PostFi-

nance, hedge unds, etc.), its signi-

cance orSwitzerlandis exceptionally

high,withanestimated30000individ-

ualsemployedinthesector.Inalllikeli-

hood,theFSBandEuropeanCommis-

sion will narrow the ocus to a ew

criticalactivitiesandintermediaries,so

thecircleoinstitutionsinSwitzerland

that will be directly aected by the

reormissignicantlysmaller.

Activitiesintheshadowbankingsectorareextremelycomplicatedandclosely

connectedwiththealreadyregulated

banking sector.Forexample, shadow

banksmakeadvancepaymentsorthe

bankingsectororsecureitsnancing

through the use o money market

unds.Thiscanmeanthatcertainprob-

lemsenterotherpartsothenancial

sector through the shadow banking

sectorandcauseinstabilityinthenan-

Planned requirements need to beharmonised with reforms thathave already been launched.

Blind regulation is of little merit.Creating transparency aboutactivities in the shadow bankingsector should help.

[email protected]

SchattenbankenzukntiganderKandare(German)
http://www.finma.ch/e/finma/publikationen/Documents/pos-vertriebsregeln-20120224-e.pdfhttp://www.finma.ch/e/finma/publikationen/Documents/pos-vertriebsregeln-20120224-e.pdfhttp://www.swissbanking.org/blog-detail.htm?id=48http://www.swissbanking.org/blog-detail.htm?id=48http://www.swissbanking.org/blog-detail.htm?id=48http://www.finma.ch/e/finma/publikationen/Documents/pos-vertriebsregeln-20120224-e.pdf


16/41


100 years of SwissBanking

Lookingtothenext

100yearswithconidence

Thepastmustbeaspringboard,notasoa,saidormerBritishPrimeMinisterHaroldMacmillan.AndthisistheattitudethattheSwissBankersAssociation is taking to its centenary in 2012: ready orchangeandlookingtotheuture.Jean-Marc FelixHeadoStrategicProjects



17/41


There have been banks in

Switzerlandsincethe16th

century,andanassociation

representingtheirinterests

wascreated100yearsago.TheVereini-

gung von Vertretern des schweizeri-

schenBankengewerbes(Associationor

representatives o the Swiss banking

industry)wasestablishedon16Novem-

ber1912,when316membersandrep-

resentativeso159nancialinstitutions

gatheredortheoundationmeetingin

Basel.In1919theorganisationchanged

itsname to Schweizerische Bankier-

vereinigung(SwissBankersAssociation,

SBA).By the time itreachedits 50th

anniversaryin1962,itcomprised322

institutionaland1087individualmem-

bers,comparedwitharound350insti-

tutionsandalmost18000 individual

membersin2012.Thisshowsclearly

how the industry, its representative

bodyandtheresponsibilitiesothat

bodyhavegrown.

This centenary year is not a time or

lookingback,however,sowewilljust

provideaewhighlightsotheorgani-

sationshistory,startingwiththeperiod

atertheFirstWorldWar.Oneimportant

area o activity wasprotecting Swiss

assetsintheEuropeancountriesthat

hadbeen atwar.Therewasa similar

situationatertheSecondWorldWar,

whenthenationalisationoSwissor-

eigncapitalwasoneotheSBAsmajor

tasksormanyyears.Theocuswason

compensation and the restorationo

propertyrights.

Lobbying rom the beginning

The1930ssaw theintroduction othe

FederalActonBanksandSavingsBanks,

whichenshrinedinlawtheprincipleo

bank-client condentiality and estab-

lished a basis or theactivitieso theEidgenssische Bankenkommission

(SwissFederalBankingCommission).The

SBAcloselyaccompaniedthepolitical

processalreadyatthistime,anditwould

laterdothesameorotherimportant

legislation relating to areas such as

insidertrading,thecombatingomoney

laundering and the stock exchange

regulation.Italsoledthewayasregards

sel-regulation, or example with its

portoliomanagementguidelinesand

theagreementontheSwissbankscode

oconductwithregardtotheexercise

oduediligence, toname justtwo.As

banksbecameincreasinglyinternation-

allyocusedoverthecourseotime,the

SBAslobbyingactivitiesextendedmore

andmoretooreignmarkets.

Thesecondhalothe1990swasdomi-

natedbythedebatesurroundingdor-

mantassetsromtheSecondWorldWar.

Andatthestartothenewmillennium,

theSBAplayeditspartindeveloping

andimplementingreormsortackling

thenancialcrisis.Ataroundthesame

time,itbegantolobbyoratax-compli-

antnancialcentrestrategy.

Thank you and values

ButtheSBAdoesnotwanttoocusonitsel inthiscentenaryyear.Instead,it

wantsto reecton theorigins othe

banks and the traditional values that

havemadethenancialsectorstrong,

andtosaythankyou.Withthisinmind,

themottoothecentenarycelebrations

isthank you and values. By inter-

nationalstandards,Switzerlandcompares

extremelywell in termsoprosperity.

Manypeopleinthecountryhavecon-

tributedtothissuccess,andwillcontinue

todosointheuture.TheSBAwouldlike

totakethisopportunitytothankthese

individuals.Anumberoaspiringyoung

photographershave taken portraitso

100 people in their everyday working

environments or a volumeo photo-

graphsandanexhibition.Drawnrom

allagegroups,allregionsoSwitzerland

and thewhole gamut o proessions,

including or example an architect, a

chimneysweepandacivilservant,they

represent the Swiss population as a

wholeandareanimpressivereection

ooursociety.

Onourcentenarywebsite ,everyoneis

invitedtosaythankyou,whetheritis

totheirpartner,toSwitzerland,oreven

totheirpet.Video messagescan be

recordedinaDankomatandpublished

onFacebook.Thethankyouandvalues

ideahasalsobeenportrayedinashort

lm.Whileallthismayseemalittleout

ostepwith the usual activitieso a

The association was estab-

lished on 16 November 1912 asthe Vereinigung von Vertreterndes schweizerischen Bankenge-werbes.

In its centenary year, the Swiss

Bankers Association would liketo thank the people who havecontributed to prosperity in

Switzerland.
http://www.merci-danke-grazie.ch/en/home.htmhttp://www.facebook.com/MerciDankeGraziehttp://www.facebook.com/MerciDankeGraziehttp://www.merci-danke-grazie.ch/en/home.htm


18/41


bankersassociation,theaimistorein-

orcetrustandunderstanding.

These and the other activities being

pursuedarendingalargeraudience

thankstothediversenetworkocom-

municationchannelsusedbythemem-

berbanks,andaretakingthethank-you

messageouttothewholeworld.

Onemilestoneinthiscentenaryyearis

aninternationalconerenceinSwitzer-

land,towhichparticipantsandspeak-

ersromallovertheworldhavebeen

invited.EntitledSwissBankingGlobal,

itwilltakeplaceexactly100yearstothe

dayatertheoundingotheSBA.

Swiss core values shape the

nancial sector

Thenancialindustryhasreachedaturn-ingpoint,andnewanswersandstrate-

gies are needed. However, traditional

strengthsandvaluesmustnotbeorgot-

ten;valuessuchasstability,universality,

excellenceandresponsibility,whichhave

setSwitzerlandandournancialsector

apartromtheinternationalcompetition

ormorethan100years.Responsibilityis

particularlyimportantintodaysclimate.

Banks assumeresponsibilityona daily

basisresponsibilitytosociety,theenvi-

ronment,partnersromthepoliticaland

economicspheres,andocoursetheir

customers.The right o customers to

expectthehighestlevelsoqualityand

protectiono theirprivacy is,andwill

remain,ocentralimportance.

ItisthetaskotheSBAtopointtheway

totheuture,takingintoaccountthecur-

rentconditions.TheSBAs2015Financial

Centre Strategy indicates a course o

actionthatwillenablepreviouslyuntaxed

assetsinSwissbankstoberegularised

withawithholdingtax,withoutbreach-

ingcustomersprivacy.Newmoneyisto

betaxedexactlyasitisinthecountrieso

origin, andmarketaccesswill become

easier.Itis thereoreimportanttodrive

orwardgrowthareassuchasassetman-

agementandtoimprovethelegalrame-workonanongoingbasis.Thebanks

havetakenon the challenges othe

uture and are continuously shaping

theprocessochange.Theconditions

orasuccessulstarttothenext100years

are inplace, and theywill benet not

onlythenancialandbusinesssectors,

butalsoSwitzerlandasawhole.

KeydatesinthehistoryoftheSwissBankersAssociation

1910 16.11.1912FoundationmeetingotheVereinigungvonVertreterndesschweizerischenBankengewerbes

(AssociationorrepresentativesotheSwissbankingindustry)inBaselwithbankmanagers,board

members,partners,etc.asparticipants(316)

1919

NamechangedtoSchweizerischeBankiervereinigung(SwissBankersAssociation,SBA)

1930 1.3.1935FederalActonBanksandSavingsBanks(BankingAct)comesintoorce

1937

SBAopensuptodeputydirectorsandmembersoseniormanagement

1940 1946WashingtonAgreementregulatesrelationsbetweenSwitzerlandandtheAllies

1947

SBAopensuptoindividualbanks

1970 1977Chiassoaair involvingSchweizerischeKreditanstalt(CreditSuisse);

AgreementontheSwissbankscodeoconductwithregardtotheexerciseoduediligence(CDB)

1980 20.5.1984Clearrejection(73%)otheederalpopularinitiativeagainsttheabuseobank-clientcondentiality

andthepowerothebanks

1.7.1988

InsiderlegislationsetoutintheSwissPenalCode

1990 1993StitungSchweizerischerBankenombudsman(SwissBankingOmbudsmanFoundation)beginsitsactivities

1995

StartolitigationconcerningdormantassetsromtheSecondWorldWar

1.2.1997

StockExchangeActcomesintoorce

1.4.1998

Anti-MoneyLaunderingActcomesintoorce

12./13.8.1998

SwissBanksSettlement,amountingtoUSD1.25billion,bringsanendtotheHolocaustVictimAssetsLitigation

2000 2001SwissBankingisintroducedasabrandname

1.7.2005

AgreementonthetaxationosavingsincomewiththeEUcomesintoorce

1.1.2006

SwissFinanceInstitute(SFI) isestabl ished

2009

FinancialCentreStrategy2015islaunched

2012 C en te naryjean-m arc.eli x@sba. ch
http://shop.sba.ch/999962_e.pdfhttp://shop.sba.ch/999962_e.pdfhttp://shop.sba.ch/999962_e.pdf


19/41


Reports from the

Commissions

Theollowing sectionsummarisesthe mainbusiness dealtwithbythe SBAsvariouscommissions intheyearunder review.Amoredetailedreport,togetherwiththenamesoallmembersothecom-missions,isavailableinGermanandFrenchontheSwissBankersAssociationswebsitewww.swissbanking.org.

Commission or

Law and Compliance

TheCommissionor Lawand Compli -

ancemetivetimesintheyearunder

review, andone othesemeetings

wasdedicatedtorevisingtheduedili-

genceagreement(CDB).Otherissues

thatare stillbeing handledinclude

FINMAs distribution report and its

positionpaperondistributionrules.

The proposals o the super visor y

authority will eed into a inancial

serviceslaw,whichwillbebasedon

the revised European Markets in

Financia l Instruments Directive

(MiFID), while supervision o asset

managersisalsoplanned.Thecom-

mission also ocused on the bank

restructuringlaw, stockmarket and

taxoencesaspredicateoencesor

moneylaundering,issuesrelatingtocollectiveinvestmentandcartellaw,

thecleanmoneystrategyanddor-

mantassets,sel-regulationorport-

oliomanagementmandatesandor

structuredproducts,theSBAscoun-

try inormationprojectand current

legaldevelopmentsintheEU,theUS

andtheFATF.Finally,thecommission

approved two new SBA ramework

agreements: or exchange-traded

derivative (ETD) transactions and

securities lending and borrowing

(SLB).

DrFelixP.Graber,Managing

DirectorandSeniorLegalCounsel

totheGroupExecutiveBoard,

CreditSuisseGroupAG(Zurich)

Commission or

Financial Market Regulation

and Accounting

Thecommissi onoc used inpar ticular

ondevelopments relatingto capital

adequacyandliquidityregulation.For

example,itwascloselyinvolvedinor-

mulatingourresponsestoBaselIII,the

anticyclicalcapitalbuer,theToobig

toailpackageandtherevisionothe

FINMACircularCapitalbuerandcap-

italplanningin thebankingsector.The commission is also the soundi ng

board or thetwo nationalworking

groups under the aegis o FINMA

chargedwith implementingBaselIII

andrevisingliquidityrequirements.In

theareaoaccounting,thecommis-

sion analyses the development o

international standards ( IFRS, US

GAAP)andisrepresentedinthejoint

FINMAworkinggroupresponsibleor


20/41


revisingSwissaccountingregulations.

Otherareasoocusincludedaposi-

tionpaperonmacroprudentialregu-

lation,theongoingauditreorms,spe-

ciic issues related to netting, and

responsestoregulatoryprojectsintro-

ducedbyFINMAandtheSIXExchange

Regulation.

RalphOdermatt,SeniorAdvisor,

UBSAG(Zurich)

Commission or

Swiss Client Business

Inadditiontoitstasksrelatingtobusi-

nesswithprivate andcorporatecli-

ents, the commission ocused on

selected regulatory issues, particu-

larlyintheareaomortgagebusiness.

In view o certainoverheating ten-

denciesintherealestatemarket,thecommissioncomprehensivelyrevised

theguidelinesgoverningtheexami-

nation, valuation and treatment o

mortgage-backed loans and

respondedtotheFederalDepartment

oFinancesproposalsonriskweight-

ingwithacounter-proposalallowing

orsel-regulation.Italsogaveitssup-

porttopoliticalprojectssuchasthe

Bausparinitiative (housing savings

initiative)andvariousactivitiesrelated

totheintroductionotheregistered

mortgagenote.Maintainingrelations

withtherealeconomyisanotherkey

element o thecommissions activi-

ties,anditholdshigh-leveltalkswith

various associations and organisa-

tionsonanannualbasis.Thisdialogue

has become institutionalised and

proved its worthonceagainin the

year under review, particularly as

regards changes inthe levelo the

ranc.Withewexceptions,themem-

bersothecommissionalsoserveon

theboardothedepositorprotection

association.

DrPatrikGisel,DeputyChairofthe

ExecutiveBoard,RaiffeisenSwitzerland

(St.Gallen)

Commission or

Communications and

Public Aairs

Theinanci alcrisi sinEuropeandinte r-

nationaltaxdiscussionswerethemain

ocus in theyear under review. The

SBAwasactiveinissuingcommunica-

tionsoninancialsectorstrategyand

taxagreements,suchasan explana-

toryilmthatprovedverypopular.The

commission also maintained close

contactwithpoliticiansincurrentkey

countries.InSwitzerland,thepublic

aairs specialists continued their

intensive dialogue with politicians

and the SwissBanking Bi de Lt

seriesoevents,whichishelpingto

boost the regional ocus and pro-

motedialoguebetweentheinancial

andbusinessspheres.Thewell-estab-

lishedseriesoSwissBankingonair

events in high schools and Swiss

Bankers Club events or members

weresuccessullycontinued,with9

and 22 events respectively. There

wereanumberodevelopmentsasa

resultotechnologicalchanges:the

insightandinsightextrapublications

andthisyearsannualreportwereall

givenareshnewlookandromnow

onwillonlyappearinelectronicor-mat.TheSBAwebsitewasredesigned,

and the associations social media

presencewasexpanded.Tomarkits

centenary, the SBA is taking the

opportunitytosaythankyoutothe

Swiss population in an interactive

campaignthatisrunningthroughout

2012.

Claude-AlainMargelisch,

CEOoftheSBA(Basel)

Commission or Institutional

Asset Management (IAM)

Thecommissi onissuedit sresponse to

therevisionotheSwissFederalAct

on Collective Investment Schemes

(CISA).Therevision,whichocusesin

particularontheregulationoasset

managers o collective investment

schemes,custodianbanks,structured

productsandqualiiedinvestors,iso

vitalimportancetotheSwissinancial

centre.Thecommissionalsolookedat

theAlternativeInvestmentFundMan-

agementDirective(AIFMD).Thelevel2

measures,whicharecurrentlybeing

examinedbytheEuropeanUnionand

areintended todeine thedetail o

theDirective,willhaveanimpacton

third countries such as Switzerland.

The commission also issued its

responsetothedratreportreleasedbytheFederalSocialInsuranceOice

(FSIO) ontheutureooccupational

pensions, and decided to publish a

studyonsecondpillarassetmanage-

mentthatprovidescomparativeinor-

mationonthereturns,risksandcosts

opensionundinvestmentsinSwit-

zerland, the United Kingdom, the

Netherlands andthe US.Finally, the

expert group on Global Investment


21/41


PerormanceStandards (GIPS),work-

ingunder theaegiso thecommis-

sion,issuedastatementontherevi-

sion oGIPS2010. It also organised

various events designed to provide

inormationonGIPS.

AndreasSchlatter,GroupManaging

Director,UBSAG(Zurich)

Commission or Tax and

Finance Policy

The commission worked on a large

number o issues arising rom the

rapidpaceodevelopmentsininter-

national and domestic tax law. To

namejustaewothemoststriking

examples,thecommissiondevoteda

lotoitstimetothetaxagreements

concludedwithAustria,Germanyand

theUnitedKingdom.Itwasinvolvedindrawinguptheimplementingpro-

visionsandalsointhelegislativepro-

cessrelatingtotheSwissFederalAct

onInternationalWithholdingTax,and

issued a detailedpositionpaper on

the dratbill. Italsoworked onthe

impact and implementation o the

ForeignAccountTaxComplianceAct

(FATCA)andsubmittedaresponseto

theUS authorities. Finally, thecom-

missioncloselymonitoredtheparlia-

mentarydiscussionsonthetaxaspects

otheToobigtoailissue,inparticu-

larquestionsrelatingtotheabolition

ostampdutyandthewithholdingtax

exemptionorcontingentconvertible

bonds(CoCos).

FritzMller,ManagingDirector,

CreditSuisseAG(Zurich)

Commission or Security

The Commission or Security is an

advisoryspecialistandmanagement

bodyorallmattersrelatedtosecurity.

Intheyearunderreview,itdealtwith

issuesrelatingtophysicalandITsecu-

rity,businesscontinuitymanagement

(BCM) andeconomiccriminality. For

example,itocusedontheskimming

attackson ATMsand theassociatedstopskimmingcampaignlaunched

by the police (www.stop-skimming.

ch),andalsogaveitssupporttotwo

ederalprojects,Protectionocritical

inrastructuresandCybercrimestrat-

egy.TheBCMrecommendationswere

alsoupdatedintheyearunderreview.

Thecommi ssionalsomaintainsvalua-

blerelationshipswithnational(police,

governmentauthorities,Oiceothe

FederalProsecutorandFederalIntelli-

gence Service) and supranational

(committees o the European and

International Banking Federation)

organisations.

ChristophBeatZumstein,HeadofGroup

SecurityServices,UBSAG(Zurich)

Training Commission

Following the successul establish-

mentotheumbrellacommunication

or basic banking training, entitled

SwissBanking I Future, this was

developedintoatrainingportalor

thebanking sectorproviding inor-

mationonalllevelsoeducationand

training.TheSBAocusedintensively

onimplementingthenewcorecon-

tentotherevisedbasiccommercial

trainingorbanksandthebankentryprogramme or secondary school

graduates(BEP),whichwillbeintro-

ducedromsummer2012.Inthearea

oadvancedtraining,thecommission

ocused mainly on supporting the

HFBFstudyprogrammeandrevising

the ramework curriculum or the

HFBF.Intermsoinancialliteracy,it

setupawebsiteprovidingaguideto

general inancial education oered

online:www.money-ino.ch.Thecom-

missionwasalsoactiveinanumbero

otherareasin2011/12.Forexample,it

workedonbuildingupanetworko

representatives rom selected Euro-

peancountrieswithaviewtoexchang-

ing inormat ion and experience

regarding developments in areas o

relevance to banking and inance

training, and also looked at issues

relatingtotheaccreditationandcerti-

icationobankemployeesandtrain-

ingcourses.

DrJrgGutzwiller,Memberofthe

ExecutiveBoardofRBA-Holding

(Gmligen)

Commission or the

Saeguarding o Swiss Financial

AssetsThemainta skothi scommis sionisto

provideadviceonsecuritiesthatare

issuedbycompanies orby Swiss or

oreignpublic-sectorbodiesandman-

agedbySwissbanks,wherethereisa

riskodeault(suspensionointerest

paymentsorredemptiononmaturity,

requestsor debt conversionand/or

restructuring,etc.).Intheyearunder

review, the commission ocused in


22/41


particular on the restructuring o

Greek government bonds and the

possibleimpactothedebtcrisisin

EuropeonSwissassets.Italsomoni-

toreddevelopmentsconnectedwith

the liquidation o the three largest

banks in Iceland, Kaupthing, Lands-

bankiandGlitnir.

UrsBretscher,ManagingDirector,

UBSAG(Zurich)

Swiss Commission or

Financial Standardisation

The main area o ocus in payment

transactionsandsecuritiesprocessing

wasthe roadmaporthe ISO20022

standard. SIX Group appointed a

standardisation expert to the ISO

20022projectmanagementteam,and

thisindividualbecameamemberothe commission. Another key topic

wastheISO17442LegalEntityIdenti-

ier,whichwasdevelopedinconnec-

tionwiththecentralreportingoOTC

derivativetransactions.Thecommis-

sionranaworkshoponthistopic.With

reerencetoISOTC68,representatives

o the commission took part in 49

votes/standardreviewsortheinan-

cial sector. As regards the annual

SWIFTstandardsrelease,thecommis-

sionexaminedtheproposedamend-

mentsorthe2012standardsrelease,

tookpartinthemaintenanceworking

groupssetupbySWIFTandensured

Swissparticipationinthevotingpro-

cess.The commission also ran two

specialistconerenceswiththeSwiss

Financial Forum or Standards and

Operationsin2011onthesubjectso

undsandsecurities.Theannualpay-

ment transactions specialist coner-

encewasorganisedbySIXInterbank

Clearing.

PeterLorenz,ManagingDirector,

UBSAG(Zurich)

Commission or Economic

Policy

TheCommission or EconomicPolicywas the associations think tank or

economicissuesandissuesrelatedto

economicandregulatorypolicies.In

theyear under review, thecommis-

sionsworkincludedmanagingastudy

onthe uture outlook or the Swiss

bankingsector.Itwasalsoinvolvedin

awiderangeoconsultationsonposi-

tion papers relating to regulatory

issues, and in producing a working

paperontheshadowbankingsector,

about which relatively little is still

known. Atits meetingon 26March

2012,theCommitteeotheBoardo

DirectorsotheSBAdecidedtodis-

solve theCommissionor Economic

Policy,aspartotheannualcommis-

sionsreview.

CesareRavara,Director,

CreditSuisseAG(Zurich)


23/41


Areas of Responsibility

within the Office

Head Oce Basel

Aeschenplatz7

4052Basel

Postach4182

4002Basel

T+41612959395

F+41612725382

[email protected]

www.swissbanking.org

Berne Oce

Hotelgasse10

3011Bern

T+41313133777

F+41313133779

Zurich Oce

Limmatquai122

8001Zurich

T+41442669300

F+41442669301

Members o the Executive Committee

JakobSchaad ThomasSutter

Claude-AlainM argelisc h Lucas Metzger Renate Sc hwob

KunoHmisegger


24/41


Operations

LucasMetzger*

Logistics

BoardOfce&CEO SelmaMerdan

HumanResources UrsulaZhringerFinances ErnstBuess

I normatics MartialSchilliger

DB/Support PriskaLanz

Services ThomasKnell

Financial Market Switzerland

RenateSchwob*/Dep.MarkusStaub

BankingPolicy,BankingRegulation

MarkusStaub

FinancialMarketsLaw,Netting

ChristophWinzeler

Infrastructure,PaymentSystemsRenateSchwob*

RealEstateandConsumerIssues

AngelaKnuchel

Compliance,MoneyLaundering,

FATF,BankSecurity

PascalBaumgartner

CountryInformation

FionaHawkins

Financial Markets International

JakobSchaad*/Dep.UrsKapalle

Europe,InternationalLegalIssues,

AssetProtection

JakobSchaad

America-Asia,WTO-OECD-ICC

HeinrichSiegmann

InstitutionalAssetManagement

MireilleTissot

FederalFinance&TaxPolicy

UrsKapalle

TaxIssues

JeanBrunisholz

Communications

ThomasSutter*

Switzerland,Germany

ThomasSutter*

Europe

RebecaGarcia

Overseas,UKSindySchmiegelWerner

WebServices

AlexandraArni

Events

MarlenMelone

Public Afairs Switzerland

KunoHmisegger*/Dep.YvesWeidmann

PublicAairsMonitoring

YvesWeidmann

*MemberotheExecutiveCommittee

Strategic Development

Claude-AlainMargelisch*

Strategy

SteanTobler

Communications

Jean-MarcFelix

Training

SteanHomann

Economics

MartinHess

EconomicAnalysis

RaphaelVannoni

Training

MatthiasWirth

Advancedtraining

Marie-TheresLorenzon

EducationDevelopment

SteanHomann

Chie Executive Ocer

Claude-AlainMargelisch/Dep.JakobSchaad/Dep.RenateSchwob


25/41


Association Business

Board o Directors and Board

Committee

AttheGeneralAssemblyheldon6Sep-

tember2011,theollowingwereelected

totheBoardoDirectors:MrJoachimH.

Strhle,BankSarasin&CieAG(replacing

Mr Eduardo Leemann, Falcon Private

BankLtd.,whohadresignedromthe

Boardinthepreviousyear),andMrAlex-

andreZeller,HSBCPrivateBank(Suisse)

SA (replacing Mr MauriceMonbaron,

CrditAgricole(Suisse)SA,whohadalso

resignedromtheBoardintheprevious

year).Bothmembershadalreadybeenco-optedbytheBoardoDirectorsin

thepreviousbusinessyear,bywayocir-

cularresolution.Inthecurrentbusiness

year,Mr Peter Siegenthaler,VSKB, and

Raymond J. Br, Julius BrGroup AG,

haveresignedromtheBoardoDirec-

tors andits Committee. TheBoardo

Directorsalsotooknoteotheresigna-

tionoMrAlexandreZeller,HSBCPrivate

Bank(Suisse)SA.TheBoardoDirectors

co-optedProessorDrUrsMller,VSKB,

to succeed Mr Siegenthaler, and Mr

BorisF.J.Collardi,JuliusBrGroupAG,to

succeedMrBr,ontheBoardoDirec-

tors, and elected both to the Board

Committee.

Oce

On1May 2011,Caterina DeAngelis

beganworkingasanassistantinPublic

Aairs Switzerland in Berne. James

Nason,HeadoInternationalCommu-

nicationsormanyyears,lettheSBA

attheendoJune2011andwassuc-ceeded on 1 July 2011 by Sindy

SchmiegelWerner,HeadoCommuni-

cationsUK.At the same time,Cline

Freivogel took upher positionas an

assistantintheCommunicationsdepart-

mentandVanessaDubrawasappointed

tothenewlycreatedpostoresearch

assistantin FinancialMarkets Interna-

tional.JanickTagmann,HeadoPublic

AairsResearch,andBenjaminEberenz,

amemberothepostroom,lettheSBA

attheendoJuly2011.Since1October

2011,StephanieLorenzhasbeenwork-

ingasaresearchassistantinourFinan-

cial Markets Switzerland department.

NicoleKohlertookovertheresponsa-

bilitiesoCorinneMoser,communica-

tionsspecialist,aso1November2011.

DanielaStrohmeier,HeadoBasicTrain-

ing,letattheendoNovember2011.

ShewassucceededbyRomanTschopp,

whobeganworkon1January2012.On

1December2011,MartinStuckitook

overromJanickTagmanninthePublicAairs Switzerland department in

Berne. Atthe same time,Sanja Basic

beganworking asanassistant in the

FinancialMarketSwitzerlandteam,and

ThomasFglister joinedthepostroom

inFebruary2012.TaxspecialistJeanine

BlumerlettheSBAon31March2012.

AttheendoMay2012,EstherMsch-

ler entered a well-earned retirement

aterlongyearsodedication.InJune

2012,NathalieDalcher,Administration

andServices, andJanineDietler, Sta

Administration,lettheSBA.On1August

2012,AlainSchluepjoinedustopursue

the2ndyearohiscommercialappren-

ticeship(e-prole).

InJune2011theBoardoDirectorspro-

moted Selma Merdan to Associate

Director. Angela Knuchel and Sindy

SchmiegelWernerwere promotedto

thesamerankinJanuary2012.

AttheendoApril2012,theAssocia-tionsOfcehadapermanentstao

66,representing58ull-timeequivalent

positions,plusonesecondee.


26/41


Balance Sheet as of 31 December 2011

InCHF 2010 2011

Cashandcashequivalents 20381367 23266762

Accountsreceivable 1039594 924792

Accruedincomeandprepaidexpenses 29783 40844

Total current assets 21 450 744 24 232 398

Securitiesandnancialassets 12280751 9640000

Movablepropertyandequipment 1 1

Property 3700000 3700000

Total xed assets 15 980 752 13 340 001

Total Assets 37 431 496 37 572 399

InCHF 2010 2011

Accountspayable 1424711 1522191

Accruedexpensesanddeerredincome 935869 1121229

Special-purposeprovisions 24360400 24195500

Total liabilities 26 720 980 26 838 920

Associationcapital 6961000 6961000

Reserves 3749516 3772479

Total equity capital 10 710 516 10 733 479

Total Liabilities 37 431 496 37 572 399

Assets Liabilities


27/41


Income Statement 2011

InCHF 2010 2011

Membershipees 23437061 26591223

Financialincome 410351 418125

Incomemiscellaneous 6851517 2622835

Releaseoprovisions 1802600 152000

Total Income 32 501 529 29 784 183

InCHF 2010 2011

O perati ngand co mmi ss io nexpens es 17 0 82113 1 383426 3

Personnelexpenses 11407751 11719738

Generalandadministrativeexpenses 2742392 2558831

Depreciat ion, amort isat ion and provisions 1153750 1130001

Interestexpenses 250 325399

Taxexpenses 201118 192988

Total Expenses 32 587 374 29 761 220

Surplus 85 845 22 963

InCHF 2010 2011

Utilisationoreserves 85845 0

Allocationtoreserves 0 22963

Surplus 85 845 22 963

Income Appropriation o Surplus

Expenses

Notes to the Financial Statements 2011

InCHF 2010 2011

Fireinsurancevaluesoftangiblexedassets

Movablepropertyandequipment 2920000 2920000

Property 18306240 18611712

Fairvaluesofsecuritiesandnancialassets 13854267 10989569

Pledgesinfavourofthirdparties

Pledgedsecurities 600000 600000


28/41


Report of the Statutory Auditors

on the Financial Statements

TotheGeneralAssemblyothemembersotheSwissBankersAsso-ciation(SwissBanking),Basel

Asstatutoryauditorswehaveaudited

theinancialstatementsotheSwiss

Bankers Association (SwissBanking;

seepages50to53),whichcomprise

thebalancesheet,incomestatement

and notes, or the year ended 31

December2011.

Board o Directors

responsibility

The BoardoDirectors is responsible

orthepreparationandairpresenta-

tion o the inancial statements in

accordancewithSwisslaw(Art.957.otheSwissCodeoObligations)and

theAssociationsArticlesoIncorpora-

t ion. This responsibil ity includes

designing, implementing andmain-

taining an internal control system

suitedtothepreparationandairpres-

entationoinancialstatementsthat

arereerommaterialmisstatement,

whether due to raud or error. The

BoardoDirectorsisalsoresponsible

orselectingandapplyingappropriate

accounting policies and making

accountingestimatesthatarereason-

ableinthecircumstances.

Auditors responsibility

Our responsibility is to express an

opinion on theinancialstatements

basedonouraudit.Weconductedour

audit in accordance with Swiss law

andSwissauditingstandards,which

requirethatweplanandperormthe

audittoobtainreasonableassurance

aboutwhetherthenancialstatementsarereerommaterialmisstatement.

Anauditappliesprocedurestoobtain

audit evidence about the amounts

andotherdisclosuresintheinancial

statements.Theproceduresselected

dependontheauditorsjudgement,

whichincludesanassessmentothe

risksomaterialmisstatementothe

inancialstatements,whetherdueto


29/41


raud or error. In making these risk

assessments,theauditorconsidersthe

internalcontrolsystem,totheextent

thatitisrelevanttothepreparation

andairpresentationotheinancial

statements,in order todesignaudit

proceduresthatareappropriateinthe

circumstances, but not or the pur-

poseoexpressinganopiniononthe

eectiveness o the internal control

system.Anauditalsoincludesanevalu-

ation o the appropriateness o the

accountingpoliciesusedandtherea-

sonablenessoaccountingestimatesmade,aswellasanevaluationothe

overall presentation o the inancial

statements.Webelievethattheaudit

evidencewehave obtainedis sui-

cient and appropriate to provide a

basisorourauditopinion.

Opinion

In our opinion, the inancial state-

mentsortheyearended31Decem-

ber2011complywithSwisslaw(Art.

957 .o the SwissCode oObliga-

tions)andtheAssociationsArticleso

Incorporation.

Report on other legal

requirements

We conirmthatwemeet the legal

requirements concerning licensing

(AuditSupervisionAct)andindepend-

ence(Art.69botheSwissCivilCode

in conjunctionwith Art. 728 othe

Swiss Code oObligations)and that

therearenocircumstancesincompat-iblewithourindependence.

In accordance with Art. 69b o the

SwissCivilCodein conjunctionwith

Art.728apara.1point3otheSwiss

CodeoObligationsandSwissAudit-

ingStandard890,weconirmthatan

internalcontrolsystem existswhich

hasbeendesignedorthepreparation

otheinancialstatementsaccording

to the instructions o the Board o

Directors.

We recommend that the inancial

statements submitted to you be

approved.

Basel,14May2012

Ernst&YoungLtd.

Thomas Schneid er

LicensedAuditor(inchargeoaudit)

SteanLutz

LicensedAuditor


30/41


Chairmen since the year o oundation

19121917 FriedrichFrey,Basel

19171927 Drh.c.AlredSarasin,Basel

19271946 RobertLaRoche,Basel

19461950 BernhardSarasin,Basel

19501965 DrCharlesdeLos,Geneva

19651986 AlredE.Sarasin,Basel

19861992 DrClaudedeSaussure,Geneva

19922003 DrGeorgF.Krayer,Basel

20032009 PierreG.Mirabaud,Geneva

Since2009 PatrickOdier,Geneva

Governing Board

PatrickOdier*

Chairman,SeniorPartner,LombardOdier&Cie,Geneva

DrUlrichKrner*

ViceChairman,MemberotheGroupExecutiveBoard,GroupChieOperatingOfcer

andCEOCorporateCenter,UBSAG,Zurich

WalterBerchtold*

Treasurer,MemberotheExecu tiveBoard,Credi tSuisseGrou pAGand

CreditSuisseAG,Zurich

Claude-AlainMargelisch*

DelegateotheGoverningBoardandCEO,SwissBankersAssociation,Basel

JeanBerthoud

ChairmanotheBoard,BanqueBonhte&CieSA,Neuchtel

ChristianR.Bidermann

Partner,Rahn&BodmerCo.,Zurich

BorisF.J.Collardi

CEO,BankJuliusBr&Co.Ltd.,Zurich

Organs of the

Swiss Bankers Association


31/41


Governing Board

BlaiseGoetschin

CEO,BanqueCantonaledeGenve,Geneva

DrAlfredoGysi*

PresidentotheBoardoDirectors,BSISA,Lugano

PascalKiener

CEO,BanqueCantonaleVaudoise,Lausanne

BernardKobler

CEO,LuzernerKantonalbankAG,Lucerne

Prof.DrUrsMller

Chairman,AssociationoSwissCantonalBanks,Basel

PaulNyeler*

ChairmanotheBoard(until13thJune2012),RBA-HoldingAG,Gmligen

NicolasPictet*

GeneralPartner,Pictet&Cie,Geneva

HerbertJ.Scheidt

ChairmanotheBoardoDirectors,BankVontobelAGandVontobelHoldingAG,Zurich

MartinScholl

CEO,ZrcherKantonalbank,Zurich

JoachimH.Strhle

CEO,BankSarasin&CieAG,Basel

DrPierinVincenz*

CEO,RaieisenGroup,St.Gallen

StephanWeigelt

CEO,acrevisBankAG,St.Gallen

Auditors

Ernst&YoungAG,Basel

*MemberotheCommitteeotheGoverningBoard


32/41


SecretaryoftheSupervisoryBoard

GeorgFriedli

Secretary,Attorney-at-Law,Bahnhoplatz5,3011Berne,POBox6233,3001Berne

RobertFiechter

DeputySecretary,Attorney-at-Law,4,avenuedeChampel,1206Geneva

InvestigatorsintotheDueDiligenceAgreement

DanieleCalvarese

Attorney-at-Law,viaNassa21,6901Lugano

DrMartinLscher

Attorney-at-Law,Seestrasse41,8002Zurich,POBox1878,8027Zurich

DidierdeMontmollin

Attorney-at-Law,rueBartholoni6,1204Geneva,POBox5210,1211Geneva11

DrBeatvonRechenberg

Attorney-at-Law,Dreiknigstrasse7,8002Zurich,POBox,8022Zurich

Supervisory Board or the Due Diligence Agreement

Prof.DrUlrichZimmerli

Chairman,ormerProessorattheUniversityoBerne,ormermemberothe

CounciloStates,Murib.Berne

DrPhilippeAmsler

Attorney-at-Law,Geneva,lecturerinBankingLaw,UniversityoAppliedSciences

WesternSwitzerland,Geneva,ormerlegalconsultantwithCreditSuisseand

LombardOdier&Cie,Choulex

Prof.PaoloBernasconi

FormerProessorattheUniversityoSt.Gallen,Attorney-at-lawandNotary,Lugano,

ormerPublicProsecutorinLugano

Prof.DrClaudeBourqui

VisitingProessorattheUniversityoLausanne,ormerProessoratthe

UniversityoSt.Gallen,ormerPartnerwithErnst&YoungAG,Commugny

Prof.DrHanspeterDietzi

FormerDeputyGeneralCounselUBSAG,ormerChairmanotheLegalCommission

otheSwissBankersAssociation,Binningen

Prof.DrDieterZobl

FormerProessoroPrivate,CommercialandBankingLawattheUniversityoZurich,

ormerHeadoLegalDepartmentwithZrcherKantonalbank,Rschlikon

Bank Institutions


33/41


OceoftheSwissBankingOmbudsman

HanspeterHni

BankingOmbudsman

Bahnhoplatz9,POBox1818,8021Zurich

T+4 143 266 14 14( 8.30 11.3 0am ) Germ an/E ngli sh

T+4 121 311 29 83( 8.30 11.3 0am ) French /It alia n

F+41432661415

www.bankingombudsman.ch

ChristianGuex

DeputyBankingOmbudsman

AndreaPellanda


RudolfSchenker


MartinTschan

Attorney-at-Law,DeputyBankingOmbudsman

StefanPeter

Head,ContactOfce

Swiss Banking Ombudsman Foundation

AnnemarieHuber-Hotz

Chairwoman,ormerFederalChancellor,Berne

PaulHasenfratz

ViceChairman,ormerCEOotheZrcherKantonalbank,Wallisellen

Prof.DrUlrichCavelti

ChairmanotheAdministrativeCourtocantonSt.Gallenandormeroccasional

FederalSupremeCourtJustice,St.Gallen

Prof.DrMarioGiovanoli

FormerProessorattheUniversityoLausanne,Arlesheim

MonikaWeberFormermemberotheCounciloStates,ormerPresidentotheKonsumentinnenorum

derdeutschenSchweiz,Zurich

FoundationAdministrator

PDDrChristophWinzeler

Attorney-at-Law,Basel

Auditors

Ernst&YoungAG,Basel


34/41


BrunelloPerucchi

ChairmanoGeneralManagement,BancaPopolarediSondrio(Suisse)SA,Lugano

PiusCh.Schwegler

ChairmanotheExecutiveBoard,RBA-HoldingAG,Gmligen

AlessandroSeralvo

ExecutiveVicePresident,CornrBancaSA,Lugano

ThomasM.Steinebrunner

Attorney-at-Law,Rahn&Bodmer,Thalwil

Oce o the Swiss Banks and Securities Dealers Deposit

Guarantee Association

PatrickLoeb

CEO

POBox4182,4002Basel

T+41612959 292,F+416 12725382

[email protected],www.einlagensicherung.ch

LucasMetzger

DeputyCEO

Swiss Banks and Securities Dealers Deposit Guarantee Association

Board

DrPatrikGisel

Chairman,DeputyCEO,RaieisenSwitzerland,St.Gallen

BarendFruithof

HeadCorporate&InstitutionalClients,MemberoPrivateBankingManagement

Committee,CreditSuisseAG,Zurich

DrHannesGlaus

Attorney-at-Law,President,SwissAssociationoIndependentSecuritiesDealers,Zurich

HeinzHofer

ManagingDirector,GEMoneyBank,Zurich

HeinzKunz

MemberotheExecutiveBoard,ZrcherKantonalbank,Zurich

LucasMetzger

MemberotheExecutiveBoard,SwissBankersAssociation,Basel

ChristineNovakovic

HeadCorporate&InstitutionalClients,WealthManagement&SwissBank,

GroupManagingDirector,UBSAG,Zurich


35/41


LucasMetzger

MemberotheExecutiveBoard,SwissBankersAssociation,Basel

GottliebPrack

HeadHumanResources,LGTBank(Schweiz)AG,Basel

ThomasSchenkel

ManagingDirector,Rahn&BodmerCo.,Zurich

PietroSoldini

ManagingDirector,BSISA,Lugano

AndreasZingg

HeadHumanResources,JuliusBrGruppeAG,Zurich

Oce o the AGV Banken (Swiss Bank Employers Association)

DrBalzStckelberger

ChieExecutiveDirector

Duourstrasse49,POBox4182,4002Basel

T+41612959 295,F+416 12729397

[email protected],www.agv-banken.ch

AGV Banken (Swiss Bank Employers Association)

Board

BarendFruithof

Chairman,ManagingDirector,CreditSuisseAG,Zurich

DrJrgGutzwiller

ViceChairman,MemberotheExecutiveBoardandHeadoSta,RBA-HoldingAG,

Gmligen

Jean-LucBesenon

MemberotheBoardoDirectors,BanqueCantonaleVaudoise,Lausanne

MichaelFederer

MemberotheBoardoDirectors,RaieisenSwitzerland,St.Gallen

RenHoppeler

MemberotheExecutiveBoard,ZrcherKantonalbank,Zurich

ChristophHuber

ManagingDirector,UBSAG,Zurich

ChristianG.Machate

HeadoHRPrivateBanking,CreditSuisseAG,Zurich


36/41


Utility Inrastructure Providers or the Swiss Banking Sector

SIXGroupAG

Ofce Selnaustrasse30,8001Zurich

T+41583992091,F+41584995455

www.six-group.com

Fieldsoactivity SIXSwissExchange

SIXSecuritiesServices

SIXPaymentServices

SIXFinancialInormation

Chairman Pro.DrPeterGomez

CEO DrUrsRegsegger

CenterforYoungProfessionalsinBanking(CYP)

Ofce Puls5,Giessereistrasse18,8005Zurich

T+41432225353,F+41432225354

[email protected],www.cyp.ch

HigherVocationalEducationinBanking&Finance(HFBF)

Ofce AKADHhereFachschuleBankingundFinanceAG

Jungholzstrasse43,8050Zurich

T+41443073247,F+41443073207

[email protected]

www.akad.ch/banking+nance

SwissFinanceInstitute

Ofce Walchestrasse9,8006Zurich

T+414425430 80,F+4144 2543085

[email protected],www.swissnanceinstitute.ch

SwissBankersPrepaidServicesAG

Ofce Kramgasse4,3506Grosshchstetten

T+413171011 11,F+4131 7101200

[email protected],www.swissbankers.ch

PfandbriefbankschweizerischerHypothekarinstituteAG

Ofce Nansenstrasse16,POBox6446,8050Zurich

T+414431544 55,F+4144 [email protected],www.pandbriebank.ch

PfandbriefzentralederschweizerischenKantonalbankenAG

Ofce Bahnhostrasse9,POBox,8050Zurich

T+414429227 78,F+4144 2923124

www.pandbriezentrale.ch

AdunoGruppe

Ofce Hagenholzstrasse56,8050ZurichOerlikon

T+415895860 00,F+4158 9586001

[email protected],www.aduno-gruppe.ch

Utility Infrastructure Providers,

Associations and Federations


37/41


Associations and Federations

AssociationofSwissCantonalBanks

Ofce Wallstrasse8,POBox,4002Basel

T+416120666 66,F+41612 066667

[email protected],www.kantonalbank.ch

Chairman Pro.DrUrsMller

CEO HanspeterHess

RBA-HoldingAG

Ofce Mattenstrasse8,3073Gmligen

T+413166044 44,F+41316 604455

[email protected],www.rba-holding.ch

Chairman PaulNyeler

CEO PiusCh.Schwegler

RaieisenGroup

Ofce Raieisenplatz4,9001St.Gallen

T+417122588 88,F+4171 2258251

www.raieisen.ch

Chairman Pro.DrJohannesRegg-Strm

CEO DrPierinVincenz

SwissAssociationofCreditBanksandFinancingTransactions

Ofce Uraniastrasse12,POBox3228,8021Zurich

T+414425043 40,F+4144 2504349

[email protected],www.vsk.org

Chairman HeinzHoerCEO DrRobertSimmen


38/41


AssociationofSwissCommercialandInvestmentBanks

Ofce Baarerstrasse12,6300Zug

T+414172915 35,F+41417 291536

[email protected],[email protected]

www.vhv-bcg.ch

Chairman RaymondJ.Br

Secretary-General DrBennoDegrandi,DrGeorgHess

AssociationofForeignBanksinSwitzerland

Ofce Usteristrasse23,8001Zurich

POBox1211,8021Zurich

T+414422440 70,F+41442 210029

[email protected],www.oreignbanks.ch

Chairman DrAlredoGysi

CEO DrMartinMaurer

SwissPrivateBankersAssociation

Ofce 12,rueduGnral-Duour,POBox5639,

1211Geneva11

T+412280708 04,F+4122 3201289

[email protected]

www.swissprivatebankers.com

Chairman NicolasPictet

CEO MichelY.Drobert


39/41


Swiss Associations

SwissFundsAssociationSFA

Ofce Duourstrasse49,POBox,4002Basel

T+416127898 00,F+41612 789808

[email protected],www.sa.ch

Chairman MartinThommen

CEO DrMatthusDenOtter

AssociationofSwissHoldingandFinanceCompanies

Ofce POBox4182,4002Basel

T+41612959393,F+41612725382

[email protected],www.holdingverband.ch

Ch ai rma n D rGe orgS tu ck y,o rme rNa ti ona lCo un cil lo r,B aa r

CEO ThomasW.Knell

AssociationfortheHistoryofFinance(SwitzerlandandthePrincipalityofLiechtenstein)

Ofce 8000Zurich

T+414433371 92,F+41443 339796

[email protected]

www.nanzgeschichte.ch

Chairman FritzJrg

ViceChairman DrUrsAlredMller

CEO DrJrgSpiller

International Associations

EuropeanBankingFederation(EBF)

Ofce 10,rueMontoyer,B-1000Bruxelles

T+322508371 1,F+32251 12328

[email protected],www.eb-be.eu

Chairman ChristianClausen

ChieExecutive GuidoRavoet

EFAMAEuropeanFundandAssetManagementAssociation

Ofce 47,rueMontoyer,B-1000Bruxelles

T+322513396 9,F+32251 32643

[email protected],www.eama.org

Chairman ClaudeKremer

ViceChairmen ChristianDargnat

MassimoTosato

M anag ing D ire cto r Pe ter D ePro t

InstituteofInternationalBankers(IIB)

Ofce 299,ParkAvenue,17thFloor,USA-NewYork,NY10171

T+121242116 11,F+12124 211119

[email protected],www.iib.org


40/41


The Swiss Bankers

Association

TheSwissBankers Association (SBA) is

theleadingorganisationo theSwiss

nancialcentreand

representstheinterestsothebanks

and securities dealers vis--vis the

authoritiesinSwitzerlandandabroad;

promotes Switzerlands image as a

nancial centre throughout the

world;

ostersopendialoguewithacritical

publicinSwitzerlandandworldwide;

developsthe systemosel-regula-

tioninconsultationwithregulatory

bodies;supportsthetrainingojuniorsta

and established executives in the

bankingindustry;

acilitatestheexchangeoinorma-

tionandknowledgebetweenbanks

andbankemployees;

coordinatesjointprojectsundertaken

bytheSwissbanks.

TheSBA wasounded in1912in Basel

andtodayhasamembershipoapprox-

imately 350 institutions and approxi-

mately18000individualmembers.The

AssociationsOfceemploysa stao

66.Atotalo11commissionsdealwith

keyissuesaectingtheindustry.Serv-

ingon these commissions arerepre-

sentativesovariousbankinggroupsas

well asspecialistsromthe SBA.The

SBAsmainobjectiveistosaeguardand

promotean optimal environment or

theSwissnancialservicesindustryat

homeandabroad.

PatrickOdier,SeniorPar