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The National Council has called for strengthening the role of FINMA and increasing equity requirements for banks following the Credit Suisse collapse. Proposed measures include centralized supervision of audits, enhanced powers for FINMA to enforce decisions, and limitations on capital and liquidity support for large banks. Additionally, the Council seeks to address executive bonuses and improve shareholder power in systemically important companies.
Swiss MPs have endorsed a report advocating for stricter banking regulations nearly two years after the Credit Suisse crisis, empowering the supervisory authority Finma. The measures aim to mitigate risks posed by UBS's increased size following its acquisition of Credit Suisse, with officials acknowledging that while the changes may not guarantee crisis prevention, they should significantly reduce the likelihood of future financial turmoil.
Roger Nordmann delivered an emotional farewell speech to the National Council, emphasizing the need for stronger capital requirements for systemic banks like UBS to prevent future crises. He warned of moral hazard, noting that UBS's reliance on state support could jeopardize the economy. The CEP has proposed several measures to enhance bank supervision, but opposition from the Swiss Bankers Association and UBS's CEO remains a challenge.
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.
Finance Minister Karin Keller-Sutter stated that the Swiss government will not be swayed by UBS's lobbying while revising financial regulations, emphasizing the need to protect taxpayer interests. Following the Credit Suisse crisis, the government is considering new capital requirements for major banks, with discussions expected in Parliament by 2027. Keller-Sutter affirmed her communication with UBS's leadership but clarified that the bank's interests will not dictate policy decisions.
Swiss Finance Minister Karin Keller-Sutter stated that the government will not be influenced by UBS's intense lobbying as it revises financial regulations following Credit Suisse's collapse. She emphasized the need for new capital requirements to protect taxpayers and ensure that systemically important banks like UBS can be resolved in a crisis. Despite UBS's opposition, Keller-Sutter reaffirmed the government's commitment to tightening capital rules for major banks.
Swiss Finance Minister Karin Keller-Sutter stated that the government will not be influenced by UBS's intense lobbying as it develops new financial regulations following the collapse of Credit Suisse. She emphasized the need to protect taxpayers and ensure that systemically important banks like UBS are resolvable in a crisis, while also confirming ongoing communication with UBS's management. The government aims to strengthen capital requirements for major banks despite UBS's resistance to such measures.
Swiss Finance Minister Karin Keller-Sutter stated that the government will not be influenced by UBS's intense lobbying while drafting new financial regulations following Credit Suisse's collapse. She emphasized the need for higher capital requirements for major banks to protect taxpayers and ensure that systemically important banks like UBS are resolvable in a crisis. Keller-Sutter confirmed ongoing communication with UBS's management but reiterated that the government's role is to balance public interests with the banking sector's proposals.
The Swiss National Council is set to decide on a proposed salary cap for bank executives, primarily targeting UBS's CEO Sergio Ermotti, whose salary for 2024 is CHF 14.9 million. While public frustration over high salaries grows, the focus should shift to enhancing capital requirements for banks, especially following the Credit Suisse collapse, which highlighted the need for stronger equity buffers. UBS faces potential additional capital requirements of up to $25 billion, yet the Federal Council's reluctance to enforce stricter regulations risks undermining the stability of Switzerland's banking sector.
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.
Karin Keller-Sutter
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