Bloomberg News

Swiss Say U.S. Tax Talks Continue as Newspaper Reports Failure

May 11, 2012

Swiss banks can’t agree on the terms of a settlement with the U.S., Tages-Anzeiger reported earlier today, without saying where it got the information. Photographer:Gianluca Colla/Bloomberg

Swiss banks can’t agree on the terms of a settlement with the U.S., Tages-Anzeiger reported earlier today, without saying where it got the information. Photographer:Gianluca Colla/Bloomberg

Switzerland said it’s still in discussions with the U.S. to resolve a tax-evasion probe after a Zurich-based newspaper reported that some Swiss banks rejected proposals to help fund to a settlement.

“Discussions over a comprehensive solution with the U.S. are ongoing,” Mario Tuor, a spokesman for State Secretariat for International Financial Matters in the Swiss capital Bern, said today in a phone interview.

Switzerland and the U.S. began talks last year to resolve a Department of Justice investigation of 11 Swiss financial firms suspected of helping Americans hide money from the Internal Revenue Service. Credit Suisse Group AG (CSGN), the second-biggest Swiss bank, set aside 295 million Swiss francs ($318 million) for U.S. tax matters while Julius Baer Group Ltd. (BAER) and HSBC Holdings Plc’s Swiss private bank have also said they may pay a fine to resolve the issue.

Swiss banks can’t agree on the terms of a settlement with the U.S., Tages-Anzeiger reported earlier today, without saying where it got the information.

Thomas Sutter, a spokesman for the Basel-based Swiss Bankers Association, declined to comment on whether member-firms have objected to paying a penalty to the U.S.

To contact the reporter on this story: Giles Broom in Geneva at gbroom@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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