I.C.E.P.

For Immediate Release
October 31, 1997

INDEPENDENT CLAIMS RESOLUTION FOUNDATION

PRESS RELEASE

       The Board of Trustees of the Independent Claims Resolution Foundation announced the appointments of Professor Hans Michael Riemer as Chairman of the Claims Resolution Tribunal, and the establishment of a Panel of Experts on Interest Fees and Other Charges to be chaired by Henry Kaufman.   The Foundation, established by the Swiss Bankers Association, was formed to provide an international, independent, and objective forum to adjudicate claims to dormant accounts of non-Swiss individuals published by Swiss banks or as a result of the investigations by the Independent Committee of Eminent Persons -- the Volcker Committee. *nbsp; It will operate under the supervision of the Swiss Federal Banking Commission and the Volcker Committee.

       In addition to Chairman Riemer, Professor of Private Law at the University of Zurich, as well as a Judge and arbitrator, up to fifteen additional arbitrators will be appointed.   The names of some of the additional arbitrators to be appointed to the Tribunal will be announced within a short time.   The law firm of Schellenberg & Haissly will serve as the interim secretariat of the Tribunal.

       The function of the Interest and Fees Panel is to make recommendations to the Board on adjustments to interest or other returns on dormant deposits or managed accounts of victims of Nazi persecution, as well as to fees and charges on these accounts, to reflect the unintended long-term character of these assets.   Chairman Kaufman, former chief economist of Salomon Brothers, will serve on this Panel together with Walter Ryser, Emeritus Professor of Tax and Commercial law at Berne University, and Elhanan Helpman, Professor of Economics at Harvard University and former Professor at Tel Aviv University.

       These decisions were taken at the first organizational meeting of the Board of the Foundation on October 15, 1997.   The Board of Trustees is composed of Paul A. Volcker, René Rhinow (Professor of Law and Swiss Senator), and Israel Singer, Secretary General, World Jewish Congress.   In addition to the appointments described above, the Board approved the Charter, By-laws, and Rules of Procedure for the Claims Resolution Process.   Based on these initial steps, the Claims Resolution Tribunal will now be able to begin the process of deciding the more than 2,500 claims that have been submitted in response to the list of names of dormant account holders published by the Swiss Bankers Association on July 23, 1997.   Additional claims are anticipated as the result of publication of the names of additional dormant account depositors on October 29, 1997 by the SBA.

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The Independent Committee of Eminent Persons
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email: info@icep-iaep.org    &    icep-iaep.org :web
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