Annual Report - SwissBanking...2012/08/02 · 6 Annual Report 2011/2012 SwissBanking resorting to all the democratic means available, even at the risk of failure. In Germany too,

Annual Report2011/2012

SwissBanking

2 AnnualReport2011/2012 SwissBanking

Contents

Chairman’sForeword

ReportsfromtheCommissions

AreasofResponsibilitywithintheOffice

AssociationBusiness

Accounts

OrgansoftheSwissBankersAssociation

BankInstitutions

UtilityInfrastructureProviders,AssociationsandFederations

TheSwissBankersAssociation

4

36

44

48

50

58

62

70

78

100yearsofSwissBanking

30

Lookingtothenext100yearswithcon-fidencemore...

Sustainability 20Approachingatrilemmamore...

Bankingregulation

8

Dynamism in capital adequacy andliquiditymore...

E-Mailcontact

Blog

Shadowbanks

26

Underthewatchfuleyeoftheregula-torsmore...

“Cleanmoneystrategy”

14

How banks are aiming to ensure taxcompliancemore...

4 AnnualReport2011/2012

Chairman’s ForewordPatrickOdier

the works taking place in the Swissfinancialcentre.

Tax agreements – into extra timeAstoughasthenegotiationsonthetaxagreement between Switzerland andGermanywere,theprocessofpoliticalapprovalhasbeenevenmoredrawn-out.ThepoliticaldebateisparticularlyheatedinGermany.Also,anadditionalprotocolmodifyingthetaxagreementwiththiscountryhasbeensigned.Theadjustmentshavenotaffectedthemainprovisionsoftheagreement,however,sowewereabletogivethemourfullbacking.Theagreementswith theUK

andAustriawerelesspoliticallycontro-versialandhavebeenratified. InJune2012,theSwissParliamentalsogaveitsapproval to all three agreements.Directly after that, a referendum wascalledbygroupsontheleftandrightofthe political spectrum. We are con-vinced,however,thatSwissvoterswillnotbemisledandwill recognise thatthetaxagreementsarenotjust intheinterestofbankingcustomers,thecoun-tries signing the agreements and thebanks, but above all are beneficial forSwitzerland, the Swiss economy andtheSwissworkforce.Butitisnotjustinour country that political forces are

DearReaderIn thisspecialcentenaryyearfortheSwissBankers

Association,thereisnodoubtthatourfinancial centre has rarely faced somanychallenges.Thesituationremindsmeofamotorwaywithroadworksevery-where:nosoonerisonefinishedthan

another begins. Sometimes they aremileslonganditisdifficulttoseewhatprogressisbeingmade.Inotherplacesdrivingisdifficultanddangerous,andthe route can change overnight. Andyet:it’sgoingahead.Itiseasiertodriveonthenewroadandjourneysarecom-pletedmorequicklyandsafely.Itisthesame forus. Let’s takeaquick tourof



resortingtoall thedemocraticmeansavailable,evenat the riskof failure. InGermany too, the federal states gov-ernedbyoppositionparties,whichrep-resentamajority,aretryingtousethetax agreement as an electoral issue,oftenusingaggressiverhetoric.Iremainoptimistic,however.Towardstheendofthisyear,therewillbeahistoricoppor-tunity to end these decade-old road-worksonceandforall,andtodriveonnew, improvedroads infuture. Ihopeall those involved can achieve this,becauseitisclearthattochangecoursewould not be possible or sustainable.Weneedtocompletetheworkwehavestarted,andbuilda roadthat isfit forthefuture.

US cross-border and FATCA issue – major steps towards our goalAnotherexampleoflengthyroadworks,which in this case have also becomehighly dangerous due to oncomingtraffic,isthecross-borderissuewiththeUS, which unfortunately escalatedagainlastyearfollowingtheindictmentofWegelinbank.SwitzerlandhasmadeanumberofconcessionstotheUSinthe past few months, for example asregards questions of administrative

assistance.Particularlyworthmention-ingaretheadditionstothedoubletax-ationagreement,whichpermitgroupenquiriesbasedonbehaviouralcriteria.The US now needs to show that it isinterestedinfindingamutuallysatisfac-tory solution to the negotiations. ForbanksinSwitzerland,themainconcernisstilltofindafinalsolutionthatcoverstheentirefinancialcentre.Oneimpor-tantpartoftheseroadworkswillsoonbecompleted.TheBankersAssociationwas one of the first organisations tohighlightthemajorproblemsinvolvedin the implementationofFATCA, so itis a highly positive development thatSwitzerland (and Japan) were able toenterintonegotiationswiththeUS.Thismeans that a more sensible form ofimplementation for FATCA is likely tobefound.Unliketheagreementswithfive European countries, this solutionalsofitsbetterwithourlegalsystem.

Regulation – better coordination neededAsregardsthisthirdexampleofroad-works,Iwouldliketorefertothearticleonpage8,whichexplainsalltheregu-lationsintheareaofcapitaladequacy.Effective, reasonable regulation is

important fortheSwissfinancialcen-tre. For this reason, we have alwaystakenaveryconstructiveapproachtonewregulationproposals.Butwehavealso had numerous discussions withour regulators in which we haveemphasised Switzerland’s particulari-ties,advocatedalevelplayingfieldandin particular highlighted the harmfuleffectsof (toomuch)regulation.Overthepastyear,manybankershavetoldmehowimportantitisforthebankingindustry,theauthoritiesandpoliticianstopulltogetherinthesedifficulttimes.Thesamegoesforroadworks:inordertomakeprogress,everyoneneeds towork together, agree on a commonapproachandcoordinatetheproject.WeneedtoworkhardertoachievethisintheSwissfinancialcentre,asthis istheonlywayinwhichwewillbeableto improve our competitiveness. Acommon marketing approach is anessentialelementofthis,andweneedto be more pro-active in driving itforward.

It is our mission, our task and ourresponsibilitytoensurethatourindus-try continues to fulfil its role as a keypartner in the development of our

economyandouremploymentmarketwiththefocusonourclients’interests.

Despiteallthechallengesfacingus,myconclusion is a positive one.The pastfinancialyearhasshownthatpersever-ance,persuasivenessandinventivenessarekeytoachievingsuccess.

Iwouldliketothankallofyouwhohaveworkedonthevariousprojects Ihavedescribedinthisarticle:yourcontribu-tionswillbenefiteveryone.Thisincludesthemembersofourcommissionsandworkinggroups,andofcourse,allmem-bers of staff at the Office, who haveshown tremendous dedication in thiscentenaryyearundertheleadershipofClaude-AlainMargelisch.

PatrickOdier,Chairman


Banking regulationDynamismincapitaladequacyandliquidity

In some ways, it might seem tempting to blame an aeroplanecrashongravity,because inthemostbasicsensethisdiagnosiswillalwaysbecorrect.Butwhatanexplanationofthiskindcannotdo, of course, is explain why aeroplanes usually stay in the air.Methodicaldisciplineisalsoneededwhenanalysingthecausesof

thefinancialcrisis–themostobviousexplanationsarenotalwaysthebestones.Inparticular,moresubtleinterpretationscanleadtobetteranswers,andthisalsoappliestobankingregulationforthepurposesofincreasingsystemstability.Markus Staub HeadofBankingPolicyandBankingRegulation


Thepast fewmonthshavebeen characterised bybothintriguingandalarm-ingregulatorydynamism.

Notonlyhavenumerouscomplexreg-ulationprojectsbeenpushedforwardandapproved,butthespeedatwhichregulationsarebeing tightenedandthe interdependence of differentprojectshavealsoincreasedconsider-ably.Belowwewilllookatfourcurrentexamplesof regulatory requirementsgoverning capital adequacy andliquidity.

Basel IIIFirstly, on 1 June 2012, the FederalCouncilapprovedtherevisionof theCapitalAdequacyOrdinance(CAO),aspartofSwitzerland’s implementationofBaselIII.Followingonfromthis,theSwiss Financial Market SupervisoryAuthority(FINMA)issuedseveralnewand revised circulars. This had beenprecededbymanymonthsofprepa-rationsbythenationalworkinggroupchargedwith implementingBasel III,whichourAssociationwasalsoheavilyinvolved in.Theresult is thatBasel IIIwillenter into force inSwitzerlandatthebeginningof2013,ontimeandin

line with the recommendations ofthe Basel Committee on BankingSupervision, as the successor modeltoBaselII.Inadditiontostricterdefi-nitions of regulatory capital and itscomponents, Basel III also imposesconsiderablytougherrequirementsas

regardsbanks’capitaladequacy.How-ever, the introduction of a leverageratio,inthesenseofanadditionalcap-ital adequacy requirement withoutrisk weighting, is still subject to aperiod of observation, and the finalrecommendationsof theBaselCom-mitteeasregardsliquidityarealsostilloutstanding. In Switzerland, anothernational working group under theaegis of FINMA has already begunthe necessary preparations. Existingliquidityregulationissettobefunda-mentally restructured over the nextfewyearswiththeplannedintroduc-tionoftwonewkeyindicators:ashort-term “liquidity coverage ratio” (LCR)and a long-term“net stable fundingratio”(NSFR).

Anticyclical capital bufferThe second example of the currentdrive for increased regulation and ofreformsconnectedwithBasel III istheintroduction of an anticyclical capitalbuffer.Thisinstrument,whichtakestheformofanadditionalbutonlytempo-rarilyapplicablecapitalrequirement,isintendedtostrengthentheresistanceof the banking system and help slowdown excessive credit growth whenthisoccurs.Theabove-mentionedrevi-sion of the Federal Council’s CapitalAdequacyOrdinance laid the founda-tions for this new type of instrument,

whichistobeactivatedattherequestof the Swiss National Bank (SNB),althoughthedecisiontoactivateitwillbetakenbytheFederalCouncil itself.The anticyclical buffer is a prominentexample of a macroprudential instru-ment,inthatitwillbeapplieddirectlytostabilisethebankingsystemandtheeconomy. Itremainstobeseenwhenandonwhatscalethenewbufferwillbeusedinfuture.

“Too big to fail”ThethirdexampleisofcoursetheSwiss“Toobigtofail”(TBTF)packageofmeas-ures, which is related to capital ade-quacyandliquidityregulationandalsohasspecificrelevancefortheyearunderreview.Thispackagecontainsspecificregulatoryrequirementsforinstitutionswith systemic importance. The Swissparliament defined the guiding prin-ciplesintermsoftheBankingActinitsautumnsessionof2011,andthecom-ponentsofthepackagerelatingtotheBanking Ordinance and the CapitalAdequacyOrdinancehavebeenflesh-ed out over the past few months.Exceptionally, the Swiss parliamentretainedtherightofco-determinationforvariouscentralaspectsofthepack-

The speed and interdependence of regulatory projects have in-creased considerably.


age, so statutory implementation willalso be dealt with by parliament. Inaddition to its capital adequacy andliquidity-relatedcomponents,theTBTFpackage also contains requirementsrelatedtoriskdistribution(reductionofriskclusters)andorganisation(contin-gencyplanning).Finalimplementationat statutory level is expected to takeplaceintheautumnsessionof2012.

Real estate and mortgagesFourthlyandfinally,variousregulatorychanges specifically affect the realestate and mortgage market, whereoverheating tendencies can beobserved in particular geographicalregions(hotspots).Afewmonthsago,wethoroughlyrevisedourguidelinesfor mortgage business (guidelinesgoverningtheexamination,valuationand treatment of mortgage-backedloans). Our Association also workedtogetherwiththeFederalDepartmentof Finance and FINMA to submit acounter-proposaltothetighteningofrisk weightings for mortgages thatwasoriginallyplannedbythefederalgovernment.Thecorrespondingself-regulationmeasures(guidelinesrelat-ing to minimum requirements for

mortgagefinancing)wererecognisedbyFINMAat theendofMay2012astheminimumstandardundersupervis-

ory law and entered into force on1 July 2012. The banking sector isthereforeplayingamajorroleinstabil-isingtherealestatemarket.

Careful navigation is vitalOfcourse,theSBAhasgivenintensivesupporttoalldraftedprojects.Overall,wesupportthesemeasuresintheircur-rentform,whichinsomecaseshasbeensubstantially modified. Our detailedresponsetothefourproposalsdescribedwaspublishedon16January2012andcanbefoundonourwebsite.

Topickuptheaeroplaneanalogyagain,a sober analysis of the financial crisispointstoonecentral lessonaboveall:therecognitionthatasystemmadeupof stable banks does not necessarily

equate to a stable banking system.There isaneconomically justifiedrolefor targeted macroprudential regula-torymeasurestoincreasethestabilityofthefinancialsystemasawhole.How-ever,itisequallyimportantthatregula-torychangesareappliedinatargetedwaytoidentifiedareasofweaknessandimplementedonaproportionatescale.Inviewof the raftofnew regulationsthathavenowbeenagreed, itwillbevitalinfuturetopaycloseattentiontointernationaldevelopmentsandimpli-

cationsfortherealeconomy,sothatwedo not end up inadvertently “flyingblind” after the measures have beenintroduced.

Weshouldalsonotforgetthatstabilityoften results from movement andmomentum,asintheprincipleofaero-dynamic lift in the case of the aero-plane,orwhenridingabike,whereitisonly the stabilising centrifugal forcesproducedbyforwardmotionthatpre-ventthebikefromtippingovertoone

side.Likewise,intherealityofthefinan-cial markets, regulatory requirementsmust not impede the momentum ofmarket development and innovation,butrathercontributetotheappealandcompetitivenessofourfinancialsector.

Macroprudential regulation should increase the stability of the financial system as a whole.

[email protected]

MassnahmenimHypothekarbereich:GutbegründeteZuversicht!(German)

EURO2012undBankenregulierung:GibtesParallelen?(German)

With the new self-regulation guidelines for mortgage busi-ness the banking sector contrib-utes distinctly to stabilising the real estate market.

http://shop.sba.ch/999945_d.pdf



http://www.swissbanking.org/en/medienmitteilung-20120116

http://www.swissbanking.org/blog-detail.htm?id=59


14 AnnualReport2011/2012 SwissBankingAnnualReport2011/201214

“Clean money strategy”Howbanksareaimingtoensuretaxcompliance

Bankswillinfutureaimtoacquireandmanagetaxedassets.Thingsweresetinmotionwiththeadoptionofthestandardonadminis-trativeassistanceindoubletaxationmattersthatisincorporatedinArticle26oftheOECDModelTaxConvention,andfurtherprogressisnowbeingmadewiththeconclusionofbilateralagreementsonthewithholding tax.Therearealsoplans to implement theFATF(FinancialActionTaskForce)requirementtoclassify“taxcrimes”aspredicateoffencesformoneylaundering,butwedonotyetknowwheretheseplanswilllead.Renate SchwobHeadofFinancialMarketSwitzerland


Everyoneistalkingaboutit,anditsoundsgood,butnoone really knows whatclean money strategy

means. It isan illchosenterm,how-ever, its brevity and conciseness,coupledwith the fact thateveryonethinkstheyknowwhatitmeans,haveensuredithasbecomeestablishedinliteratureandpractice.Inshort,cleanmoneystrategymeansthatfromnowon,only taxedassetsare tobeman-agedintheSwissfinancialcentre.This

sounds simple and easy to under-stand on paper, but the question ofhow such a result can actually beachieved remains unanswered. ThefogliftedalittleinFebruarythisyear,when the Federal Department ofFinance(FDF)publishedadiscussionpaperonastrategyforatax-compli-antandcompetitive financialcentre– which is the factually correctdescriptionofthe“cleanmoneystrat-egy”.The SBA sees various elementsofrelevanceinit.

Withholding tax modelThefirstpurposeof this strategy is todeal with the tax-related problems ofthepast.Atthemoment,this isbeingachievedbymeansofbilateralagree-ments on a withholding tax, whichallowstaxpayerstobetaxedinaccord-ancewiththeregulationsthatapplyintheir country of residence while pre-serving their anonymity. The agree-mentsprovideforregularisationoftheuntaxed assets that are already heldwithbanksinSwitzerland,andguaran-teesprotectionofaffectedclients’pri-vacy.Theyalsoobligethebankstopayanyfuturetaxesdueonsuchassetstothe Swiss Federal Tax Administration.Agreements have been signed withGermany,theUKandAustria,andtheSwissparliamentapprovedthemon15June. These agreements are the onlyway in which the issue of untaxedmoneythatfounditswayintoSwitzer-landinthepastcanbeapproachedsys-tematicallyandnotonacase-by-casebasis.Theproblemwillnotbesolvedbytheoftencitedautomaticexchangeofinformation,norbyclientssubmittinga“taxhonestydeclaration”or“self-declar-ation”, which is a particularly popularidea among politicians. But the with-

holdingtaxmodelmustalsolooktothefutureandensurethatforeignclientsinSwitzerland are taxed in exactly thesame way as they would be in theircountry of domicile, while still safe-guardingtheirprivacy. Inthisway,the

interestsofthecountryofdomicilewillbedulyprovidedfor.TheSBAisthere-foreverycriticalofthefactthatgroupson the left and right of the politicalspectrumhavecalledforareferendum.A“No”votetothetaxagreementswouldharm Switzerland’s interests and bedamagingtoitsfinancialcentre.

International administrative assistance in tax mattersThesecondwayinwhichthestrategyoftax-compliantassetsisbeingimple-mented is by bringing internationaladministrativeassistanceindoubletax-ation matters into line with globalstandards(Article26oftheOECDModelTaxConvention).These internationallyrecognised standards are being

enshrined in double taxation agree-mentsbetweenSwitzerlandandothercountries.ThismeansthatSwitzerlandhas committed itself to providing therelevantsignatorystateswithanyinfor-mationthat is likelytoberelevant forenforcementoftheirdomestictaxlaws,whetherornotthishastodowithtaxoffences.Theimplementationoftheseagreementsissetoutinmoredetailedtermsinthenewlawonadministrativeassistanceintaxmatters.Theadoptionofinternationalstandardsinthedoubletaxationagreementsisforward-looking,although the circumstances to whichthesemeasuresapplycouldalsobeinthepast.Thisstephasraisedtheques-tion of whether Swiss tax authoritiesshould continue to be refused accesstobankclientdata,whichwouldmeanthey were in a worse position thantheirforeigncounterparts.Bywayofareminder,Swisslawmakesadistinctionbetweentaxfraudandtaxevasion.Theformer is dealt with by the criminalprosecutionauthorities,whoaregrantedaccesstobankclientdatabytheSwisscodeofcriminalprocedure.Thelatterisdealtwithbythetaxauthorities,whohave no power to take compulsorymeasuresandthereforecannotaccess

From now on, only taxed assets are to be managed in the Swiss financial centre.

Neither the automatic exchange of information nor the “tax hon-esty declaration” for clients are a solution.


bank client data. The discussions aretakingplaceagainstthebackdropofacriminaltaxlawthatisbeingrevisedinany case, and the outcome remainsuncertain.

Tax crimes in FATF standardsThirdly, and finally, the clean moneystrategy addresses the issue of howbanks can ensure that no untaxedmoneyisdepositedwiththeminfuture.The current agreement on the Swissbanks’codeofconductwithregardtothe exercise of due diligence (CDB)alreadyprohibitsactiveassistanceintaxevasionandtheflightofcapital.Banksmustnotprovideanyassistancetotheirclients in carrying out acts aimed at

deceivingSwissor foreignauthorities,particularlytaxauthorities,bymeansofincomplete or otherwise misleadingattestations.However,thequestionofcontrollinguntaxedmoneyisalsorele-vant intermsoftheFATF’sdecisioninFebruarythisyeartodefinetaxcrimes

aspredicateoffencesformoneylaun-dering. This decision poses problemsnotonly forSwitzerlandbut forotherFATFmembercountriesaswell.UnderSwisslaw,apredicateoffenceformoneylaunderingmustbeclassedasaVerbre-chen(crime),thatis,acriminaloffencepunishable by a prison sentence ofmore than three years. However, cur-rentSwisstaxlegislationdoesnotpro-videfortaxoffencesthatareclassifiedas crimes, so it will be necessary todefineataxoffencewherethedegreeofunlawfulnessresultsinitbeingclas-sifiedasacrime.Theinterestingaspect

of thisFATF requirement isclearly theduty of the financial intermediary todiscloseanywell-foundedsuspicionofmoneylaundering. Infuture,thisdutytodisclosewillalsoapplytotaxcrimes.

Expansion of due diligence obligations?TheFDFdiscussionpapermentionedatthe beginning of this article debatesthepossibleexpansionoftheduedili-genceobligationsforfinancialserviceproviderswithregardtoinvestigationsinto tax honesty. The main idea is tointroduce an obligation for clients tosubmita“taxhonestydeclaration”whena business relationship is established.Following on from the measures tocombatmoneylaundering,thereisalsotalkofrejectingbusinessrelationshipsiftherearesufficientgroundstosuspectthataclientdoesnotconducttheirtaxaffairs honestly.The paper also statesthatacatalogueofgroundsforsuspi-cionwouldneedtobecompiled.TheFINMA Anti-Money Laundering Ordi-nanceiscausingsomeuncertainty: inthecaseof taxcrimes, thisOrdinancewouldalsoapplytoassetsthataretheproceedsofacrime,andwhoseoriginsaretobeconcealed.Butuntaxedassets

are“legal”moneythatwillonlybecome“criminal assets” if a tax offence thatcomesunderthescopeoftaxevasioniscommitted.ItwouldbedesirablefortheFATForOECDtodevelopastandardthatoffersfurtherhelptofinancialinter-mediaries.PerhapsSwitzerlandwillbeabletoplayapioneeringroleinthis,asithasalreadydonewiththedevelop-mentofthe40FATFrecommendations,which are based on the Swiss agree-mentonduediligence.

[email protected]

Weissgeldstrategie–InhaltvorVerpackung(German)

It will be necessary to define a tax offence where the degree of unlawfulness results in it being classified as a crime.



SustainabilityApproachingatrilemmaWhatissustainability?Inthisageofclimatechangeandenergytran-sition,findingthecorrectresponsetothisquestionisanotincon-siderabletask.Whilethequestionisverystraightforward,thereisnosimpleanswer;itactuallygivesrisetoatrilemma.Stefan Tobler StrategyDevelopment

SwissBanking


example, harmful emissions can bereducedbyproducingandconsumingless(sufficiency).Butitiseasytoimag-inethedifficultiesinimplementingsuf-ficiencymeasuresinagrowth-orientedglobaleconomy,bothintermsofeco-nomicsustainabilityandfromapoliti-calperspective.

Theemphasisisthereforeonefficiencymeasures,thedevelopmentoftechnol-ogiesandprocesses toexploit renew-ableenergysourcesandultimatelytheirsystematicapplication.Itishighlylikely,however, that environmental restruc-

turing based on “green growth” willneedtobefinancedandinsomecaseswill lead to considerable increases inenergypricesovertheshorttomediumterm. While Switzerland, being a richnation,couldundoubtedlyaffordthese

increases,theywould,wereitpossibleto implementsuchmeasuresglobally(aswouldideallyneedtobethecase),resultinsocialdisadvantageindevel-oping and emerging markets andamong the less well-off sections ofindustrialised societies. So does thistakeusbacktothemaximformulatedbyMiltonFriedmanattheendofthe1960s, namely that the only socialresponsibilityofbusinessistoincreaseitsprofits?

Resolving the trilemma is thechallenge of the ageThe notion that this kind of environ-mentally-blind growth gives rise to asituation calling for corrective meas-

Ineverydaylanguageweusetheterm“sustainable” in a range ofwaysandtomeanverydifferentthings.“Sustainability”asapara-

digm has its origins in forestry andrefers toamethodof forestmanage-mentwherebytreesfelledforcommer-cial usage are all replaced with seed-lings that grow naturally into newmaturetrees.Themostfrequentlycitedmodern definition of the term is theone coined in the Brundtland Reportpublished by the UNWorld Commis-sion on Environment and Develop-ment in 1987: “Sustainable develop-mentisthekindofdevelopmentthatmeetstheneedsofthepresentwith-outcompromisingtheabilityoffuturegenerationstomeettheirownneeds.”

Environmental, social and eco-nomic sustainability – three target dimensionsAccordingtothisdefinition,sustainabledevelopment comprises three relatedaspects.Firstly,developmentissustain-ableifitisenvironmental,inotherwordsgeared to protecting nature and theenvironmentandhenceensuringcare-ful use of natural resources. Secondly,developmentissustainableifitissocial,

in other words designed to allow allmembers of society to participate insocialdevelopment.Andthirdly,devel-opmentissustainableifitiseconomi-

cal,inotherwordsfocusedonshapingeconomicactivityinsuchawaythatitoffers a sound, long-term basis foremployment and prosperity. Thesethreeaspectscanbedescribedastar-getdimensionsthatcanrapidlybecomeconflicting and lead to a genuine tri-lemma. Energy transition and climatechangearetwogoodexamplesofthisproblem.

Sufficiency, efficiency, or what?Fromasocialperspective,an“environ-mentallysoundplanetEarth”isdesira-ble.Thenaturaldisastersbroughtaboutbyclimatechangecanleadtomassivesocial and economic upheavals andthusdestroythenaturalcornerstonesofco-existenceforthelongterm.Arrest-ingorevenbetterreversingthistrendwillcallfortheenvironmentalrestruc-turingoftheeconomyandsociety.For

Sufficiency measures are difficult to implement in a growth-orien-ted economy, both in terms of sustainability and from a politi-cal perspective.

Sustainability comprises three related aspects: environment, social questions and economy.


Credit Suisse. But even that wasn’tenough.To give the vast numbers ofconstruction workers required for thegiganticinfrastructureprojectsadegreeof security against the uncertaintiesinvolved in their work, Escher alsofoundedSchweizerischeRentenanstalt(nowSwissLife).

Switzerland will not prevent climatechange,butasarichnationitcouldhelppromote close cooperation betweenfinance, business and research on theonehandandpoliticiansontheothertoidentifynewsolutionsthatcouldthenbeexportedtothosecountrieswheretheyaregenuinelyneeded.Switzerlandpossessesalltheprerequisitesfordevel-opinganewEschersystemforthe21stcentury,andtheSwissfinancialcentrecanplayakeyroleinensuringitssuc-cess. Switzerland’s course for the next100yearsshouldbesettoday.

Moredetailedinformationontheroleofthebankscanbefoundinajointposi-tion paper published by Credit SuisseandWWF.

uresgearedaroundclimatechangeandenergytransition,asdescribedabove,currently appears, from an academicperspectiveatleast,tobeanaccepted,albeit widely disputed, hypothesis.Resolvingthistrilemmawithoutresort-ingtotheideaofaBiblicalapocalypse,however,isthemajorchallengeofourage.Reasonenough,too,fortheSwissfinancialcentretoadoptasustainableapproachtosustainability.Whilewedonotclaimtobeevenclosetofindingasolution to the trilemma, we shouldtake a brief look at areas where the

bankscanplaya role.Thequestionathand is how major infrastructureprojectsandahostofsmall,decentral-ised investments in the “green econ-omy” are to be financed. This goesbeyond the question of an attractiveWACC for network investors (ensuringplanning security) to new financingsolutionsforthefeed-inremunerationatcostinstrumentandtheprovisionofdirect placement opportunities for

institutional investorssuchaspensionfunds and limited partnerships or thesimplification of project bonds, forexamplethroughthecreationofpub-lic-privateriskdistributionmechanisms(Europe2020ProjectBondInitiative).

An “Escher system” for the 21st centuryFurthermore, and we’re moving intovisionary territory here, the develop-ment of the modern Swiss economywas founded on the“Escher system”.Theprominent19th-centuryfigurewasalmosttheperfectembodimentofthecooperationbetweenfinance,businessand research. Switzerland needed torenewitsinfrastructureinordertocre-ate the basis for broad-based socialprosperity, and this meant construct-inga railwaynetworkthatwould linkthecountrywithitsimmediateneigh-boursineverydirection.AstherewerenobanksinSwitzerlandabletofinanceaprojectofthismagnitude,andSwit-zerlanddidnotwanttobedependenton foreign capital, Alfred Escher, thethenvice-chairmanoftheFederalPoly-technic Institute and President of theNational Council, founded Schweizer-ischeKreditanstalt,thebankthatisnow

[email protected]

Environmentally-blind growth calls for corrective measures geared around climate change and energy transition.

https://infocus.credit-suisse.com/data/_product_documents/_articles/325711/Studie.pdf


Shadow banksUnderthewatchfuleyeoftheregulators

Theshadowbankingsectorhasrecentlycomeunderintensescru-tinyfromregulatorsafteritwasheldpartiallyresponsibleinternatio-nallyforthe2007to2009financialcrisis.Measuresarenowbeingtakentoreducetherisksinfuture.Raphael Vannoni HeadofEconomicAnalysis

SwissBanking

regulators and authorities intend tomonitor and regulate this businessmore closely in future. The G20 have

tasked the FSB with carrying out thenecessarypreliminaryworkandissuinginternationalguidelines.Themajorityofthe reform proposals are expected tobepublishedbysummer2012,andtheG20islikelytoapprovetherecommen-dationsinthelateautumnof2012.

Working in parallel with the FSB, theEuropean Commission published aGreen Paper which was consulted onupto1June2012.Thisdocumentis,bydefinition,formulatedinrelativelyneu-tralterms,butitisveryclearabouttheseriousnessoftheproject.Inparticular,itmovesawayfromabstractacademicconceptsandreferstospecifictypesofcompaniesandproducts.

Someassociatedregulationsarealreadybeing developed and introduced atnational level. In Europe, for example,thereiscurrentlyafocusonincreasinginvestorprotection,whileSwitzerlandis

It is widely recognised thatshadow banks fulfil importanteconomic functions: they resultin liquid markets and improve

access to credit in the economy. Forexample, the European Commissionbelievesthatinsituationswherebanksarescalingbacktheirbalancesheets(a

process known as deleveraging),shadowbanksstepintothebreachandsustainthefinancingoftherealecon-

omy.Thereisnostandarddefinitionoftheshadowbankingsector.TheFinan-cial Stability Board (FSB) gives a verybroadone,namelythatthesectorcom-prisescompaniesandactivitiesoutsideoftheregulatedbankingsector.Creditcreation by means of maturity andliquiditytransformation,leverageexpan-sion(ascanbeenseeninthebankingsystem), and a typically short-termfinancingstructureareallcharacteristicattributesofshadowbanking.

What regulations are planned?The shadow banking sector covers awide range of banking activities, and

Characteristic activities in the shadow banking sector include credit creation and leverage expansion.

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


cial system. As such, experts believethatshadowbankingtriggeredthestartofthecrisisandexacerbatedtheliquid-itycrisis.

Work to be doneAuthorities and industry are in agree-mentthatactivitiesintheshadowbank-ingsectorneedtobeassessedbeforestricterregulationisintroduced,sothatthe typeandscaleof the riskscanbe

better evaluated and addressed. Ifstricter regulation is to be imposed,theremustbeaclearemphasisonacti-vities and not on institutions to avoidcreating a new, unregulated shadowbankingsector.

TheSBAiscurrentlyestablishingitsposi-tion on shadow banking. A workinggroupoftheEuropeanBankingFedera-tion,ofwhichtheSBAisamember, ispreparingitsresponsetotheEuropeanCommission’sGreenPaperonshadowbanks.Giventhecomplexityoftheissue,

it is seen as particularly important forthebankingsectortoadoptacoherentposition.

preparingregulationsforindependentassetmanagers.ThesupervisionofthesemanagersbyFINMAistobeintroducedinconjunctionwithanewfinancialser-

vices law (seealso theFINMApositionpaper“Distributionrules”).Regulatorswillthereforehavetoensurethataddi-tional requirements for shadow banksarecloselyharmonisedwiththereformsthathavealreadybeenlaunched.

What are the main reasons forincreased regulation?Depending on how it is defined, theshadow banking sector is relativelylarge.AccordingtoFSBestimates, theglobal shadow banking sector com-priseshalfofallbankingactivity.Ifitisbroadlydefined(forexample,toincludeindependent asset managers, PostFi-nance, hedge funds, etc.), its signifi-cance for Switzerland is exceptionallyhigh,withanestimated30000individ-ualsemployedinthesector.Inalllikeli-hood,theFSBandEuropeanCommis-sion will narrow the focus to a fewcriticalactivitiesandintermediaries,sothecircleof institutionsinSwitzerlandthat will be directly affected by thereformissignificantlysmaller.

Activitiesintheshadowbankingsectorareextremelycomplicatedandcloselyconnectedwiththealreadyregulatedbanking sector. For example, shadowbanksmakeadvancepaymentsforthebankingsectororsecure itsfinancingthrough the use of money marketfunds.Thiscanmeanthatcertainprob-lemsenterotherpartsofthefinancialsector through the shadow bankingsectorandcauseinstabilityinthefinan-

Planned requirements need to be harmonised with reforms that have already been launched.

Blind regulation is of little merit. Creating transparency about activities in the shadow banking sector should help.

[email protected]

SchattenbankenzukünftiganderKandare(German)

http://www.finma.ch/e/finma/publikationen/Documents/pos-vertriebsregeln-20120224-e.pdf



100 years of SwissBanking Lookingtothenext100yearswithconfidence

“Thepastmustbeaspringboard,notasofa,”saidformerBritishPrimeMinisterHaroldMacmillan.Andthis is theattitude that theSwissBankers Association is taking to its centenary in 2012: ready forchangeandlookingtothefuture.Jean-Marc FelixHeadofStrategicProjects



There have been banks inSwitzerlandsincethe16thcentury,andanassociationrepresentingtheirinterests

wascreated100yearsago.TheVereini-gung von Vertretern des schweizeri-schenBankengewerbes(Associationforrepresentatives of the Swiss bankingindustry)wasestablishedon16Novem-ber1912,when316membersandrep-resentativesof159financialinstitutionsgatheredforthefoundationmeetinginBasel.In1919theorganisationchangedits name to Schweizerische Bankier-vereinigung(SwissBankersAssociation,SBA). By the time it reached its 50thanniversary in 1962, it comprised 322institutionaland1087individualmem-

bers,comparedwitharound350insti-tutions and almost 18000 individualmembers in2012.This showsclearlyhow the industry, its representativebody and the responsibilities of thatbodyhavegrown.

This centenary year is not a time forlookingback,however,sowewill justprovideafewhighlightsoftheorgani-sation’shistory,startingwiththeperiodaftertheFirstWorldWar.Oneimportantarea of activity was protecting Swissassets in the European countries thathad been at war. There was a similarsituation after the SecondWorldWar,whenthenationalisationofSwiss for-eigncapitalwasoneoftheSBA’smajortasksformanyyears.Thefocuswasoncompensation and the restoration ofpropertyrights.

Lobbying from the beginningThe1930ssawtheintroductionoftheFederalActonBanksandSavingsBanks,whichenshrinedinlawtheprincipleofbank-client confidentiality and estab-lished a basis for the activities of theEidgenössische Bankenkommission(SwissFederalBankingCommission).TheSBA closely accompanied the politicalprocessalreadyatthistime,anditwouldlaterdo the same forother importantlegislation relating to areas such asinsidertrading,thecombatingofmoneylaundering and the stock exchangeregulation.Italsoledthewayasregardsself-regulation, for example with its

portfoliomanagementguidelinesandtheagreementontheSwissbanks’codeofconductwithregardtotheexerciseof due diligence, to name just two. Asbanksbecameincreasinglyinternation-allyfocusedoverthecourseoftime,theSBA’slobbyingactivitiesextendedmoreandmoretoforeignmarkets.

Thesecondhalfofthe1990swasdomi-natedbythedebatesurroundingdor-mantassetsfromtheSecondWorldWar.Andatthestartofthenewmillennium,the SBA played its part in developingandimplementingreformsfortacklingthefinancialcrisis.Ataroundthesametime,itbegantolobbyforatax-compli-antfinancialcentrestrategy.

“Thank you and values”ButtheSBAdoesnotwanttofocusonitself in this centenary year. Instead, itwants to reflect on the origins of thebanks and the traditional values thathavemadethefinancialsectorstrong,andtosay“thankyou”.Withthisinmind,themottoofthecentenarycelebrationsis “thank you and values”. By inter-nationalstandards,Switzerlandcomparesextremely well in terms of prosperity.Manypeopleinthecountryhavecon-

tributedtothissuccess,andwillcontinuetodosointhefuture.TheSBAwouldliketotakethisopportunitytothanktheseindividuals.Anumberofaspiringyoungphotographers have taken portraits of100 people in their everyday workingenvironments for a volume of photo-graphsandanexhibition.Drawnfromallagegroups,allregionsofSwitzerlandand the whole gamut of professions,including for example an architect, achimneysweepandacivilservant,theyrepresent the Swiss population as awholeandareanimpressivereflectionofoursociety.

Onourcentenarywebsite,everyoneisinvitedtosaythankyou,whether it istotheirpartner,toSwitzerland,orevento their pet. Video messages can berecordedinaDankomatandpublishedonFacebook.The“thankyouandvalues”ideahasalsobeenportrayedinashortfilm.Whileallthismayseemalittleoutof step with the usual activities of a

The association was established on 16 November 1912 as the Vereinigung von Vertretern des schweizerischen Bankenge- werbes.

In its centenary year, the Swiss Bankers Association would like to thank the people who have contributed to prosperity in Switzerland.

http://www.merci-danke-grazie.ch/en/home.htm

http://www.facebook.com/MerciDankeGrazie


bankersassociation,theaimistorein-forcetrustandunderstanding.

These and the other activities beingpursuedarefindinga largeraudiencethankstothediversenetworkofcom-municationchannelsusedbythemem-berbanks,andaretakingthethank-youmessageouttothewholeworld.

OnemilestoneinthiscentenaryyearisaninternationalconferenceinSwitzer-land,towhichparticipantsandspeak-ersfromallovertheworldhavebeeninvited.Entitled“SwissBankingGlobal”,itwilltakeplaceexactly100yearstothedayafterthefoundingoftheSBA.

Swiss core values shape the financial sectorThefinancialindustryhasreachedaturn-ingpoint,andnewanswersandstrate-gies are needed. However, traditionalstrengthsandvaluesmustnotbeforgot-ten;valuessuchasstability,universality,excellenceandresponsibility,whichhavesetSwitzerlandandourfinancialsectorapartfromtheinternationalcompetitionformorethan100years.Responsibilityisparticularlyimportantintoday’sclimate.Banks assume responsibility on a daily

basis–responsibilitytosociety,theenvi-ronment,partnersfromthepoliticalandeconomicspheres,andofcoursetheircustomers. The right of customers toexpectthehighestlevelsofqualityandprotection of their privacy is, and willremain,ofcentralimportance.

ItisthetaskoftheSBAtopointthewaytothefuture,takingintoaccountthecur-rentconditions.TheSBA’s2015FinancialCentre Strategy indicates a course ofactionthatwillenablepreviouslyuntaxedassets inSwissbanks tobe regularisedwithawithholdingtax,withoutbreach-ingcustomers’privacy.Newmoneyistobetaxedexactlyasitisinthecountriesoforigin, and market access will becomeeasier. It istherefore importanttodriveforwardgrowthareassuchasassetman-agementandtoimprovethelegalframe-workonanongoingbasis.Thebankshave taken on the challenges of thefuture and are continuously shapingtheprocessofchange.Theconditionsforasuccessfulstarttothenext100yearsare in place, and they will benefit notonlythefinancialandbusinesssectors,butalsoSwitzerlandasawhole.

KeydatesinthehistoryoftheSwissBankersAssociation

1910 16.11.1912FoundationmeetingoftheVereinigungvonVertreterndesschweizerischenBankengewerbes(AssociationforrepresentativesoftheSwissbankingindustry)inBaselwithbankmanagers,boardmembers,partners,etc.asparticipants(316)

1919NamechangedtoSchweizerischeBankiervereinigung(SwissBankersAssociation,SBA)

1930 1.3.1935FederalActonBanksandSavingsBanks(BankingAct)comesintoforce

1937SBAopensuptodeputydirectorsandmembersofseniormanagement

1940 1946WashingtonAgreementregulatesrelationsbetweenSwitzerlandandtheAllies

1947SBAopensuptoindividualbanks

1970 1977“Chiassoaffair”involvingSchweizerischeKreditanstalt(CreditSuisse);AgreementontheSwissbanks’codeofconductwithregardtotheexerciseofduediligence(CDB)

1980 20.5.1984Clearrejection(73%)ofthefederalpopularinitiativeagainsttheabuseofbank-clientconfidentialityandthepowerofthebanks

1.7.1988InsiderlegislationsetoutintheSwissPenalCode

1990 1993StiftungSchweizerischerBankenombudsman(SwissBankingOmbudsmanFoundation)beginsitsactivities

1995StartoflitigationconcerningdormantassetsfromtheSecondWorldWar

1.2.1997 StockExchangeActcomesintoforce

1.4.1998Anti-MoneyLaunderingActcomesintoforce

12./13.8.1998SwissBanksSettlement,amountingtoUSD1.25billion,bringsanendtotheHolocaustVictimAssetsLitigation

2000 2001SwissBankingisintroducedasabrandname

1.7.2005AgreementonthetaxationofsavingsincomewiththeEUcomesintoforce

1.1.2006 SwissFinanceInstitute(SFI)isestablished

2009FinancialCentreStrategy2015islaunched

2012 [email protected]

http://shop.sba.ch/999962_e.pdf


Reports from the Commissions

Thefollowingsectionsummarisesthemainbusinessdealtwithbythe SBA’s various commissions in the year under review. A moredetailedreport,togetherwiththenamesofallmembersofthecom-missions, isavailable inGermanandFrenchontheSwissBankersAssociation’swebsitewww.swissbanking.org.

Commission for Law and ComplianceTheCommissionforLawandCompli-ancemetfivetimesintheyearunderreview, and one of these meetingswasdedicatedtorevisingtheduedili-genceagreement(CDB).Otherissuesthat are still being handled includeFINMA’s distribution report and itspositionpaperondistribution rules.The proposals of the supervisoryauthority will feed into a financialservices law,whichwillbebasedonthe revised European Markets inFinancial Instruments Directive(MiFID), while supervision of assetmanagers isalsoplanned.Thecom-mission also focused on the bankrestructuring law, stock market andtaxoffencesaspredicateoffencesformoneylaundering, issuesrelatingtocollectiveinvestmentandcartellaw,the“cleanmoneystrategy”anddor-mantassets,self-regulationforport-foliomanagementmandatesandforstructuredproducts,theSBA’scoun-try information project and currentlegaldevelopmentsintheEU,theUSandtheFATF.Finally,thecommissionapproved two new SBA frameworkagreements: for exchange-traded

derivative (ETD) transactions andsecurities lending and borrowing(SLB).DrFelixP.Graber,Managing

DirectorandSeniorLegalCounsel

totheGroupExecutiveBoard,

CreditSuisseGroupAG(Zurich)

Commission for Financial Market Regulation and AccountingThecommissionfocusedinparticularon developments relating to capitaladequacyandliquidityregulation.Forexample,itwascloselyinvolvedinfor-mulatingourresponsestoBaselIII,theanticyclicalcapitalbuffer,the“Toobigtofail”packageandtherevisionoftheFINMACircular“Capitalbufferandcap-ital planning in the banking sector”.Thecommissionisalsothesoundingboard for the two national workinggroups under the aegis of FINMAcharged with implementing Basel IIIandrevisingliquidityrequirements.Intheareaofaccounting, thecommis-sion analyses the development ofinternational standards (IFRS, USGAAP)andisrepresentedinthejointFINMAworkinggroupresponsiblefor


revisingSwissaccountingregulations.Otherareasof focus includedaposi-tionpaperonmacroprudential regu-lation,theongoingauditreforms,spe-cific issues related to netting, andresponsestoregulatoryprojectsintro-ducedbyFINMAandtheSIXExchangeRegulation.RalphOdermatt,SeniorAdvisor,

UBSAG(Zurich)

Commission for Swiss Client BusinessInadditiontoitstasksrelatingtobusi-ness with private and corporate cli-ents, the commission focused onselected regulatory issues, particu-larlyintheareaofmortgagebusiness.In view of certain overheating ten-denciesintherealestatemarket,thecommissioncomprehensivelyrevisedtheguidelinesgoverningtheexami-nation, valuation and treatment ofmortgage-backed loans andrespondedtotheFederalDepartmentofFinance’sproposalsonriskweight-ingwithacounter-proposalallowingforself-regulation.Italsogaveitssup-port topoliticalprojectssuchas the“Bausparinitiative” (housing savings

initiative)andvariousactivitiesrelatedto the introductionof the registeredmortgagenote.Maintainingrelationswiththerealeconomyisanotherkeyelement of the commission’s activi-ties,anditholdshigh-leveltalkswithvarious associations and organisa-tionsonanannualbasis.Thisdialoguehas become institutionalised andproved its worth once again in theyear under review, particularly asregards changes in the level of thefranc.Withfewexceptions,themem-bersofthecommissionalsoserveontheboardofthedepositorprotectionassociation.DrPatrikGisel,DeputyChairofthe

ExecutiveBoard,RaiffeisenSwitzerland

(St.Gallen)

Commission for Communications and Public AffairsThefinancialcrisisinEuropeandinter-nationaltaxdiscussionswerethemainfocus in the year under review. TheSBAwasactiveinissuingcommunica-tionsonfinancialsectorstrategyandtax agreements, such as an explana-toryfilmthatprovedverypopular.The

commission also maintained closecontactwithpoliticiansincurrentkeycountries. InSwitzerland, thepublicaffairs specialists continued theirintensive dialogue with politiciansand the “SwissBanking Bi de Lüt”seriesofevents,which ishelping toboost the regional focus and pro-motedialoguebetweenthefinancialandbusinessspheres.Thewell-estab-lishedseriesof“SwissBankingonair”events in high schools and “SwissBankers’ Club” events for memberswere successfully continued, with 9and 22 events respectively. Therewereanumberofdevelopmentsasaresultof technologicalchanges: theinsightandinsightextrapublicationsandthisyear’sannualreportwereallgivenafreshnewlookandfromnowonwillonlyappearinelectronicfor-mat.TheSBAwebsitewasredesigned,and the association’s social mediapresencewasexpanded.Tomark itscentenary, the SBA is taking theopportunitytosay“thankyou”totheSwiss population in an interactivecampaignthatisrunningthroughout2012.Claude-AlainMargelisch,

CEOoftheSBA(Basel)

Commission for Institutional Asset Management (IAM)Thecommissionissueditsresponsetothe revision of the Swiss Federal Acton Collective Investment Schemes(CISA).Therevision,which focuses inparticular on the regulation of assetmanagers of collective investmentschemes,custodianbanks,structuredproductsandqualifiedinvestors,isofvitalimportancetotheSwissfinancialcentre.ThecommissionalsolookedattheAlternativeInvestmentFundMan-agementDirective(AIFMD).Thelevel2measures, which are currently beingexaminedbytheEuropeanUnionandare intended to define the detail oftheDirective,willhavean impactonthird countries such as Switzerland.The commission also issued itsresponsetothedraft report releasedbytheFederalSocialInsuranceOffice(FSIO) on the future of occupationalpensions, and decided to publish astudyonsecondpillarassetmanage-mentthatprovidescomparativeinfor-mationonthereturns,risksandcostsofpension fund investments inSwit-zerland, the United Kingdom, theNetherlands and the US. Finally, theexpert group on Global Investment


Performance Standards (GIPS), work-ing under the aegis of the commis-sion, issuedastatementon the revi-sion of GIPS 2010. It also organisedvarious events designed to provideinformationonGIPS.AndreasSchlatter,GroupManaging

Director,UBSAG(Zurich)

Commission for Tax and Finance PolicyThe commission worked on a largenumber of issues arising from therapidpaceofdevelopments in inter-national and domestic tax law. Toname justa fewof themost strikingexamples,thecommissiondevotedalotof its time to the taxagreementsconcludedwithAustria,GermanyandtheUnitedKingdom. Itwas involvedindrawinguptheimplementingpro-visionsandalsointhelegislativepro-cessrelatingtotheSwissFederalActonInternationalWithholdingTax,andissued a detailed position paper onthe draft bill. It also worked on theimpact and implementation of theForeignAccountTaxComplianceAct(FATCA)andsubmittedaresponsetothe US authorities. Finally, the com-

missioncloselymonitoredtheparlia-mentarydiscussionsonthetaxaspectsofthe“Toobigtofail”issue,inparticu-larquestionsrelatingtotheabolitionofstampdutyandthewithholdingtaxexemptionforcontingentconvertiblebonds(CoCos).FritzMüller,ManagingDirector,

CreditSuisseAG(Zurich)

Commission for SecurityThe Commission for Security is anadvisory specialist and managementbodyforallmattersrelatedtosecurity.Intheyearunderreview,itdealtwithissuesrelatingtophysicalandITsecu-rity,businesscontinuitymanagement(BCM) and economic criminality. Forexample, itfocusedontheskimmingattacks on ATMs and the associated“stop skimming” campaign launchedby the police (www.stop-skimming.ch),andalsogave itssupport totwofederalprojects,“Protectionofcriticalinfrastructures”and“Cybercrimestrat-egy”.TheBCMrecommendationswerealsoupdatedintheyearunderreview.Thecommissionalsomaintainsvalua-blerelationshipswithnational(police,governmentauthorities,Officeofthe

FederalProsecutorandFederalIntelli-gence Service) and supranational(committees of the European andInternational Banking Federation)organisations.ChristophBeatZumstein,HeadofGroup

SecurityServices,UBSAG(Zurich)

Training CommissionFollowing the successful establish-mentoftheumbrellacommunicationfor basic banking training, entitled“SwissBanking I Future”, this wasdeveloped into a training portal forthe banking sector providing infor-mationonalllevelsofeducationandtraining.TheSBAfocusedintensivelyonimplementingthenewcorecon-tentoftherevisedbasiccommercialtrainingforbanksandthebankentryprogramme for secondary schoolgraduates (BEP),whichwillbe intro-ducedfromsummer2012.Intheareaofadvancedtraining,thecommissionfocused mainly on supporting theHFBFstudyprogrammeandrevisingthe framework curriculum for theHFBF. In termsof financial literacy, itsetupawebsiteprovidingaguidetogeneral financial education offered

online:www.money-info.ch.Thecom-missionwasalsoactiveinanumberofotherareasin2011/12.Forexample,itworkedonbuildingupanetworkofrepresentatives from selected Euro-peancountrieswithaviewtoexchang-ing information and experienceregarding developments in areas ofrelevance to banking and financetraining, and also looked at issuesrelatingtotheaccreditationandcerti-ficationofbankemployeesandtrain-ingcourses.DrJürgGutzwiller,Memberofthe

ExecutiveBoardofRBA-Holding

(Gümligen)

Commission for the Safeguarding of Swiss FinancialAssetsThemaintaskofthiscommissionistoprovideadviceon securities thatareissued by companies or by Swiss orforeignpublic-sectorbodiesandman-agedbySwissbanks,wherethereisariskofdefault (suspensionof interestpaymentsorredemptiononmaturity,requests for debt conversion and/orrestructuring,etc.). In theyearunderreview, the commission focused in


particular on the restructuring ofGreek government bonds and thepossible impact of the debt crisis inEuropeonSwissassets. Italsomoni-toreddevelopmentsconnectedwiththe liquidation of the three largestbanks in Iceland, Kaupthing, Lands-bankiandGlitnir.UrsBretscher,ManagingDirector,

UBSAG(Zurich)

Swiss Commission for Financial StandardisationThe main area of focus in paymenttransactionsandsecuritiesprocessingwas the roadmap for the ISO 20022standard. SIX Group appointed astandardisation expert to the ISO20022projectmanagementteam,andthis individual became a member ofthe commission. Another key topicwastheISO17442LegalEntityIdenti-fier,whichwasdevelopedinconnec-tionwiththecentralreportingofOTCderivative transactions.The commis-sionranaworkshoponthistopic.WithreferencetoISOTC68,representativesof the commission took part in 49votes/standardreviews for the finan-cial sector. As regards the annual

SWIFTstandardsrelease,thecommis-sionexaminedtheproposedamend-mentsforthe2012standardsrelease,tookpartinthemaintenanceworkinggroupssetupbySWIFTandensuredSwissparticipationinthevotingpro-cess. The commission also ran twospecialistconferenceswiththeSwissFinancial Forum for Standards andOperationsin2011onthesubjectsoffundsandsecurities.Theannualpay-ment transactions specialist confer-encewasorganisedbySIX InterbankClearing.PeterLorenz,ManagingDirector,

UBSAG(Zurich)

Commission for Economic PolicyTheCommission forEconomicPolicywas the association’s think tank foreconomicissuesandissuesrelatedtoeconomicand regulatorypolicies. Inthe year under review, the commis-sion’sworkincludedmanagingastudyon the future outlook for the Swissbankingsector.Itwasalsoinvolvedinawiderangeofconsultationsonposi-tion papers relating to regulatoryissues, and in producing a working

paperontheshadowbankingsector,about which relatively little is stillknown. At its meeting on 26 March2012, theCommitteeof theBoardofDirectors of the SBA decided to dis-solve the Commission for EconomicPolicy,aspartoftheannualcommis-sionsreview.CesareRavara,Director,

CreditSuisseAG(Zurich)


Areas of Responsibility within the Office

Head Office BaselAeschenplatz74052BaselPostfach41824002BaselT+41612959395F+41612725382office@sba.chwww.swissbanking.org

Berne OfficeHotelgasse103011BernT+41313133777F+41313133779

Zurich OfficeLimmatquai1228001ZurichT+41442669300F+41442669301

Members of the Executive Committee

JakobSchaad ThomasSutter

Claude-AlainMargelisch LucasMetzger RenateSchwob

KunoHämisegger


OperationsLucasMetzger*

LogisticsBoardOffice&CEO SelmaMerdanHumanResources UrsulaZähringerFinances ErnstBuessInformatics MartialSchilligerDB/Support PriskaLanzServices ThomasKnell

Financial Market SwitzerlandRenateSchwob*/Dep.MarkusStaub

BankingPolicy,BankingRegulationMarkusStaub

FinancialMarketsLaw,NettingChristophWinzeler

Infrastructure,PaymentSystemsRenateSchwob*

RealEstateandConsumerIssuesAngelaKnuchel

Compliance,MoneyLaundering,FATF,BankSecurityPascalBaumgartner

CountryInformationFionaHawkins

Financial Markets InternationalJakobSchaad*/Dep.UrsKapalle

Europe,InternationalLegalIssues,AssetProtectionJakobSchaad

America-Asia,WTO-OECD-ICCHeinrichSiegmann

InstitutionalAssetManagementMireilleTissot

FederalFinance&TaxPolicyUrsKapalle

TaxIssuesJeanBrunisholz

CommunicationsThomasSutter*

Switzerland,GermanyThomasSutter*

EuropeRebecaGarcia

Overseas,UKSindySchmiegelWerner

WebServicesAlexandraArni

EventsMarlenMelone

Public Affairs SwitzerlandKunoHämisegger*/Dep.YvesWeidmann

PublicAffairsMonitoringYvesWeidmann

*MemberoftheExecutiveCommittee

Strategic DevelopmentClaude-AlainMargelisch*

StrategyStefanTobler

CommunicationsJean-MarcFelix

TrainingStefanHoffmann

EconomicsMartinHess

EconomicAnalysisRaphaelVannoni

TrainingMatthiasWirth

AdvancedtrainingMarie-TheresLorenzon

EducationDevelopmentStefanHoffmann

Chief Executive OfficerClaude-AlainMargelisch/Dep.JakobSchaad/Dep.RenateSchwob


Association Business

Board of Directors and Board CommitteeAttheGeneralAssemblyheldon6Sep-tember2011,thefollowingwereelectedtotheBoardofDirectors:MrJoachimH.Strähle,BankSarasin&CieAG(replacingMr Eduardo Leemann, Falcon PrivateBank Ltd., who had resigned from theBoardinthepreviousyear),andMrAlex-andreZeller,HSBCPrivateBank(Suisse)SA (replacing Mr Maurice Monbaron,CréditAgricole(Suisse)SA,whohadalsoresignedfromtheBoardinthepreviousyear).Bothmembershadalreadybeenco-opted by the Board of Directors inthepreviousbusinessyear,bywayofcir-cularresolution.Inthecurrentbusinessyear, Mr Peter Siegenthaler,VSKB, andRaymond J. Bär, Julius Bär Group AG,haveresignedfromtheBoardofDirec-tors and its Committee. The Board ofDirectorsalsotooknoteoftheresigna-tionofMrAlexandreZeller,HSBCPrivateBank(Suisse)SA.TheBoardofDirectors

co-optedProfessorDrUrsMüller,VSKB,to succeed Mr Siegenthaler, and MrBorisF.J.Collardi,JuliusBärGroupAG,tosucceedMrBär,ontheBoardofDirec-tors, and elected both to the BoardCommittee.

OfficeOn 1 May 2011, Caterina De AngelisbeganworkingasanassistantinPublicAffairs Switzerland in Berne. JamesNason,Headof InternationalCommu-nicationsformanyyears, lefttheSBAat theendofJune2011andwassuc-ceeded on 1 July 2011 by SindySchmiegelWerner,HeadofCommuni-cations UK. At the same time, CélineFreivogel took up her position as anassistantintheCommunicationsdepart-mentandVanessaDubrawasappointedto thenewlycreatedpostof researchassistant in Financial Markets Interna-tional.JanickTagmann,HeadofPublicAffairsResearch,andBenjaminEberenz,

amemberofthepostroom,lefttheSBAattheendofJuly2011.Since1October2011,StephanieLorenzhasbeenwork-ingasaresearchassistantinourFinan-cial Markets Switzerland department.NicoleKohlertookovertheresponsa-bilitiesofCorinneMoser,communica-tionsspecialist,asof1November2011.DanielaStrohmeier,HeadofBasicTrain-ing,leftattheendofNovember2011.ShewassucceededbyRomanTschopp,whobeganworkon1January2012.On1 December 2011, Martin Stucki tookoverfromJanickTagmanninthePublicAffairs Switzerland department inBerne. At the same time, Sanja Basicbegan working as an assistant in theFinancialMarketSwitzerlandteam,andThomasFüglister joinedthepostroominFebruary2012.TaxspecialistJeanineBlumerlefttheSBAon31March2012.AttheendofMay2012,EstherMösch-ler entered a well-earned retirementafter longyearsofdedication. InJune

2012,NathalieDalcher,Administrationand Services, and Janine Dietler, StaffAdministration,lefttheSBA.On1August2012,AlainSchluepjoinedustopursuethe2ndyearofhiscommercialappren-ticeship(e-profile).

InJune2011theBoardofDirectorspro-moted Selma Merdan to AssociateDirector. Angela Knuchel and SindySchmiegel Werner were promoted tothesamerankinJanuary2012.

At theendofApril2012, theAssocia-tion’s Office had a permanent staff of66,representing58full-timeequivalentpositions,plusonesecondee.


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

Securitiesandfinancialassets 12280751 9640000

Movablepropertyandequipment 1 1

Property 3700000 3700000

Total fixed assets 15 980 752 13 340 001

Total Assets 37 431 496 37 572 399

InCHF 2010 2011

Accountspayable 1424711 1522191

Accruedexpensesanddeferredincome 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


Income Statement 2011

InCHF 2010 2011

Membershipfees 23437061 26591223

Financialincome 410351 418125

Incomemiscellaneous 6851517 2622835

Releaseofprovisions 1802600 152000

Total Income 32 501 529 29 784 183

InCHF 2010 2011

Operatingandcommissionexpenses 17082113 13834263

Personnelexpenses 11407751 11719738

Generalandadministrativeexpenses 2742392 2558831

Depreciation,amortisationandprovisions 1153750 1130001

Interestexpenses 250 325399

Taxexpenses 201118 192988

Total Expenses 32 587 374 29 761 220

Surplus –85 845 22 963

InCHF 2010 2011

Utilisationofreserves –85845 0

Allocationtoreserves 0 22963

Surplus –85 845 22 963

Income Appropriation of Surplus

Expenses

Notes to the Financial Statements 2011

InCHF 2010 2011

Fireinsurancevaluesoftangiblefixedassets

Movablepropertyandequipment 2920000 2920000

Property 18306240 18611712

Fairvaluesofsecuritiesandfinancialassets 13854267 10989569

Pledgesinfavourofthirdparties

Pledgedsecurities 600000 600000


Report of the Statutory Auditorson the Financial Statements

TotheGeneralAssemblyofthemembersoftheSwissBankersAsso-ciation(SwissBanking),Basel

Asstatutoryauditorswehaveauditedthe financialstatementsof theSwissBankers Association (SwissBanking;seepages50to53),whichcomprisethebalancesheet,incomestatementand notes, for the year ended 31December2011.

Board of Directors’ responsibility TheBoardofDirectors is responsibleforthepreparationandfairpresenta-tion of the financial statements inaccordancewithSwisslaw(Art.957ff.oftheSwissCodeofObligations)andtheAssociation’sArticlesofIncorpora-tion. This responsibility includesdesigning, implementing and main-taining an internal control systemsuitedtothepreparationandfairpres-entation of financial statements thatare free from material misstatement,whether due to fraud or error. TheBoardofDirectors isalsoresponsible

forselectingandapplyingappropriateaccounting policies and makingaccountingestimatesthatarereason-ableinthecircumstances.

Auditors’ responsibility Our responsibility is to express anopinion on the financial statementsbasedonouraudit.Weconductedouraudit in accordance with Swiss lawand Swiss auditing standards, whichrequirethatweplanandperformtheaudit to obtain reasonable assuranceaboutwhetherthefinancialstatementsarefreefrommaterialmisstatement.

Anauditappliesprocedurestoobtainaudit evidence about the amountsandotherdisclosures inthe financialstatements.The procedures selecteddepend on the auditor’s judgement,which includesanassessmentof therisksofmaterialmisstatementof thefinancialstatements,whetherdueto


fraud or error. In making these riskassessments,theauditorconsiderstheinternalcontrolsystem,totheextentthat it is relevant to the preparationand fairpresentationof the financialstatements, in order to design auditproceduresthatareappropriateinthecircumstances, but not for the pur-poseofexpressinganopinionontheeffectiveness of the internal controlsystem.Anauditalsoincludesanevalu-ation of the appropriateness of theaccountingpoliciesusedandtherea-sonablenessofaccountingestimatesmade,aswellasanevaluationoftheoverall presentation of the financialstatements.Webelievethattheauditevidence we have obtained is suffi-cient and appropriate to provide abasisforourauditopinion.

OpinionIn our opinion, the financial state-mentsfortheyearended31Decem-

ber2011complywithSwiss law(Art.957 ff. of the Swiss Code of Obliga-tions)andtheAssociation’sArticlesofIncorporation.

Report on other legal requirements We confirm that we meet the legalrequirements concerning licensing(AuditSupervisionAct)andindepend-ence(Art.69boftheSwissCivilCodein conjunction with Art. 728 of theSwiss Code of Obligations) and thattherearenocircumstancesincompat-iblewithourindependence.

In accordance with Art. 69b of theSwiss Civil Code in conjunction withArt.728apara.1point3of theSwissCodeofObligationsandSwissAudit-ingStandard890,weconfirmthataninternal control system exists whichhasbeendesignedforthepreparationofthefinancialstatementsaccording

to the instructions of the Board ofDirectors.

We recommend that the financialstatements submitted to you beapproved.

Basel,14May2012

Ernst&YoungLtd.

ThomasSchneiderLicensedAuditor(inchargeofaudit)

StefanLutzLicensedAuditor


Chairmen since the year of foundation

1912–1917 FriedrichFrey,Basel

1917–1927 Drh.c.AlfredSarasin,Basel

1927–1946 RobertLaRoche,Basel

1946–1950 BernhardSarasin,Basel

1950–1965 DrCharlesdeLoës,Geneva

1965–1986 AlfredE.Sarasin,Basel

1986–1992 DrClaudedeSaussure,Geneva

1992–2003 DrGeorgF.Krayer,Basel

2003–2009 PierreG.Mirabaud,Geneva

Since2009 PatrickOdier,Geneva

Governing Board

PatrickOdier*

Chairman,SeniorPartner,LombardOdier&Cie,Geneva

DrUlrichKörner*

ViceChairman,MemberoftheGroupExecutiveBoard,GroupChiefOperatingOfficer

andCEOCorporateCenter,UBSAG,Zurich

WalterBerchtold*

Treasurer,MemberoftheExecutiveBoard,CreditSuisseGroupAGand

CreditSuisseAG,Zurich

Claude-AlainMargelisch*

DelegateoftheGoverningBoardandCEO,SwissBankersAssociation,Basel

JeanBerthoud

ChairmanoftheBoard,BanqueBonhôte&CieSA,Neuchâtel

ChristianR.Bidermann

Partner,Rahn&BodmerCo.,Zurich

BorisF.J.Collardi

CEO,BankJuliusBär&Co.Ltd.,Zurich

Organs of the Swiss Bankers Association


Governing Board

BlaiseGoetschin

CEO,BanqueCantonaledeGenève,Geneva

DrAlfredoGysi*

PresidentoftheBoardofDirectors,BSISA,Lugano

PascalKiener

CEO,BanqueCantonaleVaudoise,Lausanne

BernardKobler

CEO,LuzernerKantonalbankAG,Lucerne

Prof.DrUrsMüller

Chairman,AssociationofSwissCantonalBanks,Basel

PaulNyffeler*

ChairmanoftheBoard(until13thJune2012),RBA-HoldingAG,Gümligen

NicolasPictet*

GeneralPartner,Pictet&Cie,Geneva

HerbertJ.Scheidt

ChairmanoftheBoardofDirectors,BankVontobelAGandVontobelHoldingAG,Zurich

MartinScholl

CEO,ZürcherKantonalbank,Zurich

JoachimH.Strähle

CEO,BankSarasin&CieAG,Basel

DrPierinVincenz*

CEO,RaiffeisenGroup,St.Gallen

StephanWeigelt

CEO,acrevisBankAG,St.Gallen

Auditors

Ernst&YoungAG,Basel

*MemberoftheCommitteeoftheGoverningBoard


SecretaryoftheSupervisoryBoard

GeorgFriedli

Secretary,Attorney-at-Law,Bahnhofplatz5,3011Berne,POBox6233,3001Berne

RobertFiechter

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

InvestigatorsintotheDueDiligenceAgreement

DanieleCalvarese

Attorney-at-Law,viaNassa21,6901Lugano

DrMartinLüscher

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

DidierdeMontmollin

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

DrBeatvonRechenberg

Attorney-at-Law,Dreikönigstrasse7,8002Zurich,POBox,8022Zurich

Supervisory Board for the Due Diligence Agreement

Prof.DrUlrichZimmerli

Chairman,formerProfessorattheUniversityofBerne,formermemberofthe

CouncilofStates,Murib.Berne

DrPhilippeAmsler

Attorney-at-Law,Geneva,lecturerinBankingLaw,UniversityofAppliedSciences

WesternSwitzerland,Geneva,formerlegalconsultantwithCreditSuisseand

LombardOdier&Cie,Choulex

Prof.PaoloBernasconi

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

formerPublicProsecutorinLugano

Prof.DrClaudeBourqui

VisitingProfessorattheUniversityofLausanne,formerProfessoratthe

UniversityofSt.Gallen,formerPartnerwithErnst&YoungAG,Commugny

Prof.DrHanspeterDietzi

FormerDeputyGeneralCounselUBSAG,formerChairmanoftheLegalCommission

oftheSwissBankersAssociation,Binningen

Prof.DrDieterZobl

FormerProfessorofPrivate,CommercialandBankingLawattheUniversityofZurich,

formerHeadofLegalDepartmentwithZürcherKantonalbank,Rüschlikon

Bank Institutions


OfficeoftheSwissBankingOmbudsman

HanspeterHäni

BankingOmbudsman

Bahnhofplatz9,POBox1818,8021Zurich

T+41432661414(8.30–11.30am) German/English

T+41213112983(8.30–11.30am) French/Italian

F+41432661415

www.bankingombudsman.ch

ChristianGuex

DeputyBankingOmbudsman

AndreaPellanda


RudolfSchenker


MartinTschan

Attorney-at-Law,DeputyBankingOmbudsman

StefanPeter

Head,ContactOffice

Swiss Banking Ombudsman Foundation

AnnemarieHuber-Hotz

Chairwoman,formerFederalChancellor,Berne

PaulHasenfratz

ViceChairman,formerCEOoftheZürcherKantonalbank,Wallisellen

Prof.DrUlrichCavelti

ChairmanoftheAdministrativeCourtofcantonSt.Gallenandformeroccasional

FederalSupremeCourtJustice,St.Gallen

Prof.DrMarioGiovanoli

FormerProfessorattheUniversityofLausanne,Arlesheim

MonikaWeber

FormermemberoftheCouncilofStates,formerPresidentoftheKonsumentinnenforum

derdeutschenSchweiz,Zurich

FoundationAdministrator

PDDrChristophWinzeler

Attorney-at-Law,Basel

AuditorsErnst&YoungAG,Basel


BrunelloPerucchi

ChairmanofGeneralManagement,BancaPopolarediSondrio(Suisse)SA,Lugano

PiusCh.Schwegler

ChairmanoftheExecutiveBoard,RBA-HoldingAG,Gümligen

AlessandroSeralvo

ExecutiveVicePresident,CornèrBancaSA,Lugano

ThomasM.Steinebrunner

Attorney-at-Law,Rahn&Bodmer,Thalwil

Office of the Swiss Banks’ and Securities Dealers’ Deposit Guarantee Association

PatrickLoeb

CEO

POBox4182,4002Basel

T+41612959292,F+41612725382

[email protected],www.einlagensicherung.ch

LucasMetzger

DeputyCEO

Swiss Banks’ and Securities Dealers’ Deposit Guarantee Association

Board

DrPatrikGisel

Chairman,DeputyCEO,RaiffeisenSwitzerland,St.Gallen

BarendFruithof

HeadCorporate&InstitutionalClients,MemberofPrivateBankingManagement

Committee,CreditSuisseAG,Zurich

DrHannesGlaus

Attorney-at-Law,President,SwissAssociationofIndependentSecuritiesDealers,Zurich

HeinzHofer

ManagingDirector,GEMoneyBank,Zurich

HeinzKunz

MemberoftheExecutiveBoard,ZürcherKantonalbank,Zurich

LucasMetzger

MemberoftheExecutiveBoard,SwissBankersAssociation,Basel

ChristineNovakovic

HeadCorporate&InstitutionalClients,WealthManagement&SwissBank,

GroupManagingDirector,UBSAG,Zurich


LucasMetzger

MemberoftheExecutiveBoard,SwissBankersAssociation,Basel

GottliebPrack

HeadHumanResources,LGTBank(Schweiz)AG,Basel

ThomasSchenkel

ManagingDirector,Rahn&BodmerCo.,Zurich

PietroSoldini

ManagingDirector,BSISA,Lugano

AndreasZingg

HeadHumanResources,JuliusBärGruppeAG,Zurich

Office of the AGV Banken (Swiss Bank Employers’ Association)

DrBalzStückelberger

ChiefExecutiveDirector

Dufourstrasse49,POBox4182,4002Basel

T+41612959295,F+41612729397

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

AGV Banken (Swiss Bank Employers’ Association)

Board

BarendFruithof

Chairman,ManagingDirector,CreditSuisseAG,Zurich

DrJürgGutzwiller

ViceChairman,MemberoftheExecutiveBoardandHeadofStaff,RBA-HoldingAG,

Gümligen

Jean-LucBesençon

MemberoftheBoardofDirectors,BanqueCantonaleVaudoise,Lausanne

MichaelFederer

MemberoftheBoardofDirectors,RaiffeisenSwitzerland,St.Gallen

RenéHoppeler

MemberoftheExecutiveBoard,ZürcherKantonalbank,Zurich

ChristophHuber

ManagingDirector,UBSAG,Zurich

ChristianG.Machate

HeadofHRPrivateBanking,CreditSuisseAG,Zurich


Utility Infrastructure Providers for the Swiss Banking Sector

SIXGroupAG

Office Selnaustrasse30,8001Zurich

T+41583992091,F+41584995455

www.six-group.com

Fieldsofactivity SIXSwissExchange

SIXSecuritiesServices

SIXPaymentServices

SIXFinancialInformation

Chairman Prof.DrPeterGomez

CEO DrUrsRüegsegger

CenterforYoungProfessionalsinBanking(CYP)

Office Puls5,Giessereistrasse18,8005Zurich

T+41432225353,F+41432225354

[email protected],www.cyp.ch

HigherVocationalEducationinBanking&Finance(HFBF)

Office AKADHöhereFachschuleBankingundFinanceAG

Jungholzstrasse43,8050Zurich

T+41443073247,F+41443073207

[email protected]

www.akad.ch/banking+finance

SwissFinanceInstitute

Office Walchestrasse9,8006Zurich

T+41442543080,F+41442543085

[email protected],www.swissfinanceinstitute.ch

SwissBankersPrepaidServicesAG

Office Kramgasse4,3506Grosshöchstetten

T+41317101111,F+41317101200

[email protected],www.swissbankers.ch

PfandbriefbankschweizerischerHypothekarinstituteAG

Office Nansenstrasse16,POBox6446,8050Zurich

T+41443154455,F+41443154466

[email protected],www.pfandbriefbank.ch

PfandbriefzentralederschweizerischenKantonalbankenAG

Office Bahnhofstrasse9,POBox,8050Zurich

T+41442922778,F+41442923124

www.pfandbriefzentrale.ch

AdunoGruppe

Office Hagenholzstrasse56,8050ZurichOerlikon

T+41589586000,F+41589586001

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

Utility Infrastructure Providers, Associations and Federations


Associations and Federations

AssociationofSwissCantonalBanks

Office Wallstrasse8,POBox,4002Basel

T+41612066666,F+41612066667

[email protected],www.kantonalbank.ch

Chairman Prof.DrUrsMüller

CEO HanspeterHess

RBA-HoldingAG

Office Mattenstrasse8,3073Gümligen

T+41316604444,F+41316604455

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

Chairman PaulNyffeler

CEO PiusCh.Schwegler

RaiffeisenGroup

Office Raiffeisenplatz4,9001St.Gallen

T+41712258888,F+41712258251

www.raiffeisen.ch

Chairman Prof.DrJohannesRüegg-Stürm

CEO DrPierinVincenz

SwissAssociationofCreditBanksandFinancingTransactions

Office Uraniastrasse12,POBox3228,8021Zurich

T+41442504340,F+41442504349

[email protected],www.vskf.org

Chairman HeinzHofer

CEO DrRobertSimmen


AssociationofSwissCommercialandInvestmentBanks

Office Baarerstrasse12,6300Zug

T+41417291535,F+41417291536

[email protected],[email protected]

www.vhv-bcg.ch

Chairman RaymondJ.Bär

Secretary-General DrBennoDegrandi,DrGeorgHess

AssociationofForeignBanksinSwitzerland

Office Usteristrasse23,8001Zurich

POBox1211,8021Zurich

T+41442244070,F+41442210029

[email protected],www.foreignbanks.ch

Chairman DrAlfredoGysi

CEO DrMartinMaurer

SwissPrivateBankersAssociation

Office 12,rueduGénéral-Dufour,POBox5639,

1211Geneva11

T+41228070804,F+41223201289

[email protected]

www.swissprivatebankers.com

Chairman NicolasPictet

CEO MichelY.Dérobert


Swiss Associations

SwissFundsAssociationSFA

Office Dufourstrasse49,POBox,4002Basel

T+41612789800,F+41612789808

[email protected],www.sfa.ch

Chairman MartinThommen

CEO DrMatthäusDenOtter

AssociationofSwissHoldingandFinanceCompanies

Office POBox4182,4002Basel

T+41612959393,F+41612725382

[email protected],www.holdingverband.ch

Chairman DrGeorgStucky,formerNationalCouncillor,Baar

CEO ThomasW.Knell

AssociationfortheHistoryofFinance(SwitzerlandandthePrincipalityofLiechtenstein)

Office 8000Zurich

T+41443337192,F+41443339796

[email protected]

www.finanzgeschichte.ch

Chairman FritzJörg

ViceChairman DrUrsAlfredMüller

CEO DrJürgSpiller

International Associations

EuropeanBankingFederation(EBF)

Office 10,rueMontoyer,B-1000Bruxelles

T+3225083711,F+3225112328

[email protected],www.ebf-fbe.eu

Chairman ChristianClausen

ChiefExecutive GuidoRavoet

EFAMA–EuropeanFundandAssetManagementAssociation

Office 47,rueMontoyer,B-1000Bruxelles

T+3225133969,F+3225132643

[email protected],www.efama.org

Chairman ClaudeKremer

ViceChairmen ChristianDargnat

MassimoTosato

ManagingDirector PeterDeProft

InstituteofInternationalBankers(IIB)

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

T+12124211611,F+12124211119

[email protected],www.iib.org


The Swiss Bankers Association

TheSwissBankersAssociation(SBA)isthe leading organisation of the Swissfinancialcentreand• representstheinterestsofthebanks

and securities dealers vis-à-vis theauthoritiesinSwitzerlandandabroad;

• promotes Switzerland’s image as afinancial centre throughout theworld;

• fostersopendialoguewithacriticalpublicinSwitzerlandandworldwide;

• develops the system of self-regula-tion inconsultationwith regulatorybodies;

• supportsthetrainingofjuniorstaffand established executives in thebankingindustry;

• facilitatestheexchangeofinforma-tionandknowledgebetweenbanksandbankemployees;

• coordinatesjointprojectsundertakenbytheSwissbanks.

TheSBAwasfoundedin1912inBaselandtodayhasamembershipofapprox-imately 350 institutions and approxi-mately18000individualmembers.TheAssociation’sOfficeemploysa staffof66.Atotalof11commissionsdealwithkeyissuesaffectingtheindustry.Serv-ing on these commissions are repre-sentativesofvariousbankinggroupsaswell as specialists from the SBA. TheSBA’smainobjectiveistosafeguardandpromote an optimal environment fortheSwissfinancialservicesindustryathomeandabroad.

PatrickOdier,SeniorPartneratLombardOdier & Cie, Geneva, has been Chair-man of the SBA’s Board of Directorssince 2009. Claude-Alain MargelischhasbeenChiefExecutiveOfficersinceSeptember2010.

Imprint

PublisherSwissBankersAssociation(SBA),Aeschenplatz7,POBox4182,4002BaselT+41612959393,[email protected],www.swissbanking.org

Concept,designandcompositionRamsteinEhingerAssociatesAG,BrandingundCorporateIdentity

PicturesourceSchweizerischeBankiervereinigung,GettyImages

Thisannualreportisonlypublishedonlineandis also available in German and French. Adetailedreportoftheyear’sactivitiesisonthewebsitewww.swissbanking.org.

SwissBanking

SwissBankersAssociationAeschenplatz7POBox41824002BaselSwitzerlandT+41612959393F+41612725382

[email protected]/SwissBankingSBAwww.facebook.com/SwissBankingwww.merci-danke-grazie.ch

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