Swiss Banks Publish Dormant Accounts

Waiving their own tightly guarded secrecy, Swiss banks are publishing names of about 2,000 holders of World War II-era accounts left dormant, to aid the search for assets of Holocaust victims.

The unprecedented gesture comes after more than two years of mounting pressure on Switzerland and its banks for a full accounting of their wartime dealings with the Nazis and assets of Jews killed during that era.

Some Jewish organizations claim that up to $7 billion in assets and accrued interest remain hidden in Swiss banks. The banks assert that the real figure is but a tiny fraction of that.

The Swiss Bankers Assn. is publishing the list of names and hometowns today through advertisements in major newspapers throughout the world, including The Times (the ads appear on A10-11), together with instructions on how potential heirs can make claims. The association also plans to release the names on the Internet at https://www.dormantaccounts.ch

The global project has been made possible by a narrow modification of the Swiss law meant to protect the privacy and identity of any depositor.

To the relief of investors, who briefly sold off Swiss francs in a misunderstanding over the law change last year, the banking secrecy remains unchanged for all accounts opened after World War II.