USA: GOVERNMENT TO ENFORCE SANCTIONS AGAINST SWISS BANKS UNLESS THEY SETTLE WITH JEWISH GROUPS OVER RESTITUTION OF HOLOCAUST-ERA FUNDS

Record ID: 566022

  • Title: USA: GOVERNMENT TO ENFORCE SANCTIONS AGAINST SWISS BANKS UNLESS THEY SETTLE WITH JEWISH GROUPS OVER RESTITUTION OF HOLOCAUST-ERA FUNDS
  • Date: 2nd July 1998
  • Summary: BERNE, SWITZERLAND (JULY 2, 1998) (RTV) 1. SCU PAN GOLD BARS IN VAULTS/ CU GOLD BARS (4 SHOTS) 0.27 2. SLV BANK OFFICIAL OPENING BOX IN BANK OF SAFE DEPOSIT BOXES ZOOM IN 0.41 3. CU BANK OFFICIAL OPENING BOXES; FURTHER VIEWS OF BOXES (2 SHOTS) 1.03 4. SLV PAN EXTERIOR SWISS GOVERNMENT BUILDING 1.10 5. SCU SWISS GOVERNMENT SPOKESMAN THOMAS BOHRER, HEAD OF SWISS GOVERNMENT TASK FORCE, SAYS SANCTIONS ARE UNFAIR, COUNTER-PRODUCTIVE AND ILLEGAL. (ENGLISH) 1.30 NEW YORK CITY, UNITED STATES (JULY 2, 1998) (RTV) 6. SLV TILT UP EXTERIOR NEW YORK CITY MUNICIPAL BUILDING 1.40 7. SCU ALAN HEVESI, NEW YORK CITY COMPTROLLER, "WE HAD NO CHOICE ONCE THE GOVERNMENT SAID THEY WILL NEVER EVER PARICIPATE IN THESE DISCUSSIONS, THAT'S WHAT THEY TOLD US YESTERDAY, WE ASKED THEM - EVEN WITH THE BERGIERE REPORT THAT WAS CRITICAL OF THE SWISS ROLE IN TRANSACTING GOLD AND PROVIDING HARD CURRENCY TO THE NAZIS, THEY WILL NEVER EVER BE INVOLVED. SO THEY LEFT US NO CHOICE BUT TO MOVE TO THIS PROGRAMME. BUT WE WANT TO BE PRUDENT AND CAUTIOUS AND SO WE'RE MOVING AHEAD WITH A STAGED SERIES OF SANCTIONS" (ENGLISH) 2.08 BERNE, SWITZERLAND (JULY 2, 1998) (RTV) 8. MV BOHRER WITH REUTERS JOURNALIST 2.11 9. SCU BOHRER SAYS THAT U.S. TAXPAYERS ARE HURTING THEMSELVES WITH THESE SANCTIONS BECAUSE SWISS FIRMS CREATE 300,000 JOBS (ENGLISH) 2.29 10. SLV EXTERIOR BANKS CREDIT SUISSE/ UBS - UNION BANK OF SWITZERLAND (COMBINATION OF FORMER SWISS BANK CORPORATION AND UNION BANK OF SWITZERLAND)/ SLV FEDERAL PARLIAMENT HOUSE (5 SHOTS) 2.54 Initials Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 17th July 1998 13:00
  • Keywords:
  • Location: BERNE, SWITZERLAND AND NEW YORK CITY, UNITED STATES
  • City:
  • Country: USA
  • Reuters ID: LVA6VSBU7XBKO67NROPWKIMYZ19Z
  • Story Text: The Swiss government has accused financial institutions in New York of acting illegaly in their attempts to force Swiss banks to resolve the dispute over Holocaust-era assets.

    New York state and city financial institutions announced on Thursday (July 2) they will begin sanctions against Swiss banks in 60 days unless they settle with Jewish groups over restitution of Holocaust-era funds.

    The first phase of sanctions would bar short-term investment with Swiss banks by the New York state and city governments.It would also stop Swiss banks and investment firms from selling city and state debt and ban Swiss banks from providing Letters of Credit, which are insurance policies on city debt.

    American Jewish organisations say the Swiss government and banks have stonewalled efforts to recover the assets deposited in the banks by Holocaust victims during World War II.

    Swiss banks have made a settlement offer of 600 million U.S.dollars but the American Jewish groups are seeking more than double that amount banks and the Swiss government.

    Swiss government spokesman Thomas Bohrer said in Berne on Thursday that sanctions aganist his country by Israel and the United States were unfair, counter-productive and illegal.

    Bohrer said the Swiss government would fight the sanctions, which would have an adverse effect on Swiss-U.S.

    relations.Bohrer said the Swiss government would support Swiss companies that took legal steps against the sanctions, and would step up lobbying in the U.S., and explain that U.S.

    taxpayers would be hurting themselves, because Swiss companies created more than 300,000 jobs there.

    Bohrer said the Swiss government was also considering taking steps at the World Trade Organisation, claiming the sanctions also violated international law.Bohrer said there was no room to negotiate for either the Swiss government or the Swiss National Bank.They had taken measures at the beginning of 1997, which are the moral and material answer to all the questions, he said.


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