Swiss finance minister – Taxpayers can’t pay for ‘misconduct of banks’

ER Editor: We find the tone of this interesting, coming as it does 2 days before the US election —

BREAKING NEWS

SWISS FINANCE MINISTER SAYS THAT THE COUNTRY’S BANKS HAVE EXHAUSTED PUBLIC GOODWILL AND TAXPAYERS CAN’T PAY FOR THE MISCONDUCT OF BANKS

Things are getting real now…

— Gold Telegraph ⚡ (@GoldTelegraph_) November 2, 2024

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Swiss Federal Councillor Karin Keller-Sutter looks on during a state visit in Bern, Switzerland, November 15, 2023. REUTERS/Denis Balibouse/File Photo Purchase Licensing Rights,

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“What I can say clearly is that it cannot be the case that taxpayers foot the bill for the misconduct of banks and managers,” Keller-Sutter told Swiss newspaper Aargauer Zeitung.

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“No one in this country understands this anymore – the goodwill has been used up.”

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The government earlier this year laid out plans for tougher capital requirements for UBS and Switzerland’s three other big banks in a bid to make the financial sector more robust after the crash of Credit Suisse.

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Details of the exact capital requirements are yet to emerge, but the possibility that UBS could be made to hold up $15 billion to $25 billion in additional capital have met resistance from the bank.

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The government wanted a competitive banking sector, but also had a responsibility for the whole country and therefore take precautions to prevent an uncontrolled failure of a systemically important bank, Keller-Sutter told the newspaper.

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CONTINUE READING HERE

Featured image source: https://www.reuters.com/business/finance/ubs-brink-switzerlands-too-big-fail-reckoning-2024-04-08/

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Published to The Liberty Beacon from EuropeReloaded.com

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