Although individual deals would be signed with each bank, all would be required to provide full details to U.S. authorities of offshore business with U.S. clients and to pay the fine (UBS paid $ 780 million in the 2009 deal). The banks would be required to provide the names of individual bankers involved, although criminal cases would not be launched against these individuals. The information would be transmitted via the Swiss federal government. 

 

The 11 banks are currently under U.S. investigation into allegations of facilitating tax evasion. According to the SonntagsZeitung report, Michael Ambuhl, head of the Swiss State Secretariat for International Financial Matters (SIF), sent the specifics of the offer to the banks on December 16 and they are expected to accept it.

 

The banks were supposed to have responded in writing to the offer by December 20; however, as of 10 p.m. Swiss time on December 20, no report was available indicating acceptance. Also, Credit Suisse, Basler Kantonalbank, and HSBC Switzerland would be required to deliver client information by December 31 if they agree to the overall deal.

 

Names of U.S. clients in the information turned over to U.S. authorities would be blacked out. According to a December 18 Reuters report, the required data would comprise any correspondence between the specific bank and its U.S. clients, including notes and reports from individual telephone conversations and meetings; internal memos relating to U.S. clients circulated by individual bank units and management; correspondence between the bank and third parties such as independent wealth managers concerning U.S. clients; and documents about the U.S. business model and about U.S. funds that were transferred to third parties.

 

Despite the reports, SIF spokesman Mario Tuor told reporters in Zurich that the talks between the U.S. and Switzerland were still ongoing, and would not confirm that a deal was imminent, according to a December 19 report on the local.ch, a Swiss English language news website.