Le Temps interviewed Patrick Odier, the President of the Swiss Banking Association (SBA). P. Odier comments on the Swiss financial center, the automatic data exchange to be ready by 2018, the technological challenges, and the complexity of the US Program.
P. Odier believes that the model NPA recently proposed by the US Department of Justice (DoJ) to the Category 2 banks goes beyond the agreement signed by both governments. He especially points out that the agreement was made between two jurisdictions and any information being forwarded to a third jurisdiction is by definition excluded from the program. The settlement for Category 2 banks was first expected to be near but now the end seems further and negotiations are open.