ZURICH (Reuters) – The Swiss government will not be swayed by “intense” lobbying from UBS as its draws up new rules for the country’s financial sector, Finance Minister Karin Keller-Sutter said in an interview published on Tuesday.
The government is currently weighing up how to overhaul regulations in the wake of the 2023 collapse of Credit Suisse, including new capital requirements for the country’s big banks.
UBS, which subsequently acquired Credit Suisse, has resisted higher capital requirements, saying such a move would lead to added costs for companies and households.
Keller-Sutter told broadcaster SRF she had heard the lobbying campaign from the bank was “quite intense.”
“UBS’s lobbying is both visible and unmistakable. It’s clearly resonating in various places,” she said.
She said the government “can’t be swayed by lobbying, but must also represent the interests of taxpayers,” which meant protecting them from the damage that would occur if a big bank collapsed.
“The (government) has one goal: that in the event of a crisis, a UBS that is systemically important is resolvable. This means that the systemically important parts of the bank can be separated in Switzerland,” she said.
Keller-Sutter also dismissed suggestions in Swiss media that she was not speaking with UBS’s management.
“That’s clearly not true, I had a phone call with the chairman of the board of directors a few days ago, and I had a longer conversation with him in January,” she told SRF.
“The exchange is taking place… that doesn’t mean that my department or I will adopt UBS’s proposals one-to-one, because we also have different roles. I also represent the interests of taxpayers. And UBS represents its business interests.”
Speaking in parliament on Tuesday, Keller Sutter reiterated the government aimed to strengthen capital rules for big banks.
(Reporting by John Revill; Additional reporting by Ariane Luthi; Editing by Dave Graham)
