IT is reported that Swiss banks have denied the allegations of the Germany's opposition parties that tax evaders have been shifting assets en masse to the Swiss tax haven before the bilateral tax treaty comes into force from the beginning of 2013.

According to the Swiss Bankers Association (SBA), only about 0.4% of German wealth has flowed to other states located outside of the European Union in the past one year. The Association has urged the German parties not to veto the tax treaty when it comes to the Bundesrat for final approval.