UBS does not comment on the Federal Council’s report on banking stability
Published: Wednesday, Apr 10th 2024, 15:10
Updated At: Wednesday, Apr 10th 2024, 15:40
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The Swiss banks concerned did not wish to comment immediately following the publication of the Federal Council's report on banking stability. A spokesperson for UBS, for example, told the news agency AWP on Wednesday afternoon that they did not wish to comment on the report. As the only remaining major bank, UBS is likely to be the most affected by the measures to strengthen equity capital.
Postfinance also did not want to comment on the new regulations on Wednesday. They would have to read the report first, said a spokeswoman.
ZKB, meanwhile, said that the Federal Council's report on "Too Big to Fail" (TBTF) published today was groundbreaking for the future of the Swiss financial center. "For ZKB as the second largest universal bank and the only systemically relevant cantonal bank, it is of great importance," it said in a statement.
In the next few days, the report will be analyzed in depth and "particular attention will be paid to whether the proposed regulatory measures take sufficient account of differences in size, complexity and international integration of the institutions concerned".
In addition to UBS, ZKB and Postfinance, Raiffeisen Switzerland is also one of the systemically important Swiss banks. No statement was available from it at the time of reporting.
Early Wednesday afternoon, the Federal Council published a 339-page report on banking stability. Following the collapse of Credit Suisse, the Federal Department of Finance had held out the prospect of an overall evaluation of the regulatory framework.
The Federal Council has decided against a general increase in equity capital for systemically important banks. At the same time, however, it is proposing "targeted stricter requirements for equity capital", as Finance Minister Karin Keller-Sutter said at the media conference in Bern.
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