Swiss Senate backs stricter rules for systemically important banks
Council of States wants stricter rules for systemically important banks
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Listening: Swiss Senate backs stricter rules for systemically important banks
The Swiss Senate has adopted a motion calling for stricter rules for systemically important banks following the Credit Suisse-UBS emergency merger. This comes after a lengthy discussion on a report by the Parliamentary Inquiry Commission (PUK) on the Credit Suisse crisis.
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Ständerat will schärfere Regeln für systemrelevante Banken
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Specifically, the PUKs for systemically important banks to be granted relief from capital and liquidity requirements. The Swiss government, according to the PUK, should draw up a draft decree to this end.
The Commission made this demand because it came to the conclusion in the report on the emergency merger of Credit Suisse and UBS that the Swiss Financial Market Supervisory Authority (Finma) had granted Credit Suisse extensive relief with regard to capital requirements from 2017. This “regulatory filter” had obscured the real situation of Credit Suisse.
UBS, Zürcher Kantonalbank, Raiffeisen and Postfinance are considered systemically important in Switzerland. The PUK motion now goes to the House of Representatives.
The aforementioned motion is one of a total of ten motions tabled by the PUK on the Credit Suisse crisis. The Swiss Senate adopted all of them on Monday.
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Translated from German by DeepL/jdp
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