The Last Deposit: Swiss Banks and Holocaust Victims' Accounts

By Itamar Levin; Natasha Dornberg | Go to book overview

GENERAL NOTES
1. The Swiss franc and U.S. dollar exchange rate changed drastically from 1995 to 1997 when the Swiss economic crisis caused a 20 percent devaluation of the local currency. In mid-1998, the exchange rate was about 1.5 francs to the dollar, and in 1999 about 1.6 francs to the dollar.
2. Calculation of current values of the Swiss franc in comparison to earlier time periods was done according to the official Swiss Consumer Price Index, and is current through the end of 1996. The following is a test of how to calculate current values against previous years:
to calculate the current value of the Swiss franc in contrast to 1933 values, multiply by 7;
in contrast to 1939 values, multiply by 6.7;
in contrast to 1940 values, multiply by 5.2;
in contrast to 1945 values, multiply by 4.5;
in contrast to 1950 values, multiply by 4.2;
in contrast to 1962 values, multiply by 3.5;
in contrast to 1964 values, multiply by 3.3;
in contrast to 1974 values, multiply by 2.
3. The price of an ounce of gold in 1945 was $35. The price of an ounce of gold in 1998 was less than $300, and in mid-1999, $250-260.
4. To calculate the current value of the U.S. dollar in mid-1997:
in contrast to 1945 values, multiply by 8.9;
in contrast to 1946 values, multiply by 8.2;
in contrast to 1947 values, multiply by 7.2;
in contrast to 1952 values, multiply by 6.
5. In the text the abbreviation UBS stands for Union Bank of Switzerland. Following its merger with Swiss Bank Corp. in 1998, the new, merged entity is also known as UBS, but the abbreviation now stands for United Bank of Switzerland. The third largest bank in Switzerland in the years described in the book was Credit Suisse, which is now the second largest.

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