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Swiss lawmakers renew efforts to split UBS, Credit Suisse
Source: Reuters
Swiss lawmakers renew efforts to split UBS, Credit Suisse
ZURICH | Mon Sep 9, 2013 10:30pm BST
(Reuters) - Parliamentarians from Switzerland's right-wing Swiss People's Party (SVP) are mounting a new effort to split up UBS and Credit Suisse by teaming with left-wing lawmakers.
Lower-house lawmakers on Monday submitted three motions aimed at separating investment banking activities from so-called systemically relevant activities, even after Switzerland put stiffer regulation into force last year for the country's two largest banks.
"A bank should only as big that it can be allowed to fail in an emergency, without the state intervening," SVP lawmaker Caspar Baader said in parliament.
"We need smaller banks as a result, and thus more of them."
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ZURICH | Mon Sep 9, 2013 10:30pm BST
(Reuters) - Parliamentarians from Switzerland's right-wing Swiss People's Party (SVP) are mounting a new effort to split up UBS and Credit Suisse by teaming with left-wing lawmakers.
Lower-house lawmakers on Monday submitted three motions aimed at separating investment banking activities from so-called systemically relevant activities, even after Switzerland put stiffer regulation into force last year for the country's two largest banks.
"A bank should only as big that it can be allowed to fail in an emergency, without the state intervening," SVP lawmaker Caspar Baader said in parliament.
"We need smaller banks as a result, and thus more of them."
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Read more: http://uk.reuters.com/article/2013/09/09/uk-swiss-banks-idUKBRE98812X20130909