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URL: https://business.inquirer.net/450196/ubs-rescue-of-credit-suisse-created-new-risks-for-switzerland-oecd
Submission: On December 22 via api from US — Scanned from US

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July 10, 2022


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business /




UBS RESCUE OF CREDIT SUISSE CREATED NEW RISKS FOR SWITZERLAND – OECD

Reuters / 06:00 PM March 14, 2024



Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in
Zurich Switzerland, Aug 30, 2023. REUTERS/Denis Balibouse/File photo



ZURICH — UBS’ rescue takeover of Credit Suisse a year ago has created “new risks
and challenges” for the Swiss economy, the Organization for Economic Cooperation
and Development said on Thursday, the latest international forum to raise
concerns about the deal.

The acquisition may have safeguarded financial stability, but also raises
questions about UBS’ domestic dominance and the need for stronger financial
regulation in future, the OECD said in its economic review of Switzerland.

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The biggest bank merger since the global financial crisis, orchestrated by the
Swiss state to avert Credit Suisse’s collapse, created a group whose assets
dwarf the economic output of the country.


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READ: UBS tells investors shotgun Credit Suisse takeover a ‘major challenge’



“The state-facilitated acquisition of Credit Suisse by UBS … effectively
stabilised the growing crisis within Credit Suisse and tamed risks of
spill-overs, thus safeguarding financial stability, but it raises new risks and
challenges,” the OECD said.

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“UBS – already a global systemically important bank before the merger – has thus
become even larger and according to the ‘too big to fail’ (TBTF) regulations, it
must meet even stricter regulatory requirements,” it added.

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STRENGTHENING OF CONTROLS ON BANKS

The Financial Stability Board, a grouping of central bankers, treasury officials
and regulators from the group of 20 top global economies, last month highlighted
the risk a failure of UBS would pose to Switzerland and urged Bern to strengthen
its controls on banks.

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The Swiss government is due to make proposals in the next few months on how to
toughen up regulations covering big banks, including increasing the powers of
the primary supervisor, FINMA, which has demanded better tools.

The OECD raised questions around competition, with the new combined bank having
a roughly 25 percent share of domestic deposits and loans, according to data
from the Swiss National Bank.

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READ: Switzerland wakes to new era after historic bank merger; employees
‘shocked’

Switzerland’s competition commission favors a deeper investigation into UBS’s
dominance of certain parts of the market, Reuters reported last month.


‘LENDER IS LOW RISK, STRONGER, MORE DIVERSIFIED’

UBS CEO Sergio Ermotti has dismissed critics’ warning about the lender’s size,
saying it was low risk, as well as stronger and more diversified after the
acquisition of Credit Suisse.

In its report, the OECD also highlighted how efforts by investors seeking
compensation for 16 billion francs of Credit Suisse’s Additional Tier 1 (AT1)
bonds that were written off could lead to “costly litigation and uncertain
outcomes.”

In its economic forecasts for Switzerland, the OECD predicted the economy would
grow 0.9 percent in 2024 and 1.4 percent in 2025, below the country’s long term
average growth rate of 1.8 percent, and the government’s December forecasts of
1.1 percent and 1.7 percent, respectively.

“Weak foreign demand, tighter financing conditions and heightened uncertainty
weigh on the economy,” the OECD report said.

Still, the buoyant Swiss labour market should be able to absorb the “sizeable”
jobs losses the bank merger will bring, the Paris-based organization said.

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The ultra expensive Swiss housing market had shown signs of cooling down, it
also said, but vulnerabilities remained – with properties estimated to be
overvalued by up to 40 percent.

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TAGS: Credit Suisse, OECD, risks, Switzerland, UBS


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