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BREAKING NEWS

Swiss government OKs regulatory approach for big banks

Swiss government OKs regulatory approach for big banks
FILE PHOTO - A longtime exposure shows the buildings of Swiss banks UBS and Credit Suisse at the Paradeplatz square in Zurich, Switzerland November 20, 2017. Picture taken with long exposure. REUTERS/Arnd Wiegmann -
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ARND WIEGMANN(Reuters)
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ZURICH (Reuters) – The Swiss government does not see any need for fundamental changes in the way big banks including UBS Group <UBSG.S> and Credit Suisse <CSGN.S> are regulated, it said on Wednesday after a review it does every two years.

“However, the Federal Council considers it necessary to make specific adjustments to the gone-concern capital requirements for Swiss units of the two big Swiss banks,” it said, citing proposals released in April.

“The Federal Council also sees a need for clarification regarding the discount system, the staggered timing of bail-in bonds (conversion of debt into equity) and the liquidity requirements for systemically important banks.”

(Reporting by Michael Shields; Editing by Michelle Martin)

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