BREAKING NEWS

BREAKING NEWS

Big three Swiss domestic banks must meet 'gone concern' capital requirements by 2019

Now Reading :

Big three Swiss domestic banks must meet 'gone concern' capital requirements by 2019

Big three Swiss domestic banks must meet 'gone concern' capital requirements by 2019
@ Copyright :
Arnd Wiegmann(Reuters)
Text size Aa Aa

ZURICH (Reuters) - The Swiss government on Wednesday said Postfinance [PFAG.UL], Raiffeisen Switzerland [RFSHW.UL], and Zuercher Kantonalbank [ZKB.UL] must hold so-called gone concern capital for their possible restructuring and resolution from January 1, 2019.

Gone concern capital requirements are intended to ensure that a bank in difficulty can be restructured and wound up in an orderly manner without financial assistance from the state.

The Swiss cabinet said it will decide next year on the corresponding requirements for the parent entities of the country's two largest banks, Credit Suisse <CSGN.S> and UBS <UBSG.S>.

(Reporting by John Revill; Editing by Jan Harvey)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.