Swiss Panel Backs UBS Liquidity Fee
A Swiss parliamentary committee supported a government plan to levy an upfront fee on UBS for accessing a public liquidity backstop. The banking sector opposed the measure as a special tax.
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A parliamentary committee in Switzerland backed a government plan on Tuesday afternoon to create a public liquidity backstop that will levy an upfront fee on UBS Group AG. The proposal targets systemically important lenders with international operations, making UBS the sole current institution affected. Lawmakers are tightening oversight following past banking turmoil.
