Swiss media had reported that UBS chief executive Oswald Grübel was planning to buy back the risk papers worth SFr23 billion ($22 billion) as soon as possible, something UBS has denied. The risk papers were sold to the SNB at the beginning of October last year, during the height of the banking crisis, to stabilise the bank.

However, such a buyback was out of the question for the time being, FINMA president Eugen Haltiner told Eco, a business news programme of SF1, a Swiss public television channel. This is because it remains unclear how the market will develop next year, Mr Haltiner told the programme.

Eco suggested that this might mean that the assets will remain with SNB at least until the end of 2010.

A FINMA spokesperson told WealthBriefing that the deal is an issue only between UBS and SNB. FINMA would, if UBS were to plan such a buyback, simply check whether this is compatible with regards to capital requirements and the high standards the Swiss regulator has put in place. At the moment, this is not on the agenda of FINMA.

UBS told WealthBriefing that buying back assets from SNB was not an immediate concern and that there are no such plans. However, the banks said that in the future they might make such an offer.