Swiss govt sets out to tighten big bank rules
BERNE: The Swiss government kicked off the legal process on Wednesday to tighten the reins on its biggest banks, UBS and Credit Suisse, in order to prevent a bank failure crippling the country. The government's proposed changes to Swiss bank laws are based on a commission report published in October, recommending that the big banks must hold more capital than global rivals and meet tough standards in areas such as liquidity.
"Systemically important banks should hold more capital, meet more stringent liquidity requirements and improve their risk diversification," the government said in a statement.
"They should be organised in such a way that a national economy's systemically important functions can be maintained even in the event of threatened insolvency." - PB News