07:59 AM EDT, 06/26/2024 (MT Newswires) -- The Swiss Federal Council confirmed on Wednesday that the country will adhere to its planned schedule for implementing international bank capital rules known as the Basel III standard for banks.

The Federal Council said it took note of the global implementation of the final Basel III standard for banks during its meeting on Wednesday, but confirmed that the standards will be implemented as planned beginning Jan. 1, 2025.

"Despite delays in some countries, it sees no reason to deviate from its existing timetable," the Swiss government said in a statement.

Last week, Bloomberg reported that Swiss banks, including UBS (UBS), were urging the government to delay the implementation of standards related to banks' trading books.

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