ZURICH - By mid-March 2025 the argument over UBS capital had left the talk-show stage and entered annexes. The government wanted foreign subsidiaries backed more heavily with Swiss parent equity. The bank said that would trap capital and push business abroad.
FINMA and the Swiss National Bank sat in the middle with different mandates and similar scars. Credit Suisse failed in 2023 in public. Nobody in those rooms wanted a sequel written in the same tense.
Parliament still far off
Any law would take the rest of 2025 and 2026. That forecast proved right. Our later report on Keller-Sutter's clash with a committee is the same dispute, only louder.