The massive Swiss lender is now retaliating, claiming that its finances are sound and cautioning that the plan would damage Switzerland’s reputation as a major hub for international finance.

UBS Chairman Colm Kelleher expressed his “seriously concern” about ongoing discussions that could require the bank to keep significantly more cash and other liquid assets during the bank’s annual shareholder meeting on Wednesday. “More capital is not the solution,” he declared.

He went on, citing Credit Suisse as an example of a dysfunctional business model for which there is no regulatory fix. In an attempt to avert a global financial disaster, the government arranged UBS’s purchase of its embattled rival in March of last year.