UBS Says Swiss Parliament Capital Decision Is Not a Compromise

(Bloomberg) — UBS Group AG rejected the latest decision by the Swiss parliament which would impose substantial new capital requirements, saying it will focus on protecting its long-term interests.

“This political outcome is not a compromise and fails to address the root causes of the Credit Suisse collapse,” the Swiss lender said in a statement. “It disregards the serious concerns expressed by the overwhelming majority of respondents in the democratic consultation process, which included all business representatives, the relevant employee associations and most cantons.”

Earlier Wednesday the upper house of the Swiss parliament voted for a compromise plan on UBS’s capital requirements that only slightly watered down the government’s proposal for extra capital.

Under the proposal, UBS would be required to hold 90% in CET1 capital against the value of its foreign subsidiaries. The capital rules bill will now move to the lower house of parliament.

Related Story: UBS Suffers Setback as Lawmakers Vote for Higher Capital

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