The Swiss Federal Banking Commission has revealed that it is keeping a close eye on Martin Ebner's ailing business empire following last week's events, in which the financial guru was forced to cede control of the BZ Group's four major listed investment funds.
The group is thought to be in debt to the tune of around SFr 10 billion, and despite Mr Ebner's assertion earlier this week that the cornerstone of the BZ Group - BZ Bank - is 'absolutely solid', the banking regulator confirmed to the Swissinfo news service that it is monitoring the bank's finances on a daily basis.
'We are watching BZ Bank. It's not surprising that we would want a daily report...because of the sharp market fluctuations,' Kurt Bucher of the Federal Banking Commission told the news service.
Mr Bucher declined to give further details regarding BZ Bank's financial position, except to reveal that the bank's investments are separate from those of the rest of the group. However, he confirmed that Mr Ebner was cooperating fully, and that thus far, BZ Bank meets all legally required capital standards.
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