Swiss upper house backs tougher capital rules in blow to UBS
Vote moves proposed 90% capital backing for foreign liabilities one step closer to becoming law
Switzerland’s upper house of parliament has voted to impose tougher capital requirements on banks, in what the government sees as a necessary overhaul of the country’s ‘too big to fail’ rules.
The government’s original proposal, published in April, would have required UBS – currently the only Swiss bank affected by the planned change to the rules – to fully back its foreign subsidiaries with Common Equity Tier 1 (CET1), the highest-value form of capital. This proposal received the full backing of
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