Post a Comment Print Share on Facebook

reads.

So strong is the Swiss financial suffers place

In Switzerland, the financial sector plays a very important role Between 1990 and 2009, he was for almost a third of total economic growth, has contributed so much to the prosperity of the country. The more threatening the situation was at the end of 2008, as the international financial crisis also affected the local banks. Investors lost a lot of money. The Federal government and the national Bank had to retain UBS with a billion-bailout package before the bankruptcy.

from the shock Of it has not recovered to the Swiss financial centre of today. Since 2007, almost a quarter of the banks have disappeared, either because of bankruptcy or as a result of mergers or Acquisitions. Also, the number of insurers decreased in this period by more than 21 percent, as the new report "Switzerland as a financial centre" by the state Secretariat for international financial shows the questions.

The Disappearance of many institutions led to the concentration in the market. Although today 253 banks in Switzerland exist, almost half of the total balance sheet sum of the four big banks UBS, Credit Suisse, post Finance and ZKB. Together with other cantonal banks and the Raiffeisen Bank it is even 73 percent of the total. According to the report, this concentration may restrict competition.

in Addition, it has an impact on employment – especially in the case of the banks. This had to swipe since 2008, almost 20'000 full-time jobs. Less hard hit by the insurance companies. With financial services and insurance activities such as, for example, the effects of the goods and the trade could even grow.

over 7000 Jobs were lost. The Finance was in place in the year 2008, 5.9 percent of Switzerland's total employment, today it is only 5.2 percent.

As a direct consequence, the financial contribution of location to the value added of the Swiss economy by almost 4 billion Swiss francs was reduced to the last ten years. You would treat the banks separately, it would be even more than 8.4 billion. Just because the insurer rose, not the balance sheet so bad.

at the same time has increased the gross domestic product (GDP) of Switzerland, from 600 to almost 690 billion Swiss francs. The result is that the financial sector is today a smaller share of GDP than ten years ago. In 2008, there were 11.1 percent, 2018 is still 9.1 percent.

Switzerland is Therefore in comparison with other countries, but still good. In the US, for example, the share of GDP is 7.5 percent, in the United Kingdom, 6.9 percent and in Germany just 3.7 percent.

Although the importance of the financial sector for the Swiss economy in recent years, the industry continues to be a significant contribution to the revenue of the public sector. 2018 paid employees in the financial sector and the institutes over 6.5 billion in taxes. 7.5 percent of direct tax revenue in Switzerland.

in Addition, the industry expects an early boost for the financial sector. The Credit Suisse forecast in the middle of last year, that the sum of the country's managed assets is expected to grow from 6 trillion to 6.8 trillion in 2021. A prerequisite for rapid agreement with the EU and the UK, as well as adjustments to international regulatory standards.

(editing Tamedia)

Created: 02.04.2019, 16:06 PM

Avatar
Your Name
Post a Comment
Characters Left:
Your comment has been forwarded to the administrator for approval.×
Warning! Will constitute a criminal offense, illegal, threatening, offensive, insulting and swearing, derogatory, defamatory, vulgar, pornographic, indecent, personality rights, damaging or similar nature in the nature of all kinds of financial content, legal, criminal and administrative responsibility for the content of the sender member / members are belong.