Swiss finance minister accuses UBS of over-aggressive lobbying

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Swiss finance minister accuses UBS of over-aggressive lobbying

Swiss finance minister Karin Keller-Sutter has complained of UBS bank putting parliamentarians under pressure ahead of a vote on banking regulation. + Get the most important news from Switzerland in your inbox Such strong lobbying by a private player is unusual in Switzerland, she said in an interview with the Blick newspaper. “I hear from parliamentarians who fear that UBS could reduce donations to their party,” Keller-Sutter said. “People can have different opinions. But it is not the usual style to take such a firm stance against our institutions.” + How to tame UBS without making the bank toothless Parliament had dealt intensively with the Credit Suisse crisis, including a commission of enquiry. Many lawmakers agree with the government’s objectives, but feel under pressure, said Keller-Sutter. Last week, the government sumbitted a bill to Parliament which stipulates that systemically important banks must fully cover the book value of their holdings in foreign subsidiaries with …

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