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Swiss Finance Minister Karin Keller-Sutter emphasized that taxpayers should not bear the costs of bank misconduct, stating that public goodwill has been exhausted following the Credit Suisse crisis. The government is working on stricter capital requirements for major banks, including UBS, to enhance financial stability while balancing competitiveness and security in the banking sector.
Swiss Finance Minister Karin Keller-Sutter emphasized that taxpayers should not bear the costs of bank misconduct, stating that public goodwill has been exhausted. The government is working on tougher capital requirements for major banks, including UBS, to enhance financial stability while balancing competitiveness and security in the sector.
Swiss Finance Minister Karin Keller-Sutter emphasized that taxpayers should not bear the costs of bank misconduct, stating that public goodwill has been exhausted. The government is working on new financial regulations to enhance the stability of the banking sector, particularly following the Credit Suisse crisis, while balancing competitiveness and security. Plans to tighten capital requirements for UBS and other major banks are facing resistance, highlighting the challenges in reforming the financial landscape.
Karin Keller-Sutter, Switzerland's finance minister and only the second woman to hold the position in 175 years, is navigating the aftermath of UBS Group AG's acquisition of Credit Suisse. As the Swiss parliament prepares to release findings from an inquiry into Credit Suisse's near collapse, the results will influence government reform proposals and determine UBS's future capital requirements.
Swiss Finance Minister Karin Keller-Sutter emphasized the need for stricter banking regulations to restore trust in the financial sector following the Credit Suisse crisis. She highlighted the importance of balancing competitiveness with economic protection and indicated potential new powers for the financial regulator, Finma, including the ability to fine bankers. The government is preparing to release findings from an inquiry into Credit Suisse's near collapse, which will inform future capital requirements for UBS Group AG.
Federal Councillor Karin Keller-Sutter advocates for enhanced powers for the Financial Market Supervisory Authority (Finma), including the ability to impose fines on bank managers for misconduct. Speaking at a Bloomberg event in Zurich, she emphasized the need to balance competitiveness with economic protection, while also addressing capital adequacy concerns for UBS's foreign units. Keller-Sutter dismissed the idea of merging Finma with the Swiss National Bank, suggesting that Finma should focus on strengthening its capabilities instead.
Swiss Finance Minister Karin Keller-Sutter emphasized the need for credible resolution planning for UBS, stating that future capital requirements depend on the bank's resolvability in crises. Following the emergency takeover of Credit Suisse, the government proposed stricter capital regulations, particularly for foreign subsidiaries, but specific figures remain undetermined. Keller-Sutter highlighted the challenge of balancing the financial sector's competitiveness with economic protection and indicated that legislative drafts would be available in early 2025 for public comment.
Federal Councillor Karin Keller-Sutter advocates for expanded powers for the Swiss Financial Market Supervisory Authority (Finma), including the potential to impose fines and enhance oversight of bank managers. While acknowledging that regulation cannot guarantee complete security, she emphasizes the need for tighter capital adequacy requirements, particularly for UBS, following the Credit Suisse collapse. The Finance Minister also notes public discontent over bank bailouts and suggests that economic leaders must better communicate their actions to the Swiss populace.
Federal Councillor Karin Keller-Sutter has advocated for expanding the powers of the Financial Market Supervisory Authority (Finma), including the ability to impose fines on bank managers. Speaking at a Bloomberg event in Zurich, she emphasized the need for a balance between competitiveness and economic protection, while also addressing the capital requirements for UBS's foreign entities. Keller-Sutter dismissed the idea of merging Finma with the Swiss National Bank, arguing that Finma should focus on enhancing its capabilities instead.
The amount of additional capital UBS Group will need to hold for its foreign units is contingent on the bank's "resolvability," according to Swiss Finance Minister Karin Keller-Sutter. Speaking at a Bloomberg event in Zurich, she did not specify the required amount, stating it has yet to be determined.
Karin Keller-Sutter
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