Recent Developments in Swiss Law in the Field of the Protection of Depositors

Recent Developments in Swiss Law in the Field of the Protection of Depositors

Following the marked aggravation of the financial crisis in autumn 2008, the Federal Council, the Swiss National Bank and the FINMA decided that certain provisions of the Federal Law on Banks and Savings Banks applicable in case of bank insolvency should be amended. The Federal Council chose to act in two stages. It decided that certain amendments had to be passed quickly and it simultaneously instructed the Federal Department of Finance to elaborate a project with deeper amendments to the system of deposit guarantee. The content of this project is not yet public.