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Switzerland's Finance Minister Karin Keller-Sutter dismissed UBS Group AG's lobbying against stricter capital requirements, emphasizing the government's duty to protect taxpayers. The proposed regulations aim to ensure UBS can be effectively managed in a crisis, potentially requiring an additional $25 billion in capital. While acknowledging public frustration over banker bonuses, Keller-Sutter stated the government does not support capping remuneration for bankers.
The National Assembly is set to enhance FINMA's capital adequacy regulations for major banks following the Credit Suisse crisis, with the National Council supporting measures to strengthen FINMA's authority. Key proposals include centralized supervision of bank audits, the ability to impose fines, and mandates for early capital planning. Federal President Karin Keller-Sutter cautioned that while revisions are underway, no guarantees can be made against future crises.
Finance Minister Karin Keller-Sutter confirmed ongoing communication with UBS management, countering claims of unavailability. She criticized the bank's "obvious and unmistakable" lobbying efforts against stricter capital requirements, emphasizing the Federal Council's duty to prioritize taxpayer interests. Keller-Sutter also noted the need for regulations ensuring UBS's resolvability in crises while refraining from commenting on CEO Sergio Ermotti's remuneration, stating that such matters are for shareholders to decide.
Switzerland's Finance Minister, Karin Keller-Sutter, is resisting UBS's lobbying efforts, focusing on new regulations that prioritize taxpayer interests following Credit Suisse's collapse. Proposed measures include tougher capital requirements to ensure large banks can dismantle without jeopardizing financial stability, despite UBS's warnings of increased costs for businesses and households. This regulatory approach may influence global financial governance and encourage other countries to enhance their banking safety measures.
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 Credit Suisse collapse. She emphasized the need for higher capital requirements to protect taxpayers and ensure that systemically important banks like UBS can be resolved in a crisis. Keller-Sutter confirmed ongoing communication with UBS's management but clarified that the government must balance business interests with taxpayer protection.
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 UBS remains resolvable in a crisis. Despite ongoing communication with UBS management, she affirmed that the government must prioritize public interests over the bank's business concerns.
Swiss Finance Minister Karin Keller-Sutter stated that the government will not yield to UBS's lobbying as it drafts new financial regulations following Credit Suisse's failure. While acknowledging the bank's intense lobbying efforts, she emphasized the need to protect taxpayers and ensure that UBS remains resolvable in a crisis. Keller-Sutter confirmed ongoing communication with UBS management but clarified that the government will not simply adopt the bank's proposals.
Swiss Finance Minister Karin Keller-Sutter stated that the government will not be influenced by UBS's intense lobbying while revising financial regulations following Credit Suisse's collapse. She emphasized the need to protect taxpayers and ensure that systemically important banks like UBS are resolvable in a crisis. Keller-Sutter also clarified that she has engaged with UBS management but will not adopt their proposals without considering broader public interests.
The National Council is set to discuss stricter capital requirements for UBS, which is actively lobbying against these measures. Finance Minister Karin Keller-Sutter acknowledges the bank's lobbying efforts but insists that the Federal Council should remain unaffected. Despite reports of a communication gap, she confirms recent discussions with UBS's Chairman.
Karin Keller-Sutter must ensure UBS adheres to stricter regulations following the PUK report, which highlights Credit Suisse's inadequate liquidity and equity as key factors in its collapse. The report calls for increased capital requirements for systemically important banks and stronger powers for FINMA to enforce compliance and accountability among financial institutions.
Karin Keller-Sutter
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