How much capital does UBS need? While politicians are running out of time for an answer, the bankers are taking all the time in the world.
In the Council of States, the compromise proposals on UBS's equity capital are being met with scepticism. Meanwhile, at the bankers' day in St. Gallen, the major bank is being conciliatory.
The Swiss Ständerat debated a bill requiring UBS to hold more capital against its foreign subsidiaries, with some lawmakers expressing concerns that over-regulation could harm the bank's competitiveness. The bill, proposed by the Bundesrat, aims to protect taxpayers and prevent another banking crisis after the collapse of Credit Suisse.
The Ständerat will vote on the bill next Wednesday, with some lawmakers suggesting alternatives, such as requiring UBS to hold 90% of its foreign subsidiaries' capital in hard core capital. The UBS meanwhile held its General Meeting in St. Gallen, where it sought to show a united front.
Written by urgent.news from NZZ Wirtschaft's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
