ZURICH, July 6 (Reuters) - Swiss bank UBS expects to meet anticipated requirements for total loss-absorbing bonds known (TLAC) early.
“UBS currently has over 44 billion Swiss francs ($46.69 billion) in TLAC, supporting a TLAC to risk weighted assets ratio of more than 20 percent,” UBS said in a submission to the U.S. Federal Reserve about how it would shut down its business in the United States during a crisis.
“UBS expects to meet anticipated TLAC requirements ahead of applicable deadlines,” the Zurich-based bank wrote in the document published on Monday.
$1 = 0.9424 Swiss francs Reporting by Joshua Franklin. Editing by Carmel Crimmins