Compliance
Swiss National Bank Adds Raiffeisen To List Of Systemically Important Banks
The Swiss National Bank today announced it is adding lender Raiffeisen to a list of banks that it supervises closely because of their systemic importance. Such banks include UBS and Credit Suisse.
The Swiss National Bank today announced it is adding lender Raiffeisen to a list of banks that it supervises closely because of their systemic importance. Such banks include UBS and Credit Suisse.
In November last year, Zürcher Kantonalbank joined the ranks of such institutions.
Such organisation must meet tougher regulatory requirements than banks not so designated, such as setting aside more capital to provide against market shocks.
The SNB issued a decree on 16 June designating the bank as a “financial group of systemic importance” in accordance with articles of the Banking Act.
“This announcement [today] is being issued in agreement with Raiffeisen. Regulatory consequences arising from the decision regarding systemic importance are primarily to be implemented by Raiffeisen, with FINMA [Swiss regulator] acting in a subsidiary capacity,” the SNB said in a statement on its website.
