UBS Scores Interim Victory in Swiss Capital Debate

UBS scored an interim win in its multi-year struggle against Switzerland’s push to make it hold billions of extra dollars in capital. This comes as lawmakers from the key Economic Affairs and Taxation Committee of the upper house said the bank should be able to use convertible debt, known as AT1s, for as much as 50% of the extra requirement, provided that those instruments are reformed. Bloomberg's Jan-Henrik Foerster reports. (Source: Bloomberg)