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Switzerland must prepare for the possible Automatic Exchange of Bank Client Information

“Switzerland and its banking system should assume that in five to ten years when a foreign client comes and opens a Swiss bank account, his name, the date he opens the account and the bank’s name will be automatically transferred to his country’s treasury,” said Hildebrand. “The Swiss fiscal refuge is over.”

Hildebrand, who resigned as SNB chairman in January amid controversy over his wife’s currency trades, said he regretted what had happened.

In the interview the former SNB chairman also described the “terrible” period in October 2008 when the national bank was forced to bail out Switzerland’s largest private bank UBS with a multi-billion franc rescue package.

Hildebrand, who at the time was an SNB board director before he became chairman, said he felt “disgusted philosophically” that the state had had to intervene to save a private company.

In June 2012 following his resignation it was announced that Hildebrand had joined the world’s largest asset management company Blackrock, based in London where he will be looking after institutional clients in Europe, the Middle East, Africa and Asia.

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Read more at: Tax Times blog

 
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