Swiss banks are reliable as well as their hours, and the latter is known to be an impeccable reputation. What is the secret of the banking system?
Homeland reliable banks
Historically, that for centuries Switzerland was neutral in relation to the many events going on in the world, so she was able to maintain and develop their economy to a high level. Today, the country is one of the richest countries in the world and one of the most important financial centers.
Currency - Swiss francs. Franc - over the past hundred years is one of the most reliable and stable currency, which is why he is on a par with the pound sterling and the US dollar, was chosen as one of the mottos of the First World War at the Genoa Conference in 1922. Frank today, though, depending on the currency of the dollar and the euro, still keeps to them a certain neutrality. This is connected with the geopolitical and economic situation IIIB. in relation to other European countries.
As you know, a stable currency, which is virtually impossible to inflation, is the basis for the development of a stable economy, and accordingly, and the banking system.
When were the banks?
Although it is considered the oldest banks in the world, Switzerland is not among those countries in which the first banks were opened. The first officially registered bank in Europe was a Venetian bank formed by the decision of the Venetian Senate in 1584 to finance trade city-republic system, Bank of Amsterdam was opened in 1609, and at the end of the 17th century - in 1694 there was the Bank of England, created to lending of commercial and industrial turnover of the country.
First the banks were either public cantonal (ie tied to a specific canton - Region IIIB-ii) or private, and they appeared only in the middle of the XIX century. Prior to that, the banking system, and if there was, it was not officially recognized, although the roots of the first banking institutions go far into the century.
The most ancient cantonal bank is considered to Banque Cantonale Vaudoise, founded in 1845. This bank and is now considered the second-largest cantonal bank and one of the five most prestigious universal banks in the country, in front of him in the rankings is located another cantonal bank ZurcherKantonalbank, founded in 1870.
UBS - one of the largest Swiss banks
Cantonal banks were merged in Schweiz. Banking Corporation, established in 1872 and lasted until 1998, when it was absorbed by the largest bank holding IIIB-ii UBS. By the way, UBS today is the largest Swiss. bank which provides all kinds of financial services across the globe. UBS stands for «Union Bank of Switzerland».
Other large and ancient bank holding company is Credit Suisse Group. It was founded in 1856 by Alfred Escher, industrialist and politician, to assist in financing the construction of railways and industrialization. Today Alfred Escher called the father of the state, because he not only founded the largest bank, but also engaged in patronage: he was the initiator of the opening of the Polytechnic in Zurich, the largest insurance company, as well as at his own expense built the Northeast railway countries.
Credit Suisse Group - an investment bank with assets of more than $ 1.1 trillion. US dollars. Unlike other banks, it does not provide universal service for the issuance of loans and deposits, its main objectives are private banking, investment banking and asset management, ie trust operations.
Why Swiss banks can not become bankrupt?
Major banks Schweiz-s do not offer traditional banking services in our modern sense: they do not attract deposits with interest and do not give out loans secured - they radically other functions. Therein lies the secret of the reliability of their banks.
Typically, universal banks attract deposits and pay interest on it, and make loans on bail. All the money the bank mass is formed usually by borrowing, so the loans transience can greatly undermine the financial stability of any bank, making it illiquid market, and therefore unable to pay its liabilities, ie bankrupt. Therefore, banks normally earn on the difference between interest rates on deposits and loans - and formed their income.
How formed income?
As a rule, banks are not deposit policy. Yes, they attract a lot of money, but they do not promise to pay "good" interest on these deposits. Instead, they carry out trust (ie trust operations), all the income from which goes directly to the account holder (it can be risk-free investment in projects, investments in securities), and for its services the Bank charges a small commission from the turnover of funds, it may be 0.5-0.75% of the total. On the one hand, the percentage is small, but when you consider the fact that the bank "cool" system is about $ 2 trillion. US dollars, the amount obtained decent.
Why invest money in a Swiss bank?
Safety deposit
It is necessary to immediately make a reservation - it is high reliability, but not high profitability. If you want to put money on deposit and earn interest capitalization, it is better to entrust their savings to several domestic banking institutions - and the interest rate is higher, and walking away is not necessary. However, in the home country will have to pay income tax on the interest earned, but that is another question.
Deposit box in Switzerland
As already mentioned, the reliability of the banking system determined by a stable economic, political situation in the country, as well as the principle of functioning of banks.
On the other hand, the main regulator of the stability of the financial system in any country is the Central Bank, and IIIB-I in this regard is no exception.
National Bank was founded in 1907, and his main task, in addition to the issue of banknotes, is performing the role of "lender of last resort", ie in the event of threats to the fall of the banking system, the National Bank may finance other banks and give them the necessary liquidity to survive.
The absence of taxes
The banking system IIIB. independent of the tax laws, so that all income received in the form of interest on deposits in the form of income from trust operations are not taxed, which is sometimes a decisive argument in favor of cooperation with the bank. Thus, having an account in an offshore zone, the investor does not risk their capital, when not declare the income received and does not pay income tax.
In other countries, the income tax on bank transactions ranges from 10 to 50%, so there is a benefit here.
Bank secrecy
Swiss banks securely protect the secrets of their clients.
"Swiss bank account" - a synonym for "privacy bill", and that commitment and loyalty of depositors the banking system must first private bankers. It is believed that "banking secrecy" appeared after the entry into force of the law "On banking activities" in 1934, although in fact it is not so. The first mention of the famous banking secrecy related to the early 18th century - 1713. Sw. bankers had an impeccable reputation in the world, so one of them was even awarded the title of first-person French finance department at Ludwig XVI, his name was Jacques Necker. Banking secrecy - the obligation of the banker under any circumstances not to disclose information about the contribution, its owner and the amount of funds.
But banking secrecy has always been the unspoken rule of any banking institution, so the critical moment it's time to fix it legislatively. It happened in 1934, after the Nazis came to power.
The Germans demanded that the bankers to give information about the depositors and the deposit amount "in the name of the Third Reich." Apparently, someone broke bank secrecy, because the three people in Germany were put to death for keeping money in their banks. In order to prevent lawlessness and prevent the looming threat and political turmoil, Swiss. MPs voted for the "Law on Banks", which was installed in their system the principle of confidentiality, and its violation entailed a life sentence.
Today, bank secrecy can be broken only if the investigation of a criminal offense which falls under the category of "criminal" in the country. For example, tax evasion, unlike many other countries, is considered to be only a small administrative offense entailing payment of the fine. Bank secrecy can not be requested by another country directly from the bank - this requires the ratification of Parliament Sw-s.
In 2008, the US requested permission to open information about the bank deposits 4,450 Americans suspected of tax evasion. After lengthy proceedings, the Swiss Parliament forbade banks to disclose banking secrets of their foreign clients.
Numbered accounts
Safe lock
We've learned that a bank account is usually open on someone's name, whether the name of the natural person or the name of the legal entity. Named bank accounts are not available, instead each account is assigned a certain number. Of course, the account number is binding, and the name of the owner, but this information is not even employees of the bank - only a few people (chairman of the board, members of the management) have access to the names.
Thus, large corporations and companies can no risks of information leakage to accumulate funds in their accounts for major operations, mergers and acquisitions, and to be sure that it does not know their competitors or detractors.
Data protection
In the world of modern Internet technologies good old checkbooks go by the wayside, giving way to programs online banking systems of digital signatures and electronic transfers. Sami electronic money today, though not in "seven seals" in the old buildings of banks, but still no less secure than their paper cousins - megabit data encoding technology makes their work.
How to open an account in this bank?
The main thing to determine whether there is a need for this. Interest rates are generally low, and the minimum requirements, on the contrary, are high. The largest and most reliable banks IIIB. considered Credit Suisse Group and UBS. Both banks account opening fee of about 1,000 euros. In addition, there are requirements for the minimum remaining balance: Credit Suisse is in the $ 500 thousand from the prospect of a mandatory increase to $ 1 million over the next 2 years, UBS - $ 300 thousand...
Interest rates on savings accounts generally do not exceed 3% per year (on average from 0.5 to 3.2%).
To open an account in CHF. bank, not necessarily to go somewhere - bank documents can be signed at the representative in your country, and the account will be opened within a week after the conclusion of the contract. Manage account possible both via fax and telephone, and via the Internet.
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