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Basel, 23. December 2009 - The Swiss Bankers Association (SBA) rejects the draft federal law on depositor protection as it stands at present. The SBA believes that the immediate measures introduced in December 2009 are reasonable, efficient and purpose-designed. In the event of a claim they also guarantee rapid and adequate payment of the deposits protected. Rather than rebuilding the whole system from scratch, the SBA believes priority should be given to transforming the existing measure into permanent legislation. The existing measures have proved their worth and, unlike the new proposals, are economic to implement. In addition, the existing measures do not completely do away with the very important concept of personal responsibility on the part of the depositor.
The SBA, however, is not fundamentally opposed to further meaningful strengthening of depositor protection and has itself outlined some ideas on the subject in its consultation paper. Any changes made to a system that is already tried and tested must be reasonable and they must take into account international developments. The consequences of any changes must also be thoroughly examined.
| Contacts |
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| Thomas Sutter |
James Nason |
| Head of Communications Switzerland |
Head of International Communications |
| Tel. +41 61 295 92 06 |
Tel. +41 61 295 92 15 |
| Fax +41 61 272 53 82 |
Fax +41 61 272 53 82 |
 www.swissbanking.org |
www.swissbanking.org |
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