«Es ist kein Sieg für die UBS»: Die Wirtschaftskommission des Ständerates stellt sich beim Eigenkapital gegen die Finanzministerin Keller-Sutter
Nach zähen Verhandlungen spricht sich die vorberatende Kommission für eine grössere Rolle von AT1-Anleihen bei der Kapitalausstattung der UBS aus. Das sind die wichtigsten Eckwerte.
The Council's Economic Commission has reached a compromise on the capital structure of the UBS bank, rejecting the proposal made by the Federal Council. In a vote of 10 to 2, the commission decided to allow the UBS to use 50% of AT1 bonds, which are cheaper in times of crisis compared to traditional equity. These bonds can be converted into equity in times of financial stress, while the remaining 50% will be made up of traditional equity.
The Federal Council had proposed a 100% equity requirement for the UBS, which was met with resistance due to the complexity of AT1 bonds. The UBS prefers using AT1 bonds as they are less costly in times of crisis. However, the threshold for converting these bonds into equity has been lowered, meaning the bank would need to cut interest payments, dividends, or even stop share buybacks if its equity ratio falls below a certain level.
The commission also requires the UBS to maintain a reserve of AT1 bonds equal to their amount, which would be used in case of a crisis. Despite these changes, the commission still considers the decision a compromise, as the UBS is not considered a clear winner.
Written by urgent.news from NZZ Wirtschaft's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
