BASEL, Switzerland, Oct 8 (Reuters) - Swiss National Bank Vice-Chairman Philipp Hildebrand said on Thursday banks should not fight regulators' reforms to build a more robust global financial system.
In a speech at an IOSCO Technical Committee Conference in the Swiss city of Basel, Hildebrand repeated his call for stricter capital and liquidity requirements for banks as well as the call for rules to orderly unwind large banks in a crisis.
The global financial system had improved since the height of the crisis but question marks about the sustainability of the recovery remained, Hildebrand said in the speech, which largely repeated comments made two weeks ago in Chicago.
'This is not the time for banks to push back financial reforms,' Hildebrand said, also repeating his call to politicians and regulators to maintain their commitment to tighter regulation.
The SNB has lead a global push for tougher rules for large banks and Swiss regulators have already put tighter capital rules in place.
However, officials of the two large Swiss banks, UBS and Credit Suisse, have warned that tight Swiss regulation may put them at a competitive disadvantage and have urged FINMA to coordinate new rules with other international regulators.
(Reporting by Sven Egenter; Editing by Andy Bruce) Keywords: SWISS SNB/BANKS (sven-markus.egenter@thomsonreuters.com; +41.58.306.7351; Reuters Messaging: sven-markus.egenter.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
In a speech at an IOSCO Technical Committee Conference in the Swiss city of Basel, Hildebrand repeated his call for stricter capital and liquidity requirements for banks as well as the call for rules to orderly unwind large banks in a crisis.
The global financial system had improved since the height of the crisis but question marks about the sustainability of the recovery remained, Hildebrand said in the speech, which largely repeated comments made two weeks ago in Chicago.
'This is not the time for banks to push back financial reforms,' Hildebrand said, also repeating his call to politicians and regulators to maintain their commitment to tighter regulation.
The SNB has lead a global push for tougher rules for large banks and Swiss regulators have already put tighter capital rules in place.
However, officials of the two large Swiss banks, UBS and Credit Suisse, have warned that tight Swiss regulation may put them at a competitive disadvantage and have urged FINMA to coordinate new rules with other international regulators.
(Reporting by Sven Egenter; Editing by Andy Bruce) Keywords: SWISS SNB/BANKS (sven-markus.egenter@thomsonreuters.com; +41.58.306.7351; Reuters Messaging: sven-markus.egenter.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
