Swiss Finance Minister says 100% hard capital backing for UBS best way to protect taxpayers

​Swiss ​Finance Minister ‌Karin Keller-Sutter on ​Tuesday defended her proposal ‌for UBS to back its foreign subsidiaries with 100% Common ‌Equity Tier One (CET-1) capital, saying it ‌was the best way to protect taxpayers in a crisis. The ⁠proposal, ​which ⁠has won backing from the ⁠Swiss National Bank, would make ​shareholders rather than taxpayer liable ⁠for losses, she told an event ⁠in ​Zurich.

The measure, which UBS opposes, is ⁠due to be debated in ⁠the upper ⁠house of parliament on Wednesday.