ZURICH - The three largest Swiss banks said yesterday they would give loo million Swiss francs (£44.6 million) to victims of the Holocaust.
The initiative "is the first step toward what will be a humanitarian fund for victims of the Holocaust," Credit Suisse, Swiss Bank Corp and Union Bank of Switzerland said in a joint statement.
It comes amid controversy over gold sold to Switzerland by Germany during the second World War to help the Nazi war effort.
Much of the precious metal was pillaged by Hitler's armies from European central banks and Jewish assets as they rampaged across Europe.
Swiss banks and the government last week agreed to create a fund to aid individuals persecuted by Nazism as a goodwill gesture.
Yesterday's joint statement said the money would be lodged with the Swiss central bank and the government would decide how the money should be spent.
The World Jewish Congress in New York has applauded the decision.