The issue of UBS executives repaying bonuses as part of the bank’s strategy to restore its reputation after suffering massive credit market losses remained on the agenda at last week’s extraordinary general meeting with 2,400 shareholders.

For most of the time, those present at the third EGM for UBS in less than a year seemed mostly in the mood to look to the future.

Not everyone is prepared to move on from the bonus issue, however. The questions of bonuses and repayments of excessive earnings have not gone away. The head of the Swiss Socialists, Christian Levrat, who is also a member of the Swiss parliament, was at the EGM arguing for a ceiling for bonuses and asking questions about who had or had not repaid funds to the beleaguered bank.

Mr Levrat named certain ex staff such as ex-chief financial officer Clive Standish and the ex-director of the investment bank, Huw Jenkins, and asked if they had repaid funds. Peter Kurer responded only that some SFr22 million has been repaid to the bank other than reported and that this had been paid by various persons amongst which these names figure.

In an interview with le Temps after the meeting, Mr Levrat was more direct: “Marcel Ospel has repaid practically nothing when compared to what he has pocketed. My worry is that UBS was forced to renounce any possible legal procedures against Marcel Ospel when he repaid part of his bonus.

“But today, Peter Kurer clarified that these renunciations do not cover the old management and that it is possible to file claim against them which reassures me. I think that there should be pressure applied to file a claim for responsibility against Marcel Ospel,” the politician is quoted as saying.

He hopes that UBS will publish the legal report that has been commissioned and suggests that this should be the basis for any claims that are to be filed.

Whether this is political grandstanding or simply a sense of outraged justice, it would seem that the old management of the bank is not yet out of the woods.