Banking Secrecy

‘Bankers' change of heart on European issue’

Published on 19 November 2013 at 11:22

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Now that banking secrecy has come to an end, "Swiss bankers are dreaming of Europe," says Swiss daily Le Temps

The paper's leader writer adds that —

Swiss financial markets support any effort to forge closer ties with the EU. This stance, which was unthinkable a few years ago, comes from a fear of losing access to the vast European market.

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The "U-turn by Geneva's bankers," explains a banker to the paper, began last September with "the announcement of the switch to a system of automatic exchange of information". The paper concludes that —

The financial market's greatest hope is that a revival of bilateral talks, as proposed by the Federal Council will be successful.

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