UBS Announces Loss Protection with Federal Government
Published: Friday, Aug 11th 2023, 06:00
Aktualisiert am: Freitag, 13. Oktober 2023, 14:12
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The UBS has ended the agreement with the Swiss Federal Government and the Swiss National Bank (SNB) to provide a loss protection of 9 billion Swiss francs in connection with the takeover of Credit Suisse. The agreement was terminated with immediate effect, the UBS announced on Friday. The agreement was part of the emergency takeover of Credit Suisse by the Swiss Federal Government and the SNB. The agreement provided a 9 billion Swiss franc loss protection for UBS in the event of a default by Credit Suisse. The agreement was terminated with immediate effect, with UBS citing the improved financial situation of Credit Suisse as the reason for the termination. The termination of the agreement is a positive development for UBS, as it removes the risk of potential losses in the event of a default by Credit Suisse. It also signals the improved financial situation of Credit Suisse, which is a positive sign for the Swiss banking sector.nnnnnnnn
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