Politics 30 August 2013 "Painful consequences for the banks in Switzerland" Business quote of the day. Print HTML The blunt reaction of the Swiss Bankers Association to the news its government had announced a landmark deal with the US to end a long-running dispute over banks that help US tax evaders. The news comes following increased pressure on Switzerland due to series of corporate scandals. Swiss bank UBS was fined a record £160m over its handling of the Libor interbank lending rate. And the country's oldest private bank, shut its doors after pleading guilty in January to helping wealthy Americans avoid tax. The programme requires Swiss banks to agree to pay substantial penalties, ensure complete disclosure of their cross-border activities and provide detailed information on in which US taxpayers have a direct or indirect interest. Read the full story here. › Britain hasn't been "diminished" by the Syria vote, it has been enhanced Photograph: Getty Images Subscribe More Related articles An unmatched font of knowledge Leader: On capitalism and insecurity Cabinet audit: what does the appointment of Liam Fox as International Trade Secretary mean for policy?