Swiss banks' reputation for safety is not just a piece of marketing. Historically their regulators have added a "Swiss finish" to international capital rules that required their big banks to carry thicker safety buffers than firms in other countries (see chart). Supervisors judged that Swiss banks needed extra safeguards to calm the nerves of clients of their huge private-banking arms. Given the banks' size relative to Switzerland's economy, taxpayers needed more protection, too.
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