Swiss bank managers are well aware that bank secrecy is death and the are adapting accordingly, that is why the are advising clients to seek tax advice, etc.... They are not stupid, they will not just continue to play the same old game if the rules have changed...

On the other hand in both the last two Italian amnesties the Swiss banks retained a high level of the "black" cash. According to the UBS report they retained 63% this time around. It will be interesting to see what CS and the others reports over the coming weeks.

Jim