December 15, 2016 / 9:25 AM / a year ago

SNB's Zurbruegg says big banks need more Cocos

BERN, Dec 15 (Reuters) - Swiss big banks UBS and Credit Suisse need to further strengthen their resilience through the accumulation of high-trigger contingent convertible capital instruments (CoCos), Swiss National Bank Vice Chairman Fritz Zurbruegg said on Thursday.

“The further strengthening of resilience through the accumulation of high-trigger CoCos, as foreseen by the regulations, is important and necessary,” Zurbruegg said, according to remarks prepared for a media conference following the SNB’s decision to keep rates at very low levels.

He said the big banks’ loss potential remained substantial relative to their capitalisation despite a slight improvement in their capital situation since June. (Reporting by Silke Koltrowitz; Editing by Michael Shields)

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