Swiss parliamentary committee passes UBS capital concessions
UBS•Committee backs 50% CET1 backing for foreign subsidiaries
BERN, Aug. 31 (Reuters) - Swiss lawmakers on Monday said UBS should back its foreign subsidiaries with 50% in Common Equity Tier 1 capital, a blow for the government, which has sought 100% CET1 backing.
The economic affairs and taxation committee of the upper house of parliament, looking into banking regulations in the wake of the Credit Suisse collapse, said UBS should be allowed to use cheaper Additional Tier 1 capital to make up the other 50% to achieve full capitalisation of its units abroad.
