I.C.E.P.

PRESS RELEASE
September 4, 1997


       The Independent Committee of Eminent Persons, chaired by Paul A. Volcker, held its sixth meeting in Zurich, Switzerland, on September 4, 1997.   At this meeting the Committee considered a full agenda focusing principally on (1) formulation of the work program for the Second Phase of its forensic investigation of dormant accounts, (2) the launching of the claims settlement process, and (3) cooperation and coordination between the Committee and the Bergier Commission.

       To prepare for its decision on the Second Phase, the Committee heard a report on the First Phase of the investigation by the three audit firms - Arthur Andersen, KPMG and Price Waterhouse - on the results of their preparatory work and on the pilot and document retention investigations of ten Swiss banks, as well as on their recommendations for pursuing the Second Phase investigation.   Based on this background, the Committee decided on the prompt launching of the Second Phase Investigation based on a formal mandate to audit firms now being prepared.

       On the claims settlement process, the Committee endorsed the establishment of a foundation to sponsor the claims settlement process with a Board of Trustees whose appointment will be announced within a short period of time.   The Committee noted that a very large number of claims forms had been requested and that over 700 claims had already been filed.   It welcomed the progress that has been made toward setting in place the mechanism for dealing with these claims and others that may be filed.

       The Committee also welcomed Prof. Jean-François Bergier and Ambassador Thomas G. Borer to its meeting to discuss cooperation and coordination between the work of the Committee and that of the Bergier Commission.   They reviewed the existing close cooperation in areas of mutual interest and agreed to establish a working group to carry this work further.   Prof. Bergier invited members of ICEP to attend meetings of his Commission.   The Committee was also very pleased that Mr. Daniel Zuberbühler, Director of the Swiss Federal Banking Commission ("SFBC") was able to join the meeting of the Committee, demonstrating the close cooperation between the Committee and the SFBC.

       The Committee agreed to meet again in December 1997.




The Independent Committee of Eminent Persons
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