The Social Democratic Party (SP) of Switzerland is calling for immediate action to address the risks associated with the newly formed XXL-UBS.

Concerns over XXL-UBS

The collapse of Credit Suisse and its subsequent acquisition by UBS has raised concerns among the SP. A report from a parliamentary commission of inquiry highlights the unprecedented risks posed by the enlarged UBS entity.

Ban on Bonuses

The SP is demanding a complete ban on bonuses for managers at systemically important banks. They are urging the Council of States to expedite the implementation of this ban.

Reevaluation of Politician-Banking Relationship

The SP is calling for a reevaluation of the relationship between politicians and the banking sector. They advocate for a ban on paid mandates from banks for members of parliament and an end to party financing by UBS.

Revision of "Too Big to Fail" Regulations

The party is pushing for a rapid revision of the "too big to fail" (TBTF) regulations and higher capital requirements for UBS.

Strengthening Financial Market Oversight

The SP emphasizes the need to strengthen the Swiss Financial Market Supervisory Authority (Finma) to ensure effective oversight of the banking sector.

Concerns over Power Balance

The SP's demands reflect a growing concern over the balance of power between the financial industry and political governance. They emphasize the need for accountability, transparency, and government regulation of powerful financial institutions.