Q&A: Finma’s Branson on Swiss banks and the Swiss franc

CS and UBS have "reshaped and resized", but risk to Swiss economy needs to be cut further

Mark Branson, Finma (photo, Keystone)

Borrowing the terms of Aesop's well-known fable, Switzerland's post-crisis capital reforms were the hare to the rest of the world's tortoise. The country quickly agreed tougher capital standards than those advocated in Basel III and brought them into force earlier – the so-called ‘Swiss finish'.

But it turns out the Swiss may not be finished. While the hare raced past the line set by international regulators, then paused to catch its breath, the tortoise kept plodding steadily on, and now has a

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