Swiss minister condemns bid to soften UBS capital requirements
Switzerland’s finance minister Karin Keller-Sutter condemned a parliamentary compromise to ease UBS’s capital requirements, saying it benefits the bank at taxpayers’ expense. The plan would let cheaper AT1 debt partly fund foreign-unit capital, reducing the total CET1 burden from about $20bn, a shift UBS welcomed but Keller-Sutter doubts will survive the legislative process as Parliament weighs post-Credit Suisse reforms.