According to a statement from the Federal Department of Finance in Bern said." Switzerland and France have formally agreed on the interpretation of the renegotiated double taxation

agreement."

The finance ministry added that it "no longer considers that there is any impediment to the revised double taxation agreement being approved rapidly by parliament."

Swiss ministry also said that none of the information would be used in requests for administrative assistance. This comment was regarding a data leak from HSBC Private Bank in Geneva.

The statement further said "France has fulfilled a further condition by delivering a copy of the data stolen from HSBC in Geneva to the Swiss authorities."

The main sticking points between the two countries were settled when Swiss Finance Minister Hans Rudolph Merz had met with French Budget Minister Eric Woerth last month in Davos.

Switzerland is under pressure since early last year to relax its banking secrecy laws, leading Bern to negotiate new tax deals with at least 18 countries, which include agreements on information

exchanges, but which limit so-called "fishing expeditions." (With Input from Agencies)