Five questions answered on the closure of Switzerland’s oldest bank

Weglin pleads guilty to charges.

Swiss bank Wegelin has announced it will close after being hit with a fine from the US authorities. We answer five questions on Wegelin’s closure.

Why is Wegelin closing?

The Swiss bank, which was established 35 years before the US declaration of independence, is closing after pleading guilty to charges brought against it by a New York court which has resulted in the bank being hit with a $57.8m (£36m; 44m euros) fine by the US authorities.

It has announced that once the fine is settled the bank will close permanently.

What charges did Weglin plead guilty to?

The bank pleaded guilty to allowing more than 100 American citizens hide $1.2bn from the Internal Revenue Service for almost 10 years.

Originally, the bank said it would fight the charges, declaring that because it only held branches in Switzerland it could be bound only by Swiss laws.

What is the bank's history?

Weglin was established in 1741 and resides in a small town called St Gallen in Switzerland with further offices in Zurich, Bern, Basel, Geneva, Lausanne, Locarno, Lugano, Chiasso, Schaffhausen, Winterhur, Chur and Lucerne.

It is the first foreign bank to plead guilty to tax evasion in the US.

What have American officials said?

US Attorney Preet Bharara said: "The bank wilfully and aggressively jumped in to fill a void that was left when other Swiss banks abandoned the practice due to pressure from US law enforcement."

Adding: "[This is a] watershed moment in our efforts to hold to account both the individuals and the banks - wherever they may be in the world - who are engaging in unlawful conduct that deprives the US Treasury of billions of dollars of tax revenue".

Are other Swiss banks being accused of the same conduct?

Four years ago UBS was accused by the US authorities of tax evasion related charges. Although UBS never pleaded guilty to the charges it did pay the US government a $780m fine in what is known as a "deferred prosecution agreement" whereby a fine is paid and the charges are then dropped. UBS also agreed to reveal US account holder details.

Credit Suisse, another big Swiss bank, also remains under investigation by the US authorities.

It is unknown whether the US authorities will continue with or drop other charges against three Wegelin bankers, Michael Berlinka, Urs Frei and Roger Keller.

Swiss bank Wegelin has announced it will close. Photograph: Getty Images

Heidi Vella is a features writer for

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“Trembling, shaking / Oh, my heart is aching”: the EU out campaign song will give you chills

But not in a good way.

You know the story. Some old guys with vague dreams of empire want Britain to leave the European Union. They’ve been kicking up such a big fuss over the past few years that the government is letting the public decide.

And what is it that sways a largely politically indifferent electorate? Strikes hope in their hearts for a mildly less bureaucratic yet dangerously human rights-free future? An anthem, of course!

Originally by Carly You’re so Vain Simon, this is the song the Leave.EU campaign (Nigel Farage’s chosen group) has chosen. It is performed by the singer Antonia Suñer, for whom freedom from the technofederalists couldn’t come any suñer.

Here are the lyrics, of which your mole has done a close reading. But essentially it’s just nature imagery with fascist undertones and some heartburn.

"Let the river run

"Let all the dreamers

"Wake the nation.

"Come, the new Jerusalem."

Don’t use a river metaphor in anything political, unless you actively want to evoke Enoch Powell. Also, Jerusalem? That’s a bit... strong, isn’t it? Heavy connotations of being a little bit too Englandy.

"Silver cities rise,

"The morning lights,

"The streets that meet them,

"And sirens call them on

"With a song."

Sirens and streets. Doesn’t sound like a wholly un-authoritarian view of the UK’s EU-free future to me.

"It’s asking for the taking,

"Trembling, shaking,

"Oh, my heart is aching."

A reference to the elderly nature of many of the UK’s eurosceptics, perhaps?

"We’re coming to the edge,

"Running on the water,

"Coming through the fog,

"Your sons and daughters."

I feel like this is something to do with the hosepipe ban.

"We the great and small,

"Stand on a star,

"And blaze a trail of desire,

"Through the dark’ning dawn."

Everyone will have to speak this kind of English in the new Jerusalem, m'lady, oft with shorten’d words which will leave you feeling cringéd.

"It’s asking for the taking.

"Come run with me now,

"The sky is the colour of blue,

"You’ve never even seen,

"In the eyes of your lover."

I think this means: no one has ever loved anyone with the same colour eyes as the EU flag.

I'm a mole, innit.