In my remarks today, I will present the key findings from this year's Financial Stability Report, published by the Swiss National Bank this morning. In the first part of my speech, I will talk about the big banks, before going on, in the second part, to outline our assessment of the situation at the domestically focused banks.
Big banks
The global economic and financial market conditions that the two Swiss big banks are facing have become slightly more difficult since our assessment this time last year. Nevertheless, further progress has been achieved in implementing the revised 'too big to fail' regulations. This holds true for both areas covered by the regulations: resilience and resolution.
As regards resilience, the Swiss big banks Credit Suisse and UBS have slightly improved their capital situation overall. As a result, they are now close to full compliance with the look-through going-concern capital requirements on a consolidated basis. The current calibration of these regulatory requirements is necessary to ensure adequate resilience at both banks.