The dispute over Jewish assets in dormant Swiss bank accounts in the 1990s turned into Switzerland’s biggest foreign policy crisis since the Second World War. On August 12, 1998, a billion-dollar settlement was reached. swissinfo.ch’s archives reveal how the news was covered exactly 20 years ago.
This content was published on
2 minutes
Born in London, Thomas was a journalist at The Independent before moving to Bern in 2005. He speaks all three official Swiss languages and enjoys travelling the country and practising them, above all in pubs, restaurants and gelaterias.
When Jewish organisations raised questions in the mid-1990s about dormant Swiss bank accounts containing the assets of Holocaust victims, nobody could predict the storm that was about to follow.
The pressure increased when the United States administration joined the debate. Two investigations, one commissioned by the Swiss government, uncovered evidence of Jewish refugees being turned away at the Swiss border, Swiss companies profiting from the Nazi war machine and the central bank buying gold looted from Jews.
The final straw came in the shape of individual class actions launched in the US, claiming damages against Swiss banks.
Faced with allegations and threats of boycotts against Swiss business interests, the two biggest Swiss banks – UBS and Credit Suisse – released details of accounts belonging to Holocaust victims and agreed to pay money back to descendants.
In this archive clip, recorded before the settlement was made, Swiss Radio International journalist Robert Brookes reports from a news conference given by the Swiss Bankers Association, which had just published the names of almost 2,000 non-Swiss holders of dormant, Second World War-era Swiss bank accounts:
On August 12, 1998, UBS and Credit Suisse agreed to pay $1.25 billion – around $1.9 billion (CHF1.9 billion) today – to settle claims by Holocaust victims and their descendants. The fund is administered in the US.
The Swiss government and central bank stayed at arm’s length from the settlement process, having independently set up a CHF300 million humanitarian fund in 1997.
In this clip, Rolf Bloch, the then president of the Swiss Federation of Jewish Communities, gives his reaction to the settlement and what it means to Switzerland’s reputation to Swiss Radio International journalist Anne-Marie Michel:
Bodycams: essential for good law enforcement, or a privacy risk?
Did you ever come across bodycams in your place of residence and if so, how do you think the use of bodycams alter the relationship between the public and (transport) police?
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Swiss publish dormant bank account list
This content was published on
Some 2,600 dormant Swiss banks accounts, containing at least CHF44 million, went online for public consumption on Wednesday.
This content was published on
The Swiss government and the World Jewish Congress have restored friendly ties, ending tensions resulting from a dispute over dormant bank accounts.
This content was published on
In 1996, Thomas Borer was a young, up-and-coming Swiss diplomat serving in the ministry for foreign affairs in Bern. Madeleine Kunin was newly appointed by President Bill Clinton as the United States Ambassador to Switzerland. Both were unaware that they were soon to become involved in a political crisis that would test the people and…
This content was published on
The payment to Christoph Meili would be part of an agreement between Swiss banks and Jewish groups to settle the accounts. Half the money is to be paid to Meili’s wife, Giuseppina, from whom he is now separated. Meili was praised as a hero by some American officials after he took files from the Swiss…
This content was published on
But the $1.25 billion (SFr1.33 billion) settlement, sealed in 1998, also caused significant upheaval in Switzerland as the country faced allegations of colluding with Nazis during the Second World War. When Jewish organisations again raised questions in the mid-1990s about dormant Swiss bank accounts containing the assets of Holocaust victims, nobody could predict the storm…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.