The Agefi comes back on the statement made earlier this week by Julius Baer announcing it made provision of $350m to settle the tax dispute with the US while analysts expect a fine closer to $800m. The newspaper evokes the strong cooperation of the bank with the US authorities since 2009. A major step in this cooperation is the fact that Julius Baer asked the FINMA in 2009 the authorisation to transfer account data to the US; a request that was denied by the Swiss regulator.

As a reminder, Julius Baer  is a Category 1 bank, i.e. institutions that were already under investigation by the DoJ at the time of the publication of the US Program on August 29, 2013. They are excluded from the Program. They need deliver the requested information to the US. This includes information about in- and outflows of funds from and to other banks without giving client names (leaver lists).

They need to find a solution based on direct negotiations with the Department of Justice (DoJ).