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The Lex UBS plans to strengthen the capital coverage of large Swiss banks' foreign subsidiaries. UBS is the only bank concerned. In September, the Council of States backed 90% coverage by hard capital.<\/p>\n
UBS chief Sergio Ermotti was heard on 26 October by the economic affairs committee of the National Council. The hearing lasted two and a half hours.<\/p>\n
Finance Minister Karin Keller-Sutter and Roman Studer, head of the Swiss Bankers Association, also took part. The chairs of the SNB and Finma, Martin Schlegel and Marlene Amstad, were present.<\/p>\n
According to the committee, some fear that overly strict regulation will harm UBS's competitiveness. Others see the Federal Council's plan as a compromise that should not be watered down.<\/p>\n
National Councillor Hans-Peter Portmann (PLR\/ZH) would like to propose 75% coverage by hard capital. Sergio Ermotti did not say whether he would support this option.<\/p>\n
According to committee member Sidney Kamerzin (Centre\/VS), this option would rather be backed by the UDC and part of the PLR. The Centre and the left lean towards the 90% option.<\/p>\n
The committee agreed to consider the bill and is due to decide on its details on 23 and 24 November. National Council debates are scheduled for December.<\/p>\n