Swiss parliament committee still without deal on UBS capital rules
UBS•UBS says burden is excessive
UBS, which acquired its old rival Credit Suisse after its 2023 collapse, argues the burden is excessive, would weaken its competitive position and hurt Swiss banking.
The bill is being debated by the economic affairs and taxation committee of parliament's upper house, where lawmakers who worry it is too onerous have pitched amendments to ease the capital burden on Zurich-based UBS.
The committee will reconvene on August 31 after failing to reach a decisive breakthrough on the rules on Tuesday, said Fabio Regazzi, a member of the body from the Centre party.
Committee fails to reach deal on UBS capital rules
A Swiss parliamentary committee on Tuesday failed to reach a deal on planned new banking regulations for UBS, amid a push by some lawmakers to temper tougher rules drafted by the government after the demise of Credit Suisse.
The draft bill envisages making the bank carry some $20 billion in additional Common Equity Tier-1 capital to avert another meltdown and protect taxpayers.
