The Swiss Financial Market Supervisory Authority (FINMA) has published its assessment of UBS’s resolvability as at 31 December 2024, finding further progress and continuing to view resolution as feasible. FINMA considers UBS could currently be recapitalised and resolved using its preferred single point of entry bail-in strategy while continuing as a going concern, but it says authorities need greater optionality that will require legislative changes. UBS’s emergency plan largely meets current Banking Ordinance requirements, but FINMA does not currently regard it as executable because it is not yet sufficiently integrated into the resolution plan; FINMA again suspended its review of the recovery plan due to ongoing integration work. FINMA points to significant milestones from merging the parent banks and Swiss units of Credit Suisse and UBS as key drivers of improved resolvability. It argues that at the Point of Non-Viability it should be possible, in a legally certain manner, to execute not only restructuring but also a solvent market exit and a forced sale of the bank or parts of it, while noting considerable legal uncertainties around implementing these options and emphasising that adequate liquidity support is a prerequisite across the toolbox. FINMA supports the Federal Council’s parameters for proposed legislation to make crisis options more flexible and legally robust. UBS consolidated its emergency plan with Credit Suisse’s during the reporting period and started developing approaches to integrate it into the group-wide resolution plan in the context of a solvent market exit. UBS submitted an updated recovery plan in summer 2025, which FINMA is currently reviewing.

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