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The two explanations for intensifying Swiss bank secrecy in 1934 are not mutually exclusive. They both shed light on how bank secrecy had been viewed during the draft of the federal law passed in 1934. On one hand, the notion was clearly formulated in an article devoted solely to bank secrecy, in response to attacks from French Socialists; on the other hand, it included a criminal sanction due to German customs espionage.

The work of the Commission of Experts, which was made up of Socialist representatives and rural communities, studied the various articles of the draft legislation. The representatives of the banking sectors made no objection to formalizing bank secrecy. The National Bank was in favor of a provision that would help fight against bank espionage. The records of the debates, as well as of the commissions and of Parliament, reveal that the enshrinement of bank secrecy had not caused the slightest controversy.

The Socialists did not object to recognizing bank secrecy by law - a silence that contrasted heavily with their actions over the past 20 years. But they had understood that this law not only allowed foreign capitalists to keep quiet about their deposits, but it also helped political refugees or victims of political or racist persecution to protect their property. In any event, even if the left-wing votes were welcome in this debate, in accordance with the Swiss tradition of consensus, they were not indispensable in order for the law to be passed by majority in the two Chambers.

So although there was no cause and effect relationship between the persecution of German Jews and Swiss bank secrecy, they were the first to benefit from this law of far-reaching general intent. To achieve this result, and in such a way, it was necessary to be Swiss and possess two qualities: wisdom and slow-but-sure progress, applied to a system that favors sound and loyal resistance over time.

Other pages of interest:

Swiss bank secrecy before 1934 History of Swiss bank secrecy: intensified due to pressure from the French Left Banking Act of 1934 The king's Swiss bankers Swiss bank secrecy tightened due to Nazi spies