UBS continues to reject the package proposed by the Federal Council
Keystone-SDA
Swiss bank UBS is opposed to a proposal from the Swiss government to increase capital requirements, deeming the package “extreme” and “not taking into account the concerns” expressed during the consultations.
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UBS remains firmly opposed to the proposed package of measures, the bank stressed in a position paper consulted by AWP news agency on Wednesday. If adopted, the measures announced “would have considerable consequences for the Swiss economy”.
Switzerland’s largest bank believes that the government’s text contains “statements” that it deems “misleading”. The group is currently studying all the documents and will make further comments at the latest when it presents its first-quarter results next Wednesday.
+ Swiss government wants UBS to increase its capital by $20 billion
On Wednesday, the Swiss government approved a tightening of the screws for systemically important banks.
It submitted a proposal to Parliament stipulating that systemically important banks must fully cover the book value of their holdings in foreign subsidiaries with hard core capital. Currently, only UBS is effectively affected.
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