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297

List of Tables

Chapter 2: Government Policy and the Right of Establishment

Table 1:

Table 2:

Table 3:

Table 4:

Table 5:

Table 6:

Table 7:

Table 8:

Table 9:

Table 10: Table 11:

The relative advantages of the various forms of establishment abroad

Motives given for official measures limiting the establishment of foreign banks

Measures relating to the form of establishment of foreign banks in certain countries

of the OECD zone

The banking and finance system of the United States

Types of establishment authorised for foreign banks in the United States, both before

and after the introduction of the IBA

The relative importance of foreign banks from the various foreign countries in the United

48

48

49 52

54

States with respect to the assets held by these banks (1981, in millions of US$) 55

Application of the Federal Banking Law to the various types of establishments with a

banking character

Agents carrying out operations on the securities markets in the various countries of

the OECD zone

57

60 Distribution of supervisory activities between the various supervisory bodies in Great Britain 63

Establishment of foreign companies operating on the securities markets (1970-1986) 65

Comparison of the relative importance of the establishment of foreign banking and

finance companies in London, New York and Tokyo 66

Chapter 4: Fiscal Policy and the Banking System

Table 12: Table 13:

Table 14:

Table 15:

Table 16:

Tables 17

to 24:

Table 25:

Table 26:

Table 27:

Table 28:

Total fiscal revenues as a percentage of GDP, at current prices

Total fiscal revenues (excluding social security contributions)

as a percentage of GDP, at current prices

Tax on company profits, as a percentage of total fiscal revenues

Tax on company profits levied by the central government as a percentage of

the total fiscal revenues of this government

Development of total fiscal revenues of the Swiss Confederation from

1970 and 1986 in millions Swiss francs

A comparison of fiscal practices in banking at the international level

Tax / profits before tax, in percentage

Tax / profits before tax, in percentage

Profits tax (in millions Swiss francs)

Development of the main categories of federal stamp duties

(in millions Swiss francs)

99

100 100

101

101

103 112

113 113

116

299

Table 29:

Table 30:

Table 31:

Table 32:

Table 33:

Table 34:

Table 35:

Table 36:

Table 37:

Tables 38

to 46:

Table 47:

Table 48:

Table 49:

Table 50:

Table 51:

Switzerland as a Financial Centre

Comparative development of stamp duty and total fiscal revenues of the federal

government (in millions of Swiss francs and in percentage)

Development of the stamp duty on transactions

Taxes imposed on security transactions in the main financial centres

Taxes on financial and capital transactions, as a percentage of total fiscal revenues

Tax on financial and capital transactions (heading 4400) as a percentage of

total fiscal revenues of central governments

Comparison between the development of the secondary bond market in Europe

and that of the Swiss federal stamp duty yield Comparative development of the volume of bonds traded on the euromarket

and the Swiss stamp duty on transactions levied on foreign securities

Number of bonds sold at a loss according to the rate of the duty on transactions

Development of profits and losses according to the rate of stamp duty on transactions

Influence on the bond market of the stamp duty on transactions

Development of profits and losses according to the rate of stamp duty

on transactions (sample of 12 bonds)

Development of rates of stamp duty insuring break -even at sale (in 0/00)

The non-reimbursable portion of bank interest

(for countries with which Switzerland has signed a treaty to avoid double taxation)

Gross yield of withholding tax (in millions Swiss francs)

Comparative table of taxes levied on sales of physical gold (in percent)

Chapter 5: The Swiss Capital Markets

Table 52:

Table 53:

Table 54:

Table 55:

Table 56:

Table 57:

Table 58:

Table 59:

Table 60:

Table 61:

Table 62:

Table 63:

Table 64:

Table 65:

300

Structure of short-term liabilities of all banks and finance companies in Switzerland, in 1980 and 1985 (in billions of Swiss francs)

Structure of short-term assets of all banks and finance companies

in Switzerland, in 1980 and 1985 (in billions of Swiss francs)

Development of fiduciary operations from 1950 to 1985

Spread of fiduciary operations in Swiss and foreign accounts according to

currencies at the end of 1980 and at the end of 1985 (in millions of Swiss francs)

Fiduciary operations distributed according to bank categories,

at the end of 1980 and at the end of 1985 (in millions of Swiss francs) Swaps of dollars against Swiss francs, at the end of 1965 and at the end of 1985

(in millions of Swiss francs)

Public domestic issues (January to September, in millions of Swiss francs)

Non-public domestic issues: issue value (in millions of Swiss francs)

International bond issues

Cost differentials of domestic market issues (1982-1983)

Capital exports subject to authorisation (in millions of Swiss francs)

Public issues of Swiss bonds and foreign bonds in Switzerland

(in millions of Swiss francs)

Capital exports subject to authorisation (in millions of Swiss francs)

Swiss share issues (in millions of Swiss francs)

117 118 119 120

121

121

122

122

123

125

134

139

141

141

142

146

147

148

149

150

150

151

151

152

153

154

155

156

156

List a/Tables

Chapter 6: The Swiss Stock Exchange

Table 66:

Table 67:

Table 68:

Table 69:

Table 70:

Table 71:

Table 72:

Table 73:

Table 74:

Table 75:

Table 76:

Table 77:

Table 78:

Table 79:

Table 80:

Performance in dollar terms of an investment on the most important of the world's stock markets (from the end of 1970 to the end of 1980)

Yield in dollar terms (in percent)

Second markets throughout the world

Stock exchange capitalisation of national shares, at the end of each year

(in billions of US$)

Number of companies with shares listed on stock exchanges (1985)

Par value of bonds listed on stock exchanges on December 31 st of each year

(in billions of US$)

Market capitalisation of bonds listed on stock exchanges on December 31 st

of each year (in billions of US$)

Par value of new listings of bonds (in billions of US$)

Volume of security transactions (in billions of US$)

Volume of security transactions (in millions of Swiss francs)

Stock exchange indices

Comparative costs of stock exchange transactions for domestic securities

at an international level

Comparative costs of stock exchange transactions for foreign securities

at an international level

Difference in treatment between foreign and domestic securities

Situation existing in Zurich before the introduction of the new Convention on

160

161

165

166

166

167

167

168

168

169

170

172

173

174

brokerage commissions: difference in treatment to the detriment of foreign securities 175

Chapter 7: Banks and Technology

Table 81:

Table 82:

Table 83:

Table 84:

Table 85:

Table 86:

Table 87:

Table 88:

Development of the bancomat pools

Development of the eurocheque card in Switzerland

Number of network terminals in Western Europe, by field of activity, 1983

The various categories of telecommunications service

Breakdown of the telecommunications industry by product groups

Investments in telecommunications (in millions of US$ at 1980

exchange rates and price levels)

Number of employees per thousand subscribers

Revenues of telecommunications services (in dollars per inhabitant, at 1980

exchange rates and price levels)

Chapter 8: Training and Employment in the Banking Sector

Tables 89

to 90:

Table 91:

Table 92:

Number of employees in banks and finance companies, from 1971 to 1985

The share of the finance sector in total employment (in percent)

Number of apprentices trained each year

180

180

183

184

186

191

192

192

196

197

200

301

Switzerland as a Financial Centre

Chapter 9: Analysis of the Profit and Loss Account of Swiss Banks

Table 93: Comparison of revenue per employee and expenditure per employee in the

various categories of bank (including finance companies), in thousands of Swiss francs,

at the end of 1985 222

Chapter 10: Costs and Margins in the Banking Sector

Table 94: Staff costs / gross earnings margin, in percent, average 1978-1982

Table 95: Total operating costs / gross earnings margin, in percent, average 1978-1982

Table 96: Total operating costs / average total assets, in percent, average 1978-1982

Table 97: Sources of income, in percent, average 1978-1982

Table 98: Interest margin / interest received, in percent

Table 99: Other income / average total assets, in percent, average 1978-1982

Table 100: Profit before tax / gross earnings margin, in percent, average 1978-1982

Table 101: Gross earnings margin / average total assets, in percent, average 1978-1982

Table 102: Capital ratio, in percent

Table 103: Staff costs / gross earnings margin: updating 1983-1985

Table 104: Total operating costs / gross earnings margin: updating 1983-1985

Table 105: Total operating costs / average total assets: updating 1983-1985

Table 106: Sources of income, in percent: updating 1983-1985

Table 107: Interest margin / interests received, in percent: updating 1983-1985

Table 108: Other income / average total assets, in percent: updating 1983-1985

Table 109: Profit before tax / gross earnings margin, in percent: updating 1983-1985

Table 110: Gross earnings margin / average total assets, in percent: updating 1983-1985

Table 111: Capital ratio, in percent: updating 1983-1985

Table 112: Staff costs / gross earnings margin: updating 1983-1984

Table 113: Total operating costs / gross earnings margin: updating 1983-1984

Table 114: Total operating costs / average total assets: updating 1983-1984

Table 115: Profit before tax / gross earnings margin: updating 1983-1984

Table 116: Gross earnings margin / average total assets: updating 1983-1984

Table 117: Capital ratio: updating 1983-1984,

Table 118: Growth rate of total assets at constant 1980 prices, in percent

Chapter 11: Capital and Liquid Assets

Table 119:

Table 120:

Table 121:

Table 122:

Table 123:

302

Ratio between available capital and required capital at the end of

the years 1980 to 1985, in percent

Required and available capital, as a percentage of the balance sheet total,

at the end of the years 1980 to 1985

Capital ratio, in percent, 1980-1984

Total liabilities, determining liabilities and short-term liabilities,

at the end of each year 1980-1985

Available funds at the end of each year 1980-1985

232

233

234

235

236

237

238

239

241

242

242

242

243

243

243

244

244

244

245

246

246

247

248

249

249

252

253

255

258

259

Table 124: Table 125:

Table 126: Table 127:

Table 128:

Table 129:

Table 130: Table 131:

Table 132:

List a/Tables

Available funds and easily realisable assets at the end of each year 1980-1985 Cash liquidity and global liquidity at the end of each year 1980-1985 Degree of liquidity at the end of each year 1980-1985 Liquidity ratio I, in percent (cash and liquid assets, bonds and other securities

related to total deposits) Liquidity ratio II, in percent (cash and liquid assets related to the total of at sight deposits) Liquidity ratio III, in percent (cash and liquid assets, bonds and other securities

260 261 262

265

266

related to the total of at sight deposits) 267

Geographical breakdown of foreign assets at the end of 1982, in percent 268 Geographical breakdown of foreign assets held by Swiss banks and finance companies at the end of 1985, in percent 268

Assets of Swiss banks held in developing countries, broken down by countries,

together with the external debt of the countries concerned, at the end of 1985 268

303

List of Diagrams

Chapter 2: Government Policy and the Right of Establishment

Diagram 1:

Diagram 2:

Diagram 3:

Diagram 4:

Establishment of foreign banks in certain OECD countries, 1960-1981

(branches and subsidiaries with majority holdings)

Development of the establishment of foreign banks in Luxemburg,

by groups of countries (1970-1983)

Comparative development of the establishment of foreign banks in London and New York

Development of the establishment in Switzerland of foreign companies with

a banking character (banks in foreign hands, branches of foreign banks and

finance companies), 1960-1984

Chapter 4: Fiscal Policy and the Banking System

Diagram 5: Comparative development of profits tax of banks and total fiscal

revenues of the federal government (1970 = 100)

Diagram 6: Comparative development of profits tax of banks and total fiscal

revenues of the federal government (1970 = 100)(continued)

Diagram 7: Comparative development of profits tax of banks and total fiscal

revenues of the federal government (1972 = 100)

Diagram 8: Development of the various categories of stamp duty, 1976 and 1986, in percent

Diagram 9: Development of the two categories of stamp duty on transactions,

1976-1986, in percent

Diagram 10: Impact of the abolition of stamp duty on the development of profit

from the sale of one share

Diagrams 11

to 16: Development of gains or losses on resale of a block of bonds at constant

prices, taking into account various rates and taxation levels

Chapter 6: The Swiss Stock Exchange

Diagram 17:

Diagram 18: Diagram 19:

Structure of the Swiss Stock Exchange Association

Stock exchange transaction Distribution of prices paid on the Zurich Stock Exchange by categories of security in 1985

50

52

/

55

57

114

114

115

116

118

135

136

162

163

170

305

Switzerland as a Financial Centre

Chapter 7: Banks and Technology

Diagram 20:

Diagram 21:

Diagram 22: Diagram 23: Diagram 24: Diagram 25: Diagram 26:

Diagram 27: Diagram 28: Diagram 29:

Sales of the Swiss telecommunications industry 1980 - 1985 (in millions of Swiss francs) Telecommunications market structure: relations between postal and telecommunications services Telecommunications market structure: local basic service market Telecommunications market structure: national long-distance service Telecommunications market structure: intemationallong-distance service Telecommunications market structure: leased circuits market - shared use and resale Telecommunications market structure: leased circuits market - interconnection with the public network Telecommunications market structure: terminal equipment, main telephone Telecommunications market structure: terminal equipment, PBX Telecommunications market structure: terminal equipment - Modems

Chapter 8: Training and Employment in the Banking Sector

184 187

187 188 188 189 189

190 190 191

Diagram 30: Index showing the increase in the staff of Swiss banks from 1971 to 1985 197 (1971 = 100)

Diagram 31: Variation in percentage terms in the growth of the number of staff, 1970-1985 197 Diagram 32: Age structure of the permanent staff of the Union Bank of Switzerland, in 1985 199

Chapter 9: Analysis of the Profit and Loss Account of Swiss Banks

Diagram 33: Development of the revenues of large banks, in percent Diagram 34: Development of the revenues of other banks, in percent Diagram 35: Development of the revenues of branches of foreign banks, in percent Diagram 36: Development of the revenues of cantonal banks, in percent Diagram 37: Development of the revenues of regional and savings banks, in percent Diagram 38: Development of the revenues of mutual credit banks and Raiffeisen

credit cooperative banks, in percent

207 209 210 211 212

212 Diagram 39: Development of the revenues of finance companies, in percent 213 Diagram 40: Development of the revenues of finance companies, in millions of Swiss francs 213 Diagram 41: Development of the revenues of finance companies, in millions of Swiss francs

(continued) 214 Diagram 42: Development of the revenues of all banks, in percent 215 Diagram 43: Fiduciary operations, by employee and by category of bank,

in millions of Swiss francs (average 1984-1985) 216

Diagram 44: Development of the expenditure of all banks, in percent 217 Diagram 45: Development of the expenditure of large banks, in percent 217 Diagram 46: Development of the expenditure of other banks, in percent 218 Diagram 47: Development of the expenditure of branches of foreign banks, in percent 218 Diagram 48: Development of the expenditure of cantonal banks, in percent 219 Diagram 49: Development of the expenditure of regional and savings banks, in percent 219

306

List of Diagrams

Diagram 50: Development of the expenditure of mutual credit and Raiffeisen credit

cooperative banks, in percent 220

Diagram 51: Development of the expenditure of fmance companies, in percent 220

Diagram 52: Development of the expenditure of fmance companies (in millions of Swiss francs) 221

Diagram 53: Sum of the balance sheet per employee and by category of bank,

Diagram 54:

Diagram 55:

Diagram 56:

Diagram 57:

Diagram 58: Diagram 59:

Diagram 60:

Diagram 61:

Diagram 62:

in millions of Swiss francs, average 1984-1985.

Net profit per employee and by category of bank, in thousand of Swiss francs,

average 1984-1985

Distribution of net profits per group of banks in 1970 (in percent)

Distribution of net profits per group of banks in 1975 (in percent)

Distribution of net profits per group of banks, in 1980 (in percent)

Distribution of net profits per group of banks, in 1985 (in percent) Development of the profit-making capability of banks and finance companies since 1972

Swiss banks: distribution of net results by category of bank

(before deduction of tax and provisions), average 1980-1984

West German banks: distribution of the net result by category of bank (before deduction of tax and provisions), average 1980-1984

American banks: distribution of the net result by category of bank (before deduction of tax and provisions), average 1980-1984

222

223

224

224

225

225

226

227

227

228

307

Cover design: Fabienne Kiefer, Geneva Photocomposition: Datatype A.G., Zurich

Presses Centrales Lausanne S.A.