4 last year for which nation-wide totals were available.) Notice that the number of Non-Registered Clients is two to three times that of Registered Clients in every sector except Hospitality. According to Winkler (2010), these numbers understate the weight of the Non-Registered group in that some very large corporations are included therein. WIR-Bank cannot list the names of these Non-Registered companies, due to Swiss banking secrecy laws (Winkler, 2010). Furthermore, the largest firms cannot be Registered: under WIR by-laws, passed in 1972, only SMEs may be registered as members (Stodder, 2009). Registered firms are “dedicated� to WIR in the sense that they must take a fixed percent (typically 50%) of their first 2,000 SFr of customer invoices in WIR. We will explore the implications in the econometric section of the paper.
Table 3: WIR-Client Enterprises, by Sector, 2005 All Swiss
All WIR
Portion WIR/Swiss
RETAIL, of which Registered Non-Registered
62,380
14,275 5,933 8,342
22.9% 9.5% 13.4%
SERVICES, of which Registered Non-Registered
164,709
10,380 3,817 6,563
HOSPITALITY, of which Registered Non-Registered
28,006
CONSTRUCTION, of which Registered Non-Registered
(1,000 SFr)
(Swiss Fr.)
Turn/Balance =
Turnover
Balance
Av. Bal.
Velocity
345,757 223,822 121,935
127,100 64,958 62,142
8,904 10,949 7,449
2.72 3.446 1.962
6.3% 2.3% 4.0%
213,515 112,186 101,329
88,788 30,745 58,044
8,554 8,055 8,844
2.405 3.649 1.746
3,438 2,099 1,339
12.3% 7.5% 4.8%
73,021 61,872 11,148
22,416 16,156 6,261
6,520 7,697 4,676
3.257 3.83 1.781
57,268
21,162 6,992 14,170
37.0% 12.2% 24.7%
527,619 280,169 247,450
210,477 82,462 128,015
9,946 11,794 9,034
2.507 3.398 1.933
MANUFACTURING, of which Registered Non-Registered
38,421
7,310 1,820 5,490
19.0% 4.7% 14.3%
230,196 87,418 142,778
101,884 26,092 75,792
13,938 14,336 13,805
2.259 3.350 1.884
WHOLESALE, of which Registered Non-Registered
21,762
4,138 1,027 3,111
19.0% 4.7% 14.3%
223,631 80,371 143,260
73,787 15,462 58,325
17,832 15,056 18,748
3.031 5.198 2.456
TOTALS, of which Registered Non-Registered
372,546
60,703 21,688 39,015
16.3% 5.8% 10.5%
1,613,739 845,838 767,901
624,452 235,874 388,578
10,287 10,876 9,960
2.584 3.586 1.976
Industry
Source: WIR Panel Data, 2010
(1,000 SFr)