Switzerland's Social Democratic Party has drawn up a proposal to shrink UBS assets after its takeover of Credit Suisse to reduce the risk of another expensive state-backed rescue, its lawmaker was quoted as saying on Tuesday.
to reduce the risk of another expensive state-backed rescue, its lawmaker was quoted as saying on Tuesday.
The left-leaning party will propose to cap the bank's assets at half of Switzerland's gross domestic product, effectively forcing the new UBS to slash its assets to a quarter of their current level. Social Democrats are the second-biggest party in the lower house, but with only 39 of the 200 seats will need support of other parties. The Swiss People's Party, which has 53 lower house seats, joined the Social Democrats inthe government's aid package for the merger last month and has also called for no more taxpayer-funded bailouts for banks.
"Even putting UBS and Credit Suisse together, we won’t be at the top of the classification for international banks in terms of size," Ermotti told Italian business daily Il Sole 24 Ore last month.
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