In a 209-page plan published Wednesday, the Swiss government proposed 22 measures aimed at tightening its policing of banks deemed 'too big to fail,' a year after authorities were forced to broker the emergency rescue of Credit Suisse by UBS. The UBS balance sheet of around $1.7 trillion is now double Switzerland's annual GDP, prompting enhanced scrutiny of the protections around the Swiss banking sector and the broader economy.
The government-backed takeover was the biggest merger of two systemically important banks since the Global Financial Crisis. At $1.7 trillion, the UBS balance sheet is now double the country's annual GDP, prompting enhanced scrutiny of the protections surrounding the Swiss banking sector and the broader economy in the wake of the Credit Suisse collapse. Speaking to CNBC's 'Squawk Box Europe' on Thursday, Wittmann said that the fall of Credit Suisse was 'an entirely self-inflicted and predictable failure of government policy, central bank, regulator, and above all finance minister.
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Source: CNBC - 🏆 12. / 72 Read more »