Banking In Switzerland
All banks in Switzerland are regulated by 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 a 1934 law.
As of 11 October 2008 (2008 -10-11), the banking industry in Switzerland has an average leverage ratio (assets/networth) of 29 to 1, while the industry's short-term liabilities are equal to 260% of the Swiss GDP or 1,273% of the Swiss national debt.
Read more about Banking In Switzerland: History, Overview, Law and Regulation, Electronic Payments, Major Banks, Banking Privacy, Swiss Banks and World War II, Allegations of Black Money, International Competition
Famous quotes containing the words banking and/or switzerland:
“One of the reforms to be carried out during the incoming administration is a change in our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic.”
—William Howard Taft (1857–1930)
“I look upon Switzerland as an inferior sort of Scotland.”
—Sydney Smith (1771–1845)