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The Swiss National Bank (SNB) gives banks good ratings in the crisis. President Thomas Jordan was satisfied with the current regulation on Lugano Banking Day. He spoke out against new unnecessary administrative obstacles.
“Banks in Switzerland have been able to withstand the effects of the pandemic so far,” Jordan said according to the speech on the occasion of Lugano Banking Day, which was broadcast online Monday. However, the turbulence had shown how important it is for banks and insurance companies to have sufficient capital reserves and liquidity.
Good legal basis
Swiss law has laid a good basis for this. It requires systemically important banks to have a sufficiently high capital and liquidity cushion. Especially in the current crisis of the crown, which is characterized by high uncertainty, the current regulation is a great advantage, Jordan said.
Stable political conditions, legal certainty, efficient authorities and good and safe infrastructure in Switzerland are also a strong source of support for financial service providers. “But we must not rest on our laurels,” Jordan warned. Administrative obstacles should not be created that do not contribute to stability or bring great benefits, but that unnecessarily restrict the activities of financial service providers.
Future potential
Good framework conditions are important for the current and future potential not only of Ticino, but also of the Swiss financial center as a whole, emphasized the SNB president. (pbe / SDA)
