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Swiss government grants UBS concessions on planned new capital rules.
The Swiss government will require UBS to fully capitalize its foreign units with CET1 capital.
KEY POINTS
- Immediate capital requirements for UBS are lowered, but core capital must still increase by $20 billion.
- UBS is no longer required to fully back deferred tax assets and software, instead allowing three-year amortisation.
- Lawmakers will debate a proposal to let UBS partially use AT1 bonds, but the government opposes this.
- The government warned it may revisit rules if parliament weakens full foreign unit capitalization demands.
COMPANIES
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