UBS Sees $4 Billion Capital Impact From Swiss Executive Order

(Bloomberg) — UBS Group AG estimated that the now-decided element of new Swiss banking rules will reduce company-wide CET1 capital by $4 billion once fully implemented, as it renewed its critique of the overall reform package.

“UBS continues to strongly disagree with the proposed package, which is extreme, lacks international alignment and disregards concerns expressed by the majority of respondents to the government’s consultations,” it said in a statement shortly after the government published the announcement. “If adopted, the proposed measures would have far-reaching consequences for the Swiss economy.”

The Swiss government earlier on Wednesday outlined plans that are estimated to add $20 billion to UBS’s capital needs as a whole, even as Bern decided to water down some previously planned changes to regulations.

The part referred to by UBS is the so-called ordinance, which the government can decide on its own. The government also presented a draft bill for other changes, which have to be adopted by parliament. The $20 billion effect is for both together.

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