Banking in Switzerland  

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Kunstformen der Natur (1904) by Ernst Haeckel
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Kunstformen der Natur (1904) by Ernst Haeckel

Banking in Switzerland is regulated by the Swiss Financial Market Supervisory Authority (FINMA), which derives its authority from a series of federal statutes. The country's tradition of bank secrecy, which dates to the Middle Ages, was first codified in the Federal Act on Banks and Savings Banks, colloquially known as the Banking Law of 1934. The regime of bank secrecy that Swiss banks are famous for coming under pressure in the wake of the UBS tax evasion scandal, and the 1934 banking law was amended in 2009 to limit tax evasion by non-Swiss bank clients.

In 2011, banks represented 59.4% of the total value added of the Swiss financial sector, totalling CHF 35.0 billion representing 6.2% of the country's GDP. UBS and Credit Suisse, the two largest banks in Switzerland, were ranked globally at #19 and #25 among banks, with assets of approximately US$1.375 trillion and US$1.090 trillion, respectively.

As of 2008, the banking industry in Switzerland has an average leverage ratio (assets/net worth) of 29 to 1, while the industry's short-term liabilities are equal to 260 percent of the Swiss GDP or 1,273 percent of the Swiss national debt.




Unless indicated otherwise, the text in this article is either based on Wikipedia article "Banking in Switzerland" or another language Wikipedia page thereof used under the terms of the GNU Free Documentation License; or on research by Jahsonic and friends. See Art and Popular Culture's copyright notice.

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