ss done abroad. Federal Statistical Office - Householdspending figures, including insurance. (1998) (In French, German)BanksBanks and financial institutions play an important role in the Swiss economy. The Swissfranc is among the world's most stable currencies. The Swiss money and capital market isone of the most important in the world. The two big banks - UBS and Credit Suisse -are among the leading banks. The Swiss are world-wide leaders in "private banking",asset management for individuals. They manage 35% of all private and institutionaloffshore funds. Private banking provides more than one third of the profits of UBS andCredit Suisse. Switzerland also has a number of private banks - 15 in 2001 - owned bygroups of wealthy individuals, who bear unlimited personal responsibility for the bank'sactivities. In other words, they could lose their entire fortune in the unlikely event of itsgoing bankrupt. Some foreign banks, including Deutsche Bank and Barclays, have madeGeneva the centre of their private banking activities. Switzerland also has a network ofcooperative banks, the Raiffeisen network, with 537 branches mainly in smaller townsand villages. Each branch is autonomous, with its members taking part in decisionmaking, and bearing joint responsibility for the fortunes of their branch. TradeSwitzerland is also home to a number of large international trading companies, whosebusiness consists of buying commodities and selling them on to third parties. Thecommodities themselves, principally cereals, sugar, cotton, oil and gas, never enterSwitzerland. These companies are not listed on the stock exchange. Most of them arebased in Geneva, with others in Lausanne and canton Zug. Lucerne is one of the world'sbiggest diamond trading centres. The companies often make an important contribution tothe local economy: in Geneva about 20,000 people are estimated to work directly orindirectly in the sector, while until 1996 the Lausanne grain trader...
