Switzerland’s mountainous landscape has been moulded by glaciers and its banking industry has also changed at a glacial pace.

The pace of change may be quickening, however. Recently, not so long ago, Hans-Rudolf Merz, president of the Swiss confederation, suggested that the Organisation for Economic Co-operation and Development’s double taxation agreements would not become effective until after a referendum. The process could take years and that the first such agreement would be voted on as a template rather than voting on each one individually – to reduce the risk that an aggrieved populace would veto the agreement with the US or Germany, both of whom have sharply criticised Switzerland.

This situation is changing. It has been noticed that this “template” idea would allow the government to reduce the risk of defeat at a referendum by nominating agreements with Japan or Denmark as a non-contentious template. Now the government has agreed that each OECD agreement will be subjected to a separate referendum. In this way Swiss Bank secrecy will be curtailed by a series of non-lethal cuts rather than by a simple coup de grace.

Meanwhile Urs Roth, director of the Swiss Bankers’ Association, is travelling to the US where Delaware has just been declared the world’s most secretive financial centre.

Mr Roth’s task is to try to improve Switzerland’s tarnished image and its banks in the wake of the UBS tax evasion case. It remains to be seen whether he will be able to capitalise on the first place awarded to Delaware, but he is quoted as suggesting that there is “no indication” that any other Swiss banks will come under the sort of pressure that UBS experienced.

It remains to be seen how many Swiss institutions will follow the example of the St Gallen-based Wegelin & Co and decide to foreswear US assets to avoid any problems.