FT: UBS may blackball Basel III - Spear's Magazine

FT: UBS may blackball Basel III

The latest Basel proposals for banks to hold higher capital and liquidity provisions are in danger of being blackballed by US and UK banks, Oswald Grübel, the chief executive of UBS, has warned.

The latest Basel proposals for banks to hold higher capital and liquidity provisions are in danger of being blackballed by US and UK banks, Oswald Grübel, the chief executive of UBS, has warned.

“The numbers that have been suggested are too onerous for most banks [to reach by 2012]. I don’t think it has any chance to go through,” Mr Grubel told the Financial Times.

Mr Grübel’s comments came as UBS confirmed on Monday that most of its businesses had begun to improve their performance this year. Mr Grübel and chairman Kaspar Villiger acknowledged a full recovery would depend on the condition of the markets, but said they expected 2010 would see the “full effects” of the steps they had taken since the credit crisis to cut costs, reduce risk and rebuild core activities. The statement reinforced the positive note struck when the Swiss banking group reported its 2009 results last month.

To read the full story, visit ft.com



 

FOLLOW US ON