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The Swiss National Bank (SNB) gives banks good marks during the crisis. President Thomas Jordan said he was satisfied with the current Lugano Banking Day regulation. He spoke out against the new unnecessary administrative obstacles.
“So far, banks in Switzerland have been able to resist the effects of the pandemic,” Jordan said in a speech at Lugano Banking Day, which was broadcast online on Monday. However, the turmoil has shown how important it is for banks and insurance companies to have sufficient capital and liquidity buffers.
Good legal basis
Swiss legislation has laid a good foundation for this. It requires systemically important banks to have a sufficiently high buffer of capital and liquidity. Especially in the current crown crisis, which is characterized by high uncertainty, the current regulation is an important advantage, Jordan said.
Stable political conditions, legal certainty, efficient authorities and sound and secure infrastructure in Switzerland are also solid support for financial service providers. “But we don’t have to rest on our laurels,” Jordan warned. Administrative barriers should not be created that do not contribute to stability or bring great benefits, but unnecessarily restrict the activities of financial service providers.
Future potential
Good framework conditions are important for the current and future potential not only of Ticino but also of the Swiss financial center as a whole, stressed the SNB president. (pbe / SDA)
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