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To: Haim R. Branisteanu who wrote (207161)	11/28/2002 12:51:15 PM
From: Sam Salomon	Read Replies (2) \| Respond to of 436258

Different from many other countries Swiss banks offer accounts in ALL major currencies in a very convenient manner and typically trade securities on all major international markets - therefore assets held by Swiss banks, esp. for foreigners, are not necessarily carried in CHF - I would argue that the vast majority are NOT in CHF (quite different from e.g. the US where the vast majority of foreign assets held by US banks are held in USD). Therefore the CHF does not trade much based on how much assets are deposited into or withdrawn from Swiss banks by foreigners but rather by currency specific speculation and whether foreigners specifically want to buy or sell Swiss securities. Because the CHF has a relatively small "float" compared to major currencies already medium sized capital flows may move the currency a lot.