“Basel III Final”: the banking sector’s position
Work towards implementing Basel III Final in Switzerland is still in progress. In principle, the Swiss Bankers Association (SBA) supports the proposed implementation. However, the suggestions made so far take insufficient account of the agreed condition of comparability with other relevant financial centres. Substantial adjustments are needed, not least as regards the real estate and mortgage market.
The SBA published its detailed response back in October as part of the public consultation on Basel III Final. One important task the authorities have to fulfil next is to complete their international comparison of the legislation, rather than forging ahead too keenly and ending up with a situation that places our financial centre at a competitive disadvantage. Our current position paper concisely sets out our assessment and the adjustments we want to see. We will follow this major regulatory project closely and continue to argue for a competitive and practicable Swiss implementation of Basel III Final.