Switzerland

Swiss rates on hold

The Swiss National Bank kept its key interest rate unchanged and repeated that that it could intervene to stop an appreciation of the Swiss franc, according to a Dow Jones report.

Interview with Andrew Crockett of the BIS

INTERVIEW - The global financial system is vulnerable to new shocks and officials will have to be on their toes to react should a series of them come together, the outgoing head of the Bank for International Settlements said in an interview Monday.

Tougher Swiss banking rules

Switzerland has introduced more stringent rules on account identities in a renewed attempt to counter accusations that its tight bank secrecy laws encourage foreign tax evaders, terrorists and money launderers to hide their money in Swiss bank accounts.

Swiss revolt

ARTICLE - There is talk a Socialist (the first ever) might join the three-man team manning the Swiss National Bank, reported an article on Tuesday.

BIS Press Release

PRESS RELEASE - Following a proposal by Nout Wellink, Chairman of the Board of Directors and President of the Bank for International Settlements (BIS), the Board of Directors on 13 January appointed Malcolm D Knight as the Bank's new General Manager.

ECB sticks to rates decision

SWITZERLAND - European Central Bank board member Eugenio Domingo Solans stressed the ECB's independence Monday and said it will not be pressured into cutting rates by political leaders in euro zone member states.

Swiss-'Give central bank gold reserves to schools'

SWITZERLAND - Non-governmental groups in Switzerland have called for more funds to boost schools and research. They even make the audacious suggestion that Swiss National Bank reserves could be used as part of these funds.

Blattner on the euro and what it means for the SNB

SPEECH - In the speech 'The Euro: Implications for Switzerland and for the Monetary Policy of the Swiss National Bank' made on 22 October, Niklaus Blattner of the Swiss National Bank said Switzerland's experience of the euro has, so far, been mainly…

Management and Supervision, Cross-Border E Banking

RESEARCH - Basel Committee Publications No. 93, October 2002. The purpose of this paper prepared by the Electronic Banking Group (EBG) of the Basel Committee on Banking Supervision is to further the Committee's dialogue with the banking industry and…

Banks must improve for new Sept 11-Swiss Nat Bank

SWITZERLAND - Financial institutions must take possibly costly steps to improve the global banking system's ability to handle another event like the September 11 attacks on the United States, a top central banker said on Monday.

Swiss central bank to sell 283T of gold

SWITZERLAND - The Swiss National Bank (SNB) plans to sell a further 283 tons of gold by the end of September 2003 under its plan to dispose of 1 300 tons of unneeded reserves, the central bank said on Thursday.

Committee aid search for new BIS General Manager

PRESS RELEASE - The Board of Governors of the Bank for International Settlements (BIS) has named a committee to assist in seeking a replacement for departing General Manager Andrew Crockett. Mr Crockett has announced his intention to step down at the end…

BIS starts search for Crockett successor

SWITZERLAND - The Bank for International Settlements has started to look in earnest for a new general manager with a committee of senior central bankers outlining the criteria for a successor to Andrew Crockett, a contender to take over the reins at the…

Market functioning and central bank policy

RESEARCH - BIS Papers No. 12, August 2002. The papers in this volume were presented and discussed at the Autumn Central Bank Economists' Meeting held at the BIS on 15-16 October 2001. The meeting focused on recent changes in market functioning and their…

BIS promotes solid bank audits in wake of scandals

SWITZERLAND - Accounting scandals that have plagued the U.S. corporate scene have highlighted the need for banks to have rigorous internal audit functions, the Bank of International Settlements (BIS) said on Wednesday in a report.

Andrew Crockett to leave the BIS

SWITZERLAND - Andrew Crockett today announced that he would be stepping down as general manager of the Bank for International Settlements in March 2003. He delayed the announcement of his departure until the annual general meeting of the BIS in Basle in…

An analysis of the BIS annual report

SWITZERLAND - The Bank for International Settlement's annual report, released today at the bank's annual general meeting in Basle, worked hard to put an optimistic interpretation on global economic prospects. However, amid the positive notes the report…

Swiss fight for banking secrecy

SWITZERLAND - Swiss officials are digging in to defend secrecy laws synonymous with the country's huge banking industry before talks with the European Union expected in June.

OECD ponders action against tax havens

SWITZERLAND - Switzerland and Luxembourg could face financial sanctions if they continue to refuse to commit themselves to an international initiative against harmful tax practices.

Speech by Jean-Pierre Roth, Swiss Nat Bank, 26 Feb

SPEECH - Roth said in his speech that an independent Swiss franc is an important asset for Switzerland's financial sector. "Neither in the U.K., nor in Switzerland, is European monetary integration considered to be a necessary or a sufficient condition…

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