ITALIAN AMNESTY – Swiss banks suffer heaviest haemorrhage of repatriated funds
22 February 2010
SFM Offshore
Some Euro25 billion of savings was sucked out of Switzerland’s banks by the Italian tax amnesty on repatriated funds, says Bloomberg. A further Euro35 billion of Swiss-held deposits has been declared to Rome but left in Switzerland, according to a statement by the Bank of Italy. Italians also repatriated or declared a further Euro25 billion held in other foreign countries.
