<p>根据《金融时报》的报道（该文章需付费才能查看），来自各个政党的议员们在非正式讨论中向瑞士银行（UBS）领导层保证，针对瑞士唯一一家仍在全球范围内活跃的系统重要性银行的新规将会被削弱。</p>
<p>据报道，瑞士银行被告知将努力在联邦财政部（FDF）提出的提案上寻求妥协。消息人士称，联邦委员会的提案将要求瑞士银行增加约 220 亿美元的资本。</p>
<p><strong>卡琳·凯勒 - 苏特的 “太大而不能倒” 提案</strong></p>
<p>关于 “太大而不能倒”（TBTF）的改革方案是由财政部长 <strong>卡琳·凯勒 - 苏特</strong> 在 2023 年瑞士信贷倒闭后提出的。</p>
<p>政府的决定可能最早在四月公布，而最具争议的方面——与外资相关的要求预计将在议会中进行辩论。</p>
<p><strong>稳定性与竞争力</strong></p>
<p>尽管监管机构认为这些规则是保护存款人的必要措施，但包括瑞士银行在内的批评者警告称，这可能会削弱该国的竞争力。</p>
<p>一组认为资本要求过于严格的核心立法者向瑞士银行表示，他们希望通过妥协来 “解决这个问题”，一位消息人士告诉《金融时报》。</p>
<p>瑞士银行高管们据报道对联邦委员会缺乏谈判意愿感到越来越沮丧。董事长 <strong>科尔姆·凯利赫</strong> 和首席执行官 <strong>塞尔吉奥·埃尔莫蒂</strong> 多次警告，瑞士银行在与美国和英国的竞争中可能处于不利地位。如果无法达成妥协，瑞士银行也可能被迫迁移到更有利的司法管辖区。</p>
<p><strong>委员会提案被拒绝</strong></p>
<p>联邦财政部拒绝了去年 11 月由两院经济委员会提出的妥协提案。</p>
<p>参与讨论的一位人士指出，新妥协的条款尚未确定。然而，从五月开始，国家委员会的经济事务和税务委员会预计将 “接管” 这一过程。“从那时起，我们将拥有更大的决策权，” 该人士表示。</p>
<p><strong>瑞士银行未对此发表评论</strong></p>
<p>这些提案预计将在六月份开始的夏季会议上由立法者进行辩论。</p>
<p>瑞士银行拒绝向《金融时报》发表评论。“即使做出保证，最终结果也没有保证会被接受，” 一位接近该银行的消息人士被引用说。</p>

ETRACS瑞银彭博CMCI全收益指数ETN

<p>瑞银（UBS）收到了来自一组议员的积极信号，关于即将出台的银行稳定性法规。非正式讨论表明，联邦委员会提出的严格资本要求可能会有所放宽。瑞银担心，当前的提案可能会影响其与美国和英国银行的竞争力。联邦财政部此前拒绝了一项妥协提案，但预计立法者将在 5 月开始在谈判中发挥更积极的作用。瑞银尚未对这一情况发表评论，最终结果仍不确定</p>

<p>According to a report by the Financial Times (article behind a paywall), a group of parliamentarians from various parties has assured UBS leadership in informal discussions that the planned new regulations for Switzerland’s only remaining globally active systemically important bank will be watered down.</p>
<div class="lb-trans"><p>根据《金融时报》的报道（该文章需付费才能查看），来自各个政党的议员们在非正式讨论中向瑞士银行（UBS）领导层保证，针对瑞士唯一一家仍在全球范围内活跃的系统重要性银行的新规将会被削弱。</p>
</div><p>UBS was reportedly told that efforts would be made to find a compromise on the proposals put forward by the Federal Department of Finance (FDF). According to sources, the Federal Council’s proposal would require UBS to increase its capital by around 22 billion dollar.</p>
<div class="lb-trans"><p>据报道，瑞士银行被告知将努力在联邦财政部（FDF）提出的提案上寻求妥协。消息人士称，联邦委员会的提案将要求瑞士银行增加约 220 亿美元的资本。</p>
</div><p><strong>Karin Keller-Sutter’s TBTF Proposal</strong></p>
<div class="lb-trans"><p><strong>卡琳·凯勒 - 苏特的 “太大而不能倒” 提案</strong></p>
</div><p>The reform package on «too big to fail» (TBTF) was presented last year by Finance Minister <strong>Karin Keller-Sutter</strong>, head of the FDF, in response to the collapse of Credit Suisse in 2023.</p>
<div class="lb-trans"><p>关于 “太大而不能倒”（TBTF）的改革方案是由财政部长 <strong>卡琳·凯勒 - 苏特</strong> 在 2023 年瑞士信贷倒闭后提出的。</p>
</div><p>The government’s decision could be published as early as April, while the most controversial aspect—requirements related to foreign capital—is expected to be debated in parliament.</p>
<div class="lb-trans"><p>政府的决定可能最早在四月公布，而最具争议的方面——与外资相关的要求预计将在议会中进行辩论。</p>
</div><p><strong>Stability vs. Competitiveness</strong></p>
<div class="lb-trans"><p><strong>稳定性与竞争力</strong></p>
</div><p>While regulators argue that the rules are necessary to protect depositors, critics—including UBS—warn that they could undermine the country’s competitiveness.</p>
<div class="lb-trans"><p>尽管监管机构认为这些规则是保护存款人的必要措施，但包括瑞士银行在内的批评者警告称，这可能会削弱该国的竞争力。</p>
</div><p>A core group of lawmakers who consider the capital requirements too stringent has signalled to UBS that it wants to «resolve the issue through a compromise,» one source told the Financial Times.</p>
<div class="lb-trans"><p>一组认为资本要求过于严格的核心立法者向瑞士银行表示，他们希望通过妥协来 “解决这个问题”，一位消息人士告诉《金融时报》。</p>
</div><p>UBS executives are reportedly becoming increasingly frustrated with what they see as the Federal Council’s lack of willingness to negotiate. Chairman <strong>Colm Kelleher</strong> and CEO <strong>Sergio Ermotti</strong> have repeatedly warned of competitive disadvantages for UBS compared to the United States and the United Kingdom. There is also an unspoken possibility that UBS could feel compelled to relocate to a more favourable jurisdiction if no compromise is reached.</p>
<div class="lb-trans"><p>瑞士银行高管们据报道对联邦委员会缺乏谈判意愿感到越来越沮丧。董事长 <strong>科尔姆·凯利赫</strong> 和首席执行官 <strong>塞尔吉奥·埃尔莫蒂</strong> 多次警告，瑞士银行在与美国和英国的竞争中可能处于不利地位。如果无法达成妥协，瑞士银行也可能被迫迁移到更有利的司法管辖区。</p>
</div><p><strong>Committee Proposal Rejected</strong></p>
<div class="lb-trans"><p><strong>委员会提案被拒绝</strong></p>
</div><p>The Federal Department of Finance had rejected a compromise proposal put forward last November by the economic committees of both parliamentary chambers.</p>
<div class="lb-trans"><p>联邦财政部拒绝了去年 11 月由两院经济委员会提出的妥协提案。</p>
</div><p>One person involved in the discussions noted that the terms of a new compromise have not yet been defined. From May onwards, however, the National Council’s Committee for Economic Affairs and Taxation is expected to «take over» the process. «From that point, we will have greater decision-making power,» the person said.</p>
<div class="lb-trans"><p>参与讨论的一位人士指出，新妥协的条款尚未确定。然而，从五月开始，国家委员会的经济事务和税务委员会预计将 “接管” 这一过程。“从那时起，我们将拥有更大的决策权，” 该人士表示。</p>
</div><p><strong>No Comment from UBS</strong></p>
<div class="lb-trans"><p><strong>瑞士银行未对此发表评论</strong></p>
</div><p>The proposals are expected to be debated by lawmakers during the summer session starting in early June.</p>
<div class="lb-trans"><p>这些提案预计将在六月份开始的夏季会议上由立法者进行辩论。</p>
</div><p>UBS declined to comment to the Financial Times. «Even if assurances are made, there is no guarantee that the final outcome will be acceptable,» a source close to the bank was quoted as saying.</p>
<div class="lb-trans"><p>瑞士银行拒绝向《金融时报》发表评论。“即使做出保证，最终结果也没有保证会被接受，” 一位接近该银行的消息人士被引用说。</p>
</div>

瑞银从议会收到令人放心的信号