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Forum Concludes That Swiss Credit Is Relatively Abundant,
by Ulrika Lomas, Tax-News.com, Brussels
Friday, June 26, 2009
On June 23, the Swiss Bankers Association (SBA) invited representatives of the
Schweizerischer Gewerbeverband (Swiss Small Business Association) and Swissmem
(Federation of Swiss Machine, Electrical and Metalworking Industries) to discuss
possible solutions to the current state of the Swiss credit market.
The current situation, including potential solutions,
were analysed and developed in keynote presentations by representatives from
academia, government, finance and trade and industry. One highlight was an open
debate on the perspectives and challenges facing the financing of trade and
industry in Switzerland.
These contributions were followed by a collaborative debate in which current
expectations were formulated and findings summed up as the basis for recommending
possible courses of action.
One of the conclusions drawn by the SBA was that Swiss credit markets are in
good condition and that there is no indication of a general credit shortage.
Furthermore, although individual companies are affected by the credit crunch,
individual cases cannot be taken as representative of the credit market as a
whole. According to availabe statistics and survey findings, there is no indication
of there being a trend towards a credit shortage.
The Swiss Small Business Association shared this view, stressing there was
no general credit shortage and advising against any activism on the part of
the state. Given the uncertain future course of the economy, the association
believes it is important to continue monitoring the situation on the credit
market and to continue the dialogue with the financial sector.
Swissmem took a significantly more pessimistic view of the situation on the
credit market. Not only was it concerned about the present situation, but also
was particularly worried about the possible course of future developments.
Participants agreed to continue monitoring developments closely – in
the interests of all those affected – and to maintain a dialogue between
the financial sector and trade and industry. Participants agreed that any necessary
preparations should be made early so that effective action could be taken immediately
should problems arise.
Urs Roth, Chief Executive Officer of the Swiss Bankers Association, called on all participants
to 'engage in active and open communication based on trust in both good and bad
times'. The other representatives also supported this approach and came out in
favour of constructive cooperation between trade and industry and the banks.
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