New rules from Basel for banks worldwide
Basel, Switzerland (GenevaLunch) - Central bank governors, meeting in Basel Sunday 10 January, “welcome the substantial progress” made by the Basel Committees on Banking Supervision (BCBS), they said in a press release issued Monday. The group has charged the BCBS to come up with details rules, a set of tougher standards for banks, by the end of 2010, in response to the global banking crisis of 2008-2009. The standards would affect banks worldwide.
The new regulations were outlined in a report by the Committee in mid-December 2009.
Zurich, Switzerland (GenevaLunch) – Chairman Oswald Gruebel of UBS reportedly told a group of business leaders at a private luncheon Friday that if demands on UBS become too tough, the bank would consider locating outside Switzerland. Gruebel is said to have been referring to the possibility that Swiss banking authorities could insist the country’s two big banks, UBS and Credit Suisse, reorganize as holding companies.
The news was reported by Sonntag 29 November. Journalists were not invited to the meeting and UBS has not commented on the report.
Bern, Switzerland (GenevaLunch) - Switzerland has adapted its laws for travelers crossing the Swiss border to reflect new needs with the A(H1N1) swine flu spreading. The new rules go into effect 1 July.
