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Fonction NEWS

Swiss depositors may soon sleep easier, thanks to a Federal Council plan to swiftly and dramatically improve depositor protection.

The Federal Council said it is submitting an urgent proposal to parliament to increase deposit protection to SFr 100,000 from SFr 30,000. Under the proposed Banking Act amendment, Swiss banks would also be obliged to hold domestic secured claims, or other domestically held assets at all times.

Parliament is expected to discuss the proposal during its...

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