UBS Group Chairman Colm Kelleher said he is willing to accept the latest compromise in the debate surrounding the capital requirements of Swiss lenders. The plan will allow banks to use a form of convertible debt to meet part of the capital requirements. Kelleher said at an event hosted by the Bank of Switzerland lobbying group in St. Gallen that UBS's “primary goal” is to reach a “Swiss-style compromise.” When asked if he could “accept” the proposal proposed by the Economic and Tax Committee of the upper house of the Swiss Parliament, he answered “Yes.” “We can accept this option, but don't underestimate it — it will increase our costs, and we've provided capital. Ultimately, the plan must be proportionate and in line with international standards.”

UBS Group Chairman Colm Kelleher said he is willing to accept the latest compromise in the debate surrounding the capital requirements of Swiss lenders. The plan will allow banks to use a form of convertible debt to meet part of the capital requirements. Kelleher said at an event hosted by the Bank of Switzerland lobbying group in St. Gallen that UBS's “primary goal” is to reach a “Swiss-style compromise.” When asked if he could “accept” the proposal proposed by the Economic and Tax Committee of the upper house of the Swiss Parliament, he answered “Yes.” “We can accept this option, but don't underestimate it — it will increase our costs, and we've provided capital. Ultimately, the plan must be proportionate and in line with international standards.”