The Swiss Nationwide Financial institution and the Swiss Finance Ministry are contemplating new measures that might make it harder for rich folks to maneuver cash out of their financial institution, in accordance with an explosive and contentious new report.
The discussions are targeted on discovering new measures that might forestall financial institution runs after the collapse of Credit score Suisse earlier this yr, stories Reuters.
Sources “acquainted with the matter” say the group is exploring potential limits and charges on financial institution withdrawals for rich purchasers.
“Among the many measures being mentioned is the choice to stagger a larger portion of withdrawals over longer durations of time, one of many sources mentioned.
Imposing charges on exits can also be another being mentioned, two of the sources mentioned.”
The group can also be debating whether or not to supply greater rates of interest to clients who lock up their financial savings for the long term.
The Finance Ministry initially initially advised Reuters that the discussions are a part of a broad inquiry on the nation’s monetary regulatory framework, and a report shall be launched subsequent yr.
And after the information article was launched, the Ministry rapidly responded, with Finance Minister Karin Keller-Sutter telling Bloomberg that staggered withdrawals will not be on the desk.
The failure of Credit score Suisse occurred again in March, proper after the failures of Silicon Valley Financial institution and Signature Financial institution within the US.
A lack of confidence within the scandal-ridden financial institution, which was the second-largest Swiss financial institution on the time, triggered the sudden collapse.
The Swiss Nationwide Financial institution initially injected $185 billion in emergency liquidity into the financial institution earlier than it was bought to UBS for simply $3.3 billion.
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