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UBS'S RESCUE OF CREDIT SUISSE CREATES NEW RISKS FOR SWITZERLAND, OECD SAYS

Economy
Published 14/03/2024, 09:02



UBS's rescue of Credit Suisse creates new risks for Switzerland, OECD says

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© Reuters. FILE PHOTO: Logos of Swiss banks Credit Suisse and UBS are seen
before a news conference in Zurich Switzerland, August 30, 2023. REUTERS/Denis
Balibouse/File Photo


CSGN
0.00%


By John Revill

ZURICH (Reuters) -UBS's rescue takeover of Credit Suisse (SIX:CSGN) a year ago
has created "new risks and challenges" for the Swiss economy, the Organisation
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's domestic dominance and the need for stronger financial
regulation in future, the OECD said in its economic review of Switzerland.

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.

"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.

"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.

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.

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.


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

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

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."

The Swiss government said it noted the OECD's analysis and the recommendations
made in the report.

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

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%.

The price for an average apartment in Switzerland has risen to just over 1
million Swiss francs ($1.13 million), according to the Swiss Real Estate
Database.


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In Zurich, the average price for an apartment is now 1.8 million francs, up from
1.2 million francs in 2013.

($1 = 0.8829 Swiss francs)






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UBS's rescue of Credit Suisse creates new risks for Switzerland, OECD says

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