FEATURES OF THE BANKING SYSTEM OF SWITZERLAND

Switzerland is considered to be the country's banks: one bank account for every one and a half thousand inhabitants. In Switzerland, operating 140 branches of large foreign banks.

Banks in Switzerland is traditionally divided into three main groups:

1) the major national banks (three);

2) Local and savings banks, working with local investors in their offices;

3) private banks, investment portfolio managers.

The credit system also includes Switzerland Finances:

· Accepting deposits and meet the requirements of the banking legislation;

· Do not take deposits, but perform other banking transactions. Banking legislation concerns them only partially.

The Swiss banking system is characterized by strict control of banks and investment companies, and after World War II in Switzerland was not a single case of bankruptcy. Control of different three-tier structure: the Federal Banking Commission - the National Bank - the Swiss Bankers Association. Banking license is issued only when the bank meets all the requirements of the law, and in violation of its license may be revoked immediately.

The high rating of Swiss banks is determined by the fact that the deposit is protected by the secret state of both civil and criminal law. If the bank does not keep the secrets of their clients, it may be deprived of license, and to disclose information to the bank's employees may be subject to imprisonment for up to 0.5 years or a fine of 50 thousand. Francs. Information about customers' accounts can be opened by governmental authorities only in cases where there is evidence for the involvement of the client in a criminal offense, while tax evasion or violation of currency regulation in other countries do not apply to crimes under Swiss law.

In Switzerland, it operates Banking Committee - an independent body, not subordinate to neither the government nor the National Bank.

This committee monitors compliance banks of the Banking Act, the applicable rules and regulations. The main mission of the committee - to protect the interests of shareholders. In its work, the committee relies on the independent auditors, outside banks, and internal auditors of banks. In the appointment to senior banking positions taken into account the opinion of the committee, and solutions Banking Committee - to perform mandatory.