Switzerland lays out new ‘too big to fail’ rules in wake of Credit Suisse banking turmoil last year [Video]

GENEVA (AP) — The Swiss government Wednesday announced steps to bolster its “too big to fail” rules aimed at avoiding potentially disastrous fallout from banking sector turmoil after woes last year at Credit Suisse before it was taken over by rival UBS.

Finance Minister Karin Keller-Sutter told reporters that the measures will aim to protect taxpayers — who were briefly on the hook to avoid a major banking sector collapse — and the Swiss economy overall.

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She said the steps would also involve “targeted and effective” proposals that help boost liquidity at financial institutions and rein in excessive bonuses enjoyed by some bankers.

The announcement follows a months-long review by Swiss authorities that “revealed gaps” in the current regulation, and involves a package of 22 measures, a government statement said.

“Implementation of the package should significantly reduce the likelihood that another systematically important bank in Switzerland …