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Swiss Government

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business7 months ago

Switzerland mandates $26B capital boost for UBS, shares climb

The Swiss government proposed stricter capital rules for UBS following its acquisition of Credit Suisse, potentially requiring an additional $26 billion in core capital and full capitalization of foreign units, which UBS criticizes as extreme and competitive disadvantages. Shares rose after the announcement, and the reforms aim to strengthen regulation and liquidity access, with a transition period of 6-8 years. The proposals also include measures to bolster the Swiss financial regulator and may influence UBS's business model and location decisions.

via Reuters|
#bank-regulation#business#capital-requirements
business7 months ago

UBS Must Raise $26bn Amid New Swiss Capital Rules

The Swiss government plans to require UBS to hold an additional $26 billion in capital following its acquisition of Credit Suisse, aiming to prevent the bank from becoming 'too big to fail.' This move could impact UBS's share buybacks and competitiveness, with the bank lobbying against these stringent requirements, which could raise its CET1 ratio to 17-19%. Despite the challenges, UBS shares rose 6% on the news, and the new rules are expected to be legislated by 2026-2027.

via Financial News London|
#bank-regulation#business#capital-requirements
finance7 months ago

UBS Shares Surge as Swiss Government Proposes Stricter Capital Regulations

UBS shares rose 4.5% after the Swiss government proposed new capital regulations requiring UBS to hold an additional $26 billion in core capital, following its takeover of Credit Suisse. The regulations are expected to be phased in by 2034, allowing UBS to lobby for concessions. The move aims to strengthen the bank's financial position amid recent banking sector turbulence, and negotiations for adjustments are already underway.

via CNBC|
#banking#capital-rules#credit-suisse
business7 months ago

Switzerland Imposes $26 Billion Capital Boost on UBS Amid Banking Reforms

The Swiss government has proposed new strict capital rules requiring UBS to hold an additional $26 billion in core capital following its acquisition of Credit Suisse, aiming to strengthen its stability but raising concerns about its competitiveness and impact on shareholder returns. UBS supports most proposals but opposes the extreme increase, and the implementation is expected to take several years, with full compliance by 2034.

via CNBC|
#bank-regulation#business#capital-requirements
finance2 years ago

UBS Cuts Ties with Swiss Government, Terminates Loss Protection Deal

UBS has announced the termination of a 9 billion Swiss franc loss protection agreement and a 100 billion Swiss franc public liquidity backstop that were put in place by the Swiss government when it took over Credit Suisse in March. UBS stated that this decision followed a comprehensive assessment of Credit Suisse's non-core assets covered by the liquidity support measures. Credit Suisse has also fully repaid the emergency liquidity assistance loan of 50 billion Swiss francs to the Swiss National Bank. The Swiss government confirmed that these measures, created under emergency law, will cease to exist, and a bill will be submitted to introduce a public liquidity backstop under ordinary law.

via CNBC|
#credit-suisse#finance#financial-stability
cybersecurity2 years ago

Swiss Government Websites Suffer Ongoing Cyberattacks and Data Leak.

The Swiss government has disclosed that a ransomware attack on an IT supplier might have impacted its data, while warning of ongoing DDoS attacks by the pro-Russian hacktivist group NoName. The ransomware attack on Xplain, a Swiss technology provider, resulted in the theft of various documents containing private and confidential data, financial and taxation details, etc. The Play ransomware group published the entire dump after failing to extort Xplain into paying a ransom. The Swiss government is investigating the contents and validity of the leaked data, which is likely to include data belonging to the Federal Administration.

via BleepingComputer|
#cybersecurity#data-leak#ddos-attack
finance2 years ago

UBS takeover of Credit Suisse set to close amid CEO memo and loss-sharing deal.

Credit Suisse CEO Ulrich Koerner has indicated in an internal memo that the emergency takeover of the bank by UBS will close on Monday, according to Bloomberg News. The Swiss government has agreed to guarantee up to CHF 9bn ($9.96bn) of losses UBS may incur from the sale of Credit Suisse's assets beyond the CHF 5bn the lender is due to cover itself.

via Reuters|
#credit-suisse#finance#guarantee
finance2 years ago

UBS and Swiss Government Secure Credit Suisse Takeover with $10 Billion Loss Guarantee Deal

UBS and the Swiss government have agreed on how they will share losses linked to the bank's emergency takeover of Credit Suisse, clearing the way for the deal to close within days. Under the deal, the government will guarantee up to CHF 9bn ($9.98bn) of losses UBS may incur from the sale of its rival's assets beyond CHF 5bn the lender is due to cover itself. The loss protection agreement will become effective with the completion of the Credit Suisse takeover, expected as early as June 12.

via Reuters|
#credit-suisse#finance#loss-sharing-deal
finance2 years ago

UBS and Swiss Government Secure Credit Suisse Takeover with $10 Billion Loss Guarantee Deal

UBS and the Swiss government have agreed on how they will share losses linked to the bank’s emergency takeover of Credit Suisse, which will create a giant Swiss bank. The Swiss government will guarantee up to 9 billion Swiss francs ($9.98 billion) of losses that UBS may incur from the sale of its rival’s assets beyond 5 billion francs, which the lender is due to cover itself. The agreement clears the way for the takeover to close within days.

via CNN|
#credit-suisse#finance#loss-sharing-deal
finance2 years ago

UBS and Swiss government secure $10 billion loss protection for Credit Suisse takeover.

UBS and the Swiss government have signed a loss protection agreement, which will come into effect once the takeover of Credit Suisse is completed. The provisions will see the Swiss government cover losses of up to 9 billion Swiss francs ($10 billion) following UBS' acquisition of its former rival. The administration added that it had facilitated the deal to "safeguard financial stability and thus avert damage to the Swiss economy," but had always agreed to guarantee a portion of losses due to UBS taking over a portfolio of assets that "do not fit its business and risk profile."

via CNBC|
#credit-suisse#finance#financial-stability
finance2 years ago

UBS and Credit Suisse near deal on loss guarantee and takeover.

UBS expects to finalize its agreement with the Swiss government to cover up to 9 billion Swiss francs ($9.92 billion) in losses from its emergency takeover of Credit Suisse by June 7. The government agreement is one of the final hurdles UBS needs to clear before it can officially close the acquisition of its smaller rival. UBS is also engaged in discussions with Switzerland's financial regulator, FINMA, on the capital and liquidity requirements for the combined bank.

via Reuters|
#credit-suisse#finance#finma
finance2 years ago

UBS discusses Credit Suisse deal protections with Swiss authorities.

UBS is in negotiations with Swiss authorities regarding loss protections related to its takeover of Credit Suisse and its regulatory capital requirements. The Swiss government agreed to shoulder up to 9 billion Swiss francs in potential losses from the deal and offered liquidity assistance of up to 100 billion Swiss francs. However, a definitive loss protection agreement remains under negotiation. UBS expects the main terms of the loss protection agreement to be agreed prior to the acquisition of Credit Suisse being completed.

via Reuters|
#credit-suisse#finance#loss-protection
finance2 years ago

Swiss Banks' Bonus Cuts and Rivalry with Morgan Stanley

The Swiss government has ordered cuts to the bonuses of top executives of Credit Suisse worth tens of millions combined as the troubled bank heads toward a forced merger with rival UBS. The Federal Council has instructed the Finance Department to cancel or reduce by either one-half or one-quarter such bonuses due last year among the top three rungs of management. That will amount to a loss of bonus pay totaling about $55 million to $66 million.

via ABC News|
#bonuses#credit-suisse#finance