As English is not one of Switzerland's official languages only selected documents are translated into English. All translations are based on the definitive text in German. For further documents, kindly refer to the other languages.
A package of measures is to be used to strengthen the stability of Switzerland's financial sector. In order to implement the international rules of the Basel Committee on Banking Supervision (Basel III), the Federal Council adopted the total revision of the Capital Adequacy Ordinance. It entered into force on 1 January 2013.
On 1 January 2013, the withholding tax agreements with the United Kingdom and Austria entered into force. Negotiations are under way with Greece and Italy. Other countries both within and outside Europe have also shown an interest.
Since 1 January 2013, banks have had to hold better quality capital and an additional capital buffer. In order to reduce the general economic risks associated with excess credit growth, from September 2013, banks will have to activate a countercyclical buffer.