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Swiss bankers group welcomes deal with US (Extra)
Aug 19, 2009, 14:36 GMT
Geneva - The Swiss Bankers Association said Wednesday it welcomed the out-of-court deal reached between Bern and Washington pertaining to the case against banking giant UBS and the demand for client data, saying it conformed to Switzerland's laws.
'The out-of-court agreement avoids a prolonged legal battle that would have had an uncertain outcome and UBS can now continue with its consolidation process in an atmosphere free of this legal uncertainty,' the association said in a statement.
'The solution found conforms entirely with prevailing Swiss law. This is of crucial importance for the Swiss financial centre because international clients rely very much on the predictability and stability of the Swiss legal system,' the statement read.
Innocent clients should be protected from the crackdown, the SBA said.
The exact details of the data delivery system would only be made public in 90 days. Some 4,450 accounts could see their data transferred to Washington within a year.
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