Finma approves ZKB emergency plan – Postfinance still has to deliver
Published: Tuesday, Mar 26th 2024, 12:20
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The Swiss Financial Market Supervisory Authority Finma has scrutinized the emergency and stabilization plans of domestically oriented systemically important banks. For the first time, it assessed the emergency plan of Zürcher Kantonalbank (ZKB) as feasible, but still not that of Postfinance.
ZKB issued the necessary additional loss-absorbing funds in the form of loss-bearing bonds in 2023, according to the Finma communiqué issued on Tuesday. The other requirements had already been met.
ZKB reacted with satisfaction: it was "gratifying" that Finma classified the emergency plan as feasible, the state bank wrote in a press release.
Binding plan for Postfinance
However, the emergency plan submitted by Postfinance is still not feasible, according to Finma. According to the press release, it still does not meet the requirements regarding additional loss-absorbing funds.
"We expected this result", commented a Postfinance spokeswoman on the verdict at the request of the news agency AWP. However, she emphasized that progress had been made.
In the fourth quarter, an agreement was reached with FINMA on the gradual build-up of these additional requirements by the beginning of 2026. The Finma communication also mentions a "binding plan" to build up the necessary resources.
Meanwhile, there was no change in the assessment of Raiffeisen's emergency plan. Finma had already assessed it as feasible for the first time in the previous year.
UBS not assessed
UBS has not yet been assessed. It will revise its crisis preparedness due to the takeover and integration of Credit Suisse. It will then submit its planning for restructuring and liquidation as well as its stabilization and emergency planning to FINMA for assessment. Finma will examine these and make a separate decision at a later date.
Systemically important banks must submit an annual emergency plan to FINMA for assessment. In this plan, they must show how the systemically important functions can be continued in the event of a risk of insolvency. Such functions are the short-term lending business at Raiffeisen and ZKB and the deposit business and payment transactions at all three banks - including Postfinance.
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