mr. cerutti. >> no mr.chairman, we would not object. >> the last area i want to talk to you about is an area that is called net new assets and mr. cerutti one of the things we have reviewed in this investigation is that banks decisions regarding its net new asset figures in 2012. net new assets is the measure of the amount of new assets obtained by the bank on which it provides investment advice or asset management services, so this -- it is in my lingo not the custodial service. it's the investment service. is that a way to describe that which you can connect with? >> yeah i think that's broadly reasonable. >> net new assets also as a key performance measure of the growth of the private bank and i think both banks and investors view it that way. we are going to talk about a client of your bank and we will call him client five. in 2012 he chose credit suisse over other financial institutions and credit suisse recognized billions of dollars of that clients assets as net new assets. the bank also made decisio

mr. cerutti. >> morning. members of the subcommittee my name is romeo cerutti and i served as the general counsel of credit suisse since 2009. i'm happy to appear here today to answer your questions. we have taken a hard look at this issue, and i will explain everything to the extent possible. before 2008, our bank like many tanks in switzerland at the time had the view that tax compliance was a matter that was between individual taxpayers. that approach with the bank on a double to abuse and swiss private bankers who wanted to hide assets and back then preventing u.s. accounts from holding these assets was not a priority. that was a mistake. but since that time there has been a meaningful change and i should say one of the most important drivers of the change has been this very subcommittee and most particularly the report of july, 2008. once the report came out within a week we immediately decided he wouldn't take in the account first before leaving as a result of the regulations in that report. we also deci