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Commentary urges "solidarity" to protect Switzerland's financial centre.
Text of report in English by Swiss newspaper Neue Zuercher Zeitung website on 4 February
[Commentary by Peter A. Fischer: "It is necessary to show solidarity; Wegelin and the Swiss financial centre held hostage by the United States"]
The charges filed against [Swiss Bank] Wegelin have put some things straight. Switzerland's oldest private bank is accused of having taken over "at least" 70 US customers from UBS Bank. They probably increased the share of US customers' deposits at Wegelin by about 450 million [Swiss] francs to 1.2 billion francs (which is less than 5 per cent of total deposits) between late 2007 and late 2010. Considering the amount of possible fines …
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