Swiss Banks Form Fund For Holocaust Victims

Switzerland’s three largest banks on Wednesday announced the formation of what was called a “humanitarian fund for the victims of the Holocaust” with an initial worth of around $70 million.

The gesture was apparently intended to head off threats from Jewish groups and from New York state and city institutions of punitive sanctions against Swiss banks that would further harm their battered reputation.

A statement by the three banks - Credit Suisse, Swiss Bank Corp. and Union Bank of Switzerland - said they “trust that this initiative will clear the way for the Swiss government, Switzerland’s business and financial community and Jewish organizations to work together towards finding a just and equitable solution to the issues involved.”