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UBS, CS may have to set aside $68 billion: report

ZURICH
Sun Jul 6, 2008 12:19pm EDT

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ZURICH (Reuters) - Swiss authorities could require UBS (UBSN.VX) and Credit Suisse (CSGN.VX) to set aside an additional 70 billion Swiss francs ($68.29 billion) in capital, a newspaper reported on Sunday, citing lawmakers.

"40 billion for UBS, 30 billion francs for CS," parliamentarian Hans Kaufmann told Swiss weekly Sonntag, referring to the additional capital the banks would have to put aside under the proposal.

Switzerland's top banking watchdog, the EBK, has told Reuters it plans to introduce more stringent capital rules by October to restrain UBS and Credit Suisse, so they do not run into the same trouble again that made UBS the biggest European casualty of the global financial turmoil.

A spokesman for the EBK, Alain Bichsel, told Sonntag that a sum had been proposed and it would make details known in the autumn.

(Reporting by Sam Cage; Editing by Erica Billingham)


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