Switzerland protecting economy and taxpayers with banking proposals, minister says

Switzerland is acting to protect taxpayers and its economy after the merger of UBS and Credit Suisse left it with only one remaining global systemically relevant bank, Finance Minister Karin Keller-Sutter said on Wednesday.

"UBS is now the only remaining globally systemically important bank in our country," Keller-Sutter at a press conference in Bern, after unveiling new recommendations to safeguard the country from a future banking collapse.

"Should it get into comparable difficulties, such a solution would no longer be possible," she added.