Swiss Find More Holocaust Bank Accounts

By New York Times News Service | St Louis Post-Dispatch (MO), June 11, 1997 | Go to article overview

Swiss Find More Holocaust Bank Accounts


New York Times News Service, St Louis Post-Dispatch (MO)


Switzerland's banks have told investigators that they recently discovered hundreds of accounts that may have belonged to Holocaust victims and thousands more that they cannot account for.

The disclosures were made last week in Jerusalem and Bern, Switzerland, to a commission headed by former Federal Reserve Chairman Paul Volcker. Next week, after months of preparation and long delays, the commission will begin a series of "pilot audits" of accounts opened between 1933 and 1945, to determine how many contain deposits placed in Switzerland by Jews and others to prevent their money from falling into the Nazis' hands.

Two years ago, the Swiss banks said they had found 775 such accounts, containing roughly $32 million. That announcement raised a number of questions, because Switzerland's bankers had previously insisted that they had turned over the last of their unclaimed wartime deposits in 1962. Now, the number of accounts appears much larger. According to people familiar with the meetings between the bankers and Volcker's commission, the banks say they have found more than 1,000 accounts, totaling roughly $40 million, that were opened in the names of non-Swiss during the wartime era. This means they have found at least 225 more accounts, worth roughly $8 million. The discovery, they told investigators, came from banks that had not completed full surveys of accounts. In another surprise, the Swiss now say an additional 15,000 to 20,000 dormant accounts were opened by Swiss nationals during the war years. In a statement released Tuesday night in response to questions, the Swiss Bankers Association said the amounts contained in those accounts were small, but it promised that "the Volcker committee will fully examine whether dormant accounts opened by Swiss citizens prior to 1945 were opened for the benefit of Holocaust victims.

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