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ZURN - Zurich Insurance AG News Story

CHF301.8 8.9  3.0%

Last Trade - 26/05/20

Sector
Financials
Size
Large Cap
Market Cap £37.75bn
Enterprise Value £42.35bn
Revenue £55.39bn
Position in Universe 25th / 1052

UPDATE 1-Swiss lenders well equipped for coronavirus stress - FINMA

Thu 19th March, 2020 9:53am
(Adds details from statement, background)
    By Brenna Hughes Neghaiwi
    ZURICH, March 19 (Reuters) - Switzerland's financial
institutions and market infrastructure are well equipped to deal
with extreme stress scenarios and are continuing to function
well as the coronavirus pandemic roils economies and markets,
Swiss financial market supervisor FINMA said on Thursday.
    "The operations of financial institutions and the financial
market infrastructure in Switzerland are continuing to function
well" through the coronavirus crisis, the Berne-based watchdog
said in a statement. "The institutions are also well equipped to
deal with extreme stress scenarios."
    Banks' capital and liquidity buffers were "solid" following
significant build-up since the financial crisis and were there
to be used, should it become necessary, FINMA said.
    FINMA cautioned that banks and other financial institutions
must now be "prudent" in their capital distribution policies,
especially with regards to share buybacks.
    Switzerland's biggest banks UBS  UBSG.S  and Credit Suisse
 CSGN.S  both provided more upbeat than expected trading updates
at the virtual Morgan Stanley European Financials Conference on
Wednesday and Thursday, which saw their shares post gains.
 urn:newsml:reuters.com:*:nL8N2BC15Q  urn:newsml:reuters.com:*:nL8N2BB2UM
    FINMA also said it had simplified trading rules to allow for
working from home and would allow certain routine deadlines and
controls to be postponed.
    All the supervisor's own employees, other than "in
exceptional cases", were working from home, it noted.

 (Reporting by Brenna Hughes Neghaiwi, editing by Thomas
Escritt)
 ((brenna.neghaiwi@thomsonreuters.com; +41 58 306 77 35;))
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