UBS Capital Fight Quietly Occupies August Committee Calendars

ZURICH - Finance committees continued to work in August on the CET1 backing of UBS foreign units. The government's 100 percent idea and the bank's cheaper alternatives remain the two poles. No floor vote is due before the autumn session.

The SNB's January line, that the bank can meet the government's arithmetic, still sits on the table. So does the bank's relocation rumour, which nobody quite believes and nobody quite ignores.

A September disappointment

By 1 September the finance minister was criticising a committee move to 50 percent, in our Basel report. August was the quiet that made that outburst possible.