61340 Vorabseiten_e - Unabhängige Expertenkommission Schweiz

1 This section is principally based on the following studies: Perrenoud/López/Adank/Baumann/
Cortat/Peters, Place financière, 2002; Lussy/Bonhage/Horn, Wertpapiergeschäfte, 2001; Bonhage/
Lussy/Perrenoud, Vermögen, 2001; Perrenoud/López, Aspects, 2002 (Publications of the ICE).
2 On the basis of the data available concerning individual banks, a highly precise estimation can be
made for the year 1945 and confirms the figure of over 20 billion francs. ICEP, Report, 1999, p. 57.
3 Guex, Politique, 1993.
4 Guex, La Suisse, 1999, p. 116.
5 CSG Archives, SKA Fund, 02.105.201.302, minutes of a meeting of the Extended Finance
Committee, 31 August 1936 (original German).
6 SNB Archives, file 2250, Gentlemen’s Agreement concerning the «Verminderung des Übermasses
der bei der Bank liegenden ausländischen Franken-Guthaben und Bekämpfung der Notenthesaurierung»,
November 1937 (original German).
7 Perrenoud/López/Adank/Baumann/Cortat/Peters, Place financière, 2002 (Publications of the ICE),
chapter 1.
8 Haberler, Prosperity, 1937, p. 336.
9 In 1933, total Federal expenditure amounted to 482.1 million francs (Perrenoud, Aspects, 2000,
p. 99).
10 Arbeiter-Zeitung, 16 August 1945, Finanz-Revue, 8 August 1945 (original German).
11 Guex, Origins, 2000.
12 Jung, Kreditanstalt, 2000, p. 83. August Dörflinger was found guilty not only of the crime
mentioned here but also of passing on military secrets and on several charges of military and
economic espionage; see FA, E 5330 (-) 1982/1/5644/1942, vols. 82–84.
13 Wigging-Layton Report drawn up by the committee set up on the recommendation of the London
Conference (Swiss National Bank Archives, 2105). Switzerland occupied third place after the USA
and Great Britain, which is an indication of its importance.
14 As far as concerns the SBC, the only available figure concerns a random date in September 1931.
15 See Frech, Clearing, 2001 (Publications of the ICE), p. 51.
16 CSG Archives, SKA Fund, 02.102.201.302, minutes of a CS Board meeting held on 6 April 1933,
p. 31 (original German).
17 With reference to gold trading by the Dresden Bank and Deutsche Bank see Bähr, Goldhandel, and
Steinberg, Deutsche Bank, 1999.
18 Gautschi, General Guisan, 1989, p. 522.
19 See Bonhage, Bodenkreditanstalt, 2001 (Publications of the ICE), chapter 2.
20 CSG Archives, 08.105.203.303-1/2, reorganisation of Discont-Credit AG 1937–1948, von
Tscharner to Blass, 4 August 1938 (original German). When Discont AG was reorganised in 1938,
von Tscharner suggested to the Credit Suisse that it specialised in the coupon trade.
21 SB Archives, 02-00-0059, Zurich Cantonal Stock Exchange Commissioner’s Office, meeting held
on 16 January 1942.
22 When the chairman of the Zurich Stock Exchange Association, Walter J. Bär, proposed to his
committee the introduction of a so-called declaration of Swiss ownership on 20 April 1940 following
the German occupation of Denmark and Norway, and wanted to limit the trade in securities
belonging to Swiss citizens domiciled in Switzerland, the private banker Emil Friedrich and the
representatives of the major banks Graf (CS), Hoch (SBC) and Zehnder (UBS) expressed their
opposition, because they thought that a regulation should be achieved not by imposing restrictions
but through self-regulation among the stock exchange traders. Bär was one of the few Jewish bankers
in Switzerland. Along with Peter Vieli (CS), Friedrich, who succeeded Bär as chairman of the Zurich
Stock Exchange Association in 1940, was one of the signatories of the «Eingabe der 200» (Waeger,
Sündenböcke, 1971).
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