A top Swiss official has told the country's private banking sector to raise its game, particularly after talks on a framework agreement with the European Union were broken off.
The head of Switzerland's State Secretariat for International Finance, Daniela Stoffel, told Thursday’s «Private Banking Day» in Geneva that the sector should strive to be among the best in the world and not rest on its laurels.
Playing to Own Strengths
In the first comments by an official on consequences for the financial sector of Switzerland’s recent decision to break off talks on a framework agreement with the EU, Stoffel said she saw the move as a sign the country was relying on its own strengths.
She then went on to issue a series of warnings, saying that only those who were among the best were strong. She added that moving toward a more sustainable financial sector was imperative. «Banks and insurers are expected to be able to assess future risks,» the state secretary said.
Sustainability Imperative
Outgoing President of the Association of Swiss Private Banks Yves Mirabaud was less enthusiastic about the ending of the talks with the EU. He said the «export-oriented» sector need as much unrestricted access as possible to foreign markets.
However Mirabaud expressed support for the government’s CO2 law, which is to be voted on in a June 13 referendum, describing it as an «excellent compromise».
You Snooze, You Lose
Stoffel said that if policy makers and business made too little progress on combating climate change the banks would have to deal with disruption to markets, pension assets which had to retain their value in a carbon-neutral world as well as with threats from legal and constitutional debates.
Even if the sector was earning plaudits in this area, the private banks should not rest on their laurels, she said, adding: «If you snooze, you lose.»
