Zurich officials urge FDP lawmakers to soften UBS capital requirements
Zurich's government president and a cantonal FDP leader have written to their party colleagues in Bern, asking for less stringent capital rules for UBS.
In a coordinated appeal, Zurich's government president Carmen Walker Späh and ex-city councilor Filippo Leutenegger addressed every FDP parliamentarian in the Swiss capital. Their letter stresses that UBS is a key employer and credit provider for the Zurich region, and that stricter capital-adequacy rules could weaken the bank's capacity to support local businesses. They caution that higher financing costs for SMEs could follow, potentially undermining competitiveness, employment and tax income for the canton.
The duo points to recent criticism from Zurich over federal banking reforms introduced after the Credit Suisse collapse, labeling them as overly aggressive. Their message arrives as the National Council prepares to consider the capital-rule proposal in the upcoming winter session.
Why it matters
Changes to UBS's capital rules could affect jobs, credit availability and tax revenue in Switzerland's economic hub.
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