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The National Council has rejected a motion from the SP to halt UBS's financial contributions to bourgeois parties, allowing continued large donations that may influence political decisions. SP leaders argue this dependency on UBS undermines necessary banking regulations and threatens democracy, as UBS's donations are tied to favorable policy outcomes. The Council of States will soon discuss the implications of such donations from systemically important banks.
Following the takeover of Credit Suisse, Swiss authorities have approved reforms to strengthen banking supervision and enhance FINMA's powers over systemically important institutions like UBS. The reforms include tighter "too big to fail" rules and increased capital requirements, aiming to prevent future financial crises. The Parliamentary Commission of Inquiry has called for lessons learned from the CS crisis to be implemented internationally, emphasizing the need for accountability and better management practices in large banks.
The National Council has unanimously praised the PUK report on the Credit Suisse crisis, adopting all motions aimed at reforming "too big to fail" rules and enhancing the assertiveness of FINMA. The PUK's findings highlighted mismanagement at CS and called for stronger capital requirements for systemically important banks. Federal President Karin Keller-Sutter acknowledged the PUK's work, noting that some proposals are already being implemented.
The National Council has unanimously praised the PUK report on the Credit Suisse crisis, adopting all motions to strengthen regulations for systemically important banks. Key proposals include amending "too big to fail" rules, enhancing FINMA's enforcement powers, and ensuring the resolvability of major banks to prevent future crises. The Federal Council is set to implement several of these recommendations.
Karin Keller-Sutter has shifted the decision-making on UBS's capital requirements from the Federal Council to Parliament, delaying the process significantly. The SP has criticized this move, warning of risks to financial stability, while the SVP has retreated from its previous hardline stance on banking regulations. A referendum on the equity issue may follow, but any changes are unlikely before 2027 or 2028.
The Socialist Party is pushing for stricter banking regulations in Switzerland, demanding higher capital requirements and a reduction in UBS's size to mitigate financial risks. They propose freezing executive bonuses and dividends for ten years, banning bank donations to political parties, and considering nationalization during crises. UBS opposes these measures, arguing they would harm its competitiveness and threaten its headquarters in Switzerland.
UBS is resisting stricter capital requirements, threatening to relocate if regulations become too burdensome. The SP advocates for tighter banking regulations, including a 10-year deferral of bonuses and dividends, and aims to limit UBS's size to mitigate risks to Switzerland's financial stability. If necessary, the SP suggests breaking up UBS into smaller units to ensure better oversight and protect the economy.
The Swiss Socialist Party has announced a press conference on March 3, 2025, to unveil an action plan aimed at mitigating the risks posed by the newly formed megabank UBS. This follows the collapse of Credit Suisse, which was attributed to lax banking regulations and has raised concerns about UBS's profitability at taxpayers' expense. Key speakers will include National Councillors Samuel Bendahan, Roger Nordmann, and Céline Widmer.
SP Switzerland invites media to a conference on March 3, 2025, to discuss an action plan addressing the risks posed by XXL UBS, following the fallout from Credit Suisse's collapse. Key speakers include Samuel Bendahan, Roger Nordmann, and Céline Widmer, with discussions on banking regulation and taxpayer implications. Registration is required by February 28.
UBS has intensified lobbying efforts to prevent new regulations following the Credit Suisse crisis, with significant donations to conservative parties raising concerns. The SP calls for a ban on party funding from UBS, arguing that it undermines regulatory independence and accountability. The PUK report highlights how bank lobbying contributed to regulatory fatigue, impacting the effectiveness of FINMA.
Céline Widmer
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
UBS donations to political parties raise concerns over democratic integrity
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