Swiss major bank: UBS and finance minister unhappy with capital proposal
The UBS criticizes the planned relaxation of capital requirements as still being too expensive. In contrast, the Swiss Finance Minister Keller-Sutter demands stricter rules for the major bank.
The Swiss bank UBS has criticised a parliamentary commission's proposal to weaken the government's capital requirements, citing a potential $13 billion cost to hold additional Tier-1 capital. The bank says this would make Swiss capital requirements, already among the strictest in the world, even tougher. Swiss Finance Minister Karin Keller-Sutter expressed disappointment with the proposal, saying it does not align with the government's stance.
The Ständerat commission had suggested that UBS's foreign subsidiaries be backed with 50% core equity capital, rather than the 100% required by the government.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
