UBS criticises parliamentary decision backing stricter capital rules

​UBS on ​Wednesday criticised ‌a vote ​by the Swiss upper house ‌of parliament in favour of new capital rules that would make ‌the bank back its foreign ‌units with 90% Common Equity Tier 1 (CET1) capital, calling the requirement ⁠excessive.

"This ​political ⁠outcome is not a compromise and ⁠fails to address the root ​causes of the Credit Suisse ⁠collapse," the bank said of the ⁠step, ​which is part of a set of measures ⁠being drawn up in response to ⁠the ⁠2023 demise of Credit Suisse.

(Writing by Dave ‌Graham, ‌editing by John ​Revill)