Weiss steht im Kontrast zu Schwarz. So weist eine Logik des weissen Geldes auf eine Abkehr vom schwarzen Geld hin. Der Kontrast von Weiss und Schwarz stellt dar, wie radikal der Wandel im Schweizer Bankensektor der letzten Jahre ist, und symbolisiert, dass auf dem Schweizer Bankenplatz nur noch...

The pressure on tax haven countries to engage in tax information exchange shows first effects on capital markets. Empirical research suggests that investors do react to information exchange and partially withdraw from previous secrecy jurisdictions that open up to information exchange. While...

Véritable guide sur la prévention du blanchiment et du financement du terrorisme (LAB/CFT), cet ouvrage inédit et très complet réconcilie les obligations de confidentialité aux mesures de transparence imposées au monde bancaire et financier

"Il y a un siècle, le secret bancaire suisse était remis en cause pour la première fois sur ta scène internationale. Ce livre étudie comment les dirigeants helvétiques sont parvenus à faire face aux pressions internationales, qui apparaissent après le premier conflit mondial, pour...

The Selected Issue Paper discusses the Swiss National Bank’s (SNB) balance sheet risks and policy implications. Despite increased profit allocations, SNB capital has not kept pace with its growing balance sheet. The paper also explores the empirical determinants of pressures on the Swiss...

Das Schweizer Bankgeheimnis und die damit verbundenen Möglichkeiten zur Steuerhinterziehung haben in anderen Staaten zu erheblichen Verlusten bei den Haushaltseinnahmen und weitergehenden Wohlfahrtseinbußen geführt. Die Europäische Kommission ist bemüht, die Problematik nachhaltig zu...

This 2012 Article IV Consultation highlights that rising unemployment, stagnant wage growth, and lower confidence have all contributed to falling private consumption and low inflation in San Marino. Financial sector balance sheets have continued to compress on the back of steady outflows of...

This paper examines the development of the business model thus far and considers options for the future. The development of San Marino’s financial system over the past two decades is outlined. San Marino’s financial sector focuses on services to its residents and the residents of...

Luxembourg hosts a large international financial center that plays a pivotal role in its economy and in European financial markets. The crisis exposed significant vulnerabilities in Luxembourg’s financial system, owing to large cross-border exposures to foreign parent banks. The...

In this study, the economic development and growth of San Marino are discussed. For liquidity management, the Central Bank of San Marino was commended. Different measures have been taken to enhance the operational autonomy of the Central Bank of San Marino (CBSM), buttress supervisory functions,...

Offshore Financial Centers (OFCs) have emerged as a rather recent and quite debatable reality in the world of international finance. So debatable is the issue that it does not even have a precise generally-accepted definition. Moreover, quite often confusion arises from the use of the more...

This paper reviews the Financial System Stability Assessment Update on the Philippines. The assessment reveals that the banking sector has been strengthened considerably since the Asian crisis of the late 1990s and today appears generally resilient to a broad range of macroeconomic risks. The...

This Selected Issues paper for the Republic of San Marino analyzes options for managing systemic liquidity risk. The paper states that financial dollarization/euroization—as in the case of San Marino—or a currency board arrangement can complicate banking crisis management and...

Stress tests indicate that the main vulnerabilities of the banking sector of San Marino relate to deposit outflows or to a deterioration of credit quality, and these risks are particularly high for the largest bank. There is no effective mechanism to provide liquidity to banks. The nonbank...

The staff report for the 2010 Article IV Consultation underlies a thorough and objective view of the macroeconomic situation in Luxembourg and the challenges the economy is facing. The country’s enviable position of public finances at the onset of the crisis provided the space to...

This paper presents Detailed Assessment of the United States’s observance of Basel Core Principles for Effective Banking Supervision. The U.S. financial system is large and highly diversified. At the end-2007, total U.S. financial assets amounted to almost four and a half times the size...

Based on the request of the Central Bank of San Marino (CBSM), an assessment of San Marino’s compliance with the Basel Core Principles was undertaken in November 2009 in the context of the Financial Sector Assessment Program (FSAP). The mission followed the 2006 Core Principles...

Im Zentrum der Arbeit steht der Versuch, anhand von einfachen Rechenbeispielen Transparenz in die Frage der steuerlichen Auswirkungen des Bankgeheimnisses auf die internationale Staatengemeinschaft zu bringen. Diese stilisierten Beispiele können leicht verfeinert werden, um die Kalküle von...

The adverse impact of the crisis on Luxembourg’s growth outlook is partly mitigated by the authorities’ well-conceived fiscal policy response. The staff report for Luxembourg’s 2009 Article IV Consultation highlights economic developments and policies. It combines...

Strong economic fundamentals helped Panama contain the adverse impact of the global economic downturn and financial turmoil. The 2009 Article IV Consultation highlights that real GDP of Panama in 2008 grew by 9.2 percent. Panama’s large banking system has weathered the global financial...

This paper discusses key findings of the detailed assessment of observance of financial sector standards and codes in Switzerland. Switzerland has a relatively unique banking sector, with a high market concentration by the two largest domestic banks. The overall assessment of the peer-review...

"A timely guide to the complex financial markets and banking secrecy of Switzerland since 1934, when Switzerland's federal bank secrecy law was passed, the line between myth and reality with regard to Swiss banking has been blurred. But over the past decade, there have been dramatic changes in...

The 2002 Financial Stability Assessment Program (FSAP) found that the Croatian financial system was resilient, but vulnerabilities remain. The authorities have been proactive in addressing macroeconomic and financial vulnerabilities associated with rapid credit growth and have also taken...

This technical note highlights the financial sector assessment program update of Austria with factual update for effective banking supervision. Financial sector regulation and supervision should be conducted in the general public interest. Although authorities have acted effectively in recent...

Main description: Banken betrachten Darlehen zunehmend als fungible Finanzprodukte, die sie an Sekundärmärkten handeln und deren Regeln unterwerfen. Damit erschüttern sie die Vertrauensbeziehung zu ihren Kunden, für die das Bankgeheimnis entscheidend ist. Zugleich verschärfen sie den...

Der Verkauf von Non Performing Loans (NPLs) hat sich innerhalb von wenigen Jahren als ein bedeutendes Instrument zur Restrukturierung des Bankengeschäfts in Deutschland etabliert. Die vorliegende Arbeit gibt auf transparente Weise den aktuellen Stand wieder, welche Formen von NPLs existieren,...

This 2006 Article IV Consultation highlights that economic activity in Cyprus has recovered from a relatively weak performance in 2002–03. Declines in interest rates and strong capital inflows associated with Cyprus’s accession to the European Union in May 2004 spurred growth in...

This Financial System Stability Assessment on the United Arab Emirates (UAE) examines macroeconomic and financial sector developments. The banking sector as a whole shows comfortable levels of capitalization and profits, having benefited from the rapid expansion of the economy and a steady...

This paper presents a Detailed Assessment of Mexico’s compliance with the Basel Core Principles for Effective Banking Supervision and Transparency of Banking Supervision. Fiscal consolidation reduced the gross public debt-to-GDP ratio to below 50 percent, providing the foundations for a...

This paper discusses key findings of the Assessment of Financial Sector Supervision and Regulation for Panama. The assessment of bank supervision showed a high degree of compliance with the Basel Core Principles (BCP) reflecting generally satisfactory implementation combined with an adequate...