Swiss banks will probably meet the deadline for delivering information on offshore US-related accounts to the US Justice Department this year, and especially today. Bloomberg News “contacted 34 of the lenders, 20 of which said they will meet today’s deadline. Five others declined to comment, and seven didn’t have clear-cut answers. Two banks said they have dropped out of the program” (one of them being Barclays Bank (Suisse) SA).

Complying with the US Program requirements and deadlines will enable the Category 2 banks to get a non-prosecution agreement.

Category 2 banks such as Cie. Lombard, Odier SCA, Rothschild Bank AG, EFG International AG (EFGN), or cantonal banks ( Aargauische-, Schaffhauser- or St Galler Kantonalbank), will continue to work over the summer and until September 15, 2014 to try to mitigate the fine by proving to the DoJ that they encouraged clients to disclose accounts to the IRS through its offshore voluntary disclosure program.

A number of banks that chose Category 2 will have until the end of the year to to submit a letter of intent to the tax division of the Justice Department under categories 3 and 4 of the US Program. For more details on categories and fines see our first page.

The article also reports that Moody’s Investors Service cut its outlook for the Swiss banking system from stable to negative. “Resolving U.S. tax disputes during the next 12 to 18 months will end a period in which it was difficult for banks to attract new customers” Moody’s said.