Volcker Commission

The Volcker Commission, also known as the Independent Committee of Eminent Persons, was established in 1996 to investigate the accounts lying dormant since the Second World War in various banks in Switzerland. The committee was headed by former United States Chairman of the Federal Reserve Paul Volcker and was composed of three representatives from the Swiss Bankers Association and three appointed by Jewish organizations.

Background
Due to Switzerland's unique status as a neutral country, many Jews fleeing the Holocaust deposited large amounts of money and valuables in Swiss Banks. However, when those victims or their families tried to recover their money following the war, many were denied by the banks for various reasons. Victims experienced stonewalling, while survivors were asked for death certificates, something impossible to retrieve for a victim of the concentration camps. The Commission was established by a Memorandum of Understanding on May 2, 1996, between the World Jewish Restitution Organization, the World Jewish Congress and the Swiss Bankers Association. The task of combing through the many records of accounts established during the time of the Holocaust was expensive, estimated at around $100 million dollars and employing the services of six separate audit firms.

Members

 * Ruben Beraja, Avraham Burg, and Ronald S. Lauder were appointed representatives for the World Jewish Restitution Organization, with Zvi Barak and Israel Singer as alternates.


 * Curt Gasteyger, Klaus Jacobi, and Pieder Mengiardi were appointed representatives of the Swiss Bankers Association, with Hans J. Baer and Rene Rhinow as alternates.

Results
The Commission found in 1999, after its research, 54,000 accounts that may have belonged to victims of the Holocaust. The investigation was unable to determine the exact value of the accounts held by the banks, but 5,559 names were published in 1997 of accounts owned by those living outside of Switzerland, with a total value of $44.2 million. The panel further recommended the publication of 25,000 names of other victims. In 1998, a United States class-action law suit resulted in a settlement of $1.25 billion by the two largest Swiss Banks, which is supposed to cover claims by victims and their heirs.