UBS has repaid SNB assistance in full
Published: Wednesday, Aug 14th 2024, 08:50
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UBS has now fully repaid the so-called ELA liquidity assistance granted by the Swiss National Bank (SNB) to the reeling Credit Suisse in March 2023. This was revealed in the big bank's quarterly report published on Wednesday.
At the end of March, 19 billion francs were still outstanding. Following a repayment of CHF 9 billion in May, the final tranche was repaid in June, a UBS spokesperson told AWP.
Shortly before the takeover by UBS, CS had received a total of CHF 50 billion in ELA (Emergency Liquidity Assistance) funds. In addition, the SNB had granted liquidity assistance (Public Liquidity Backstop) of up to CHF 100 billion secured by the Confederation to facilitate the merger, as well as additional liquidity assistance loans (ELA+) secured only with a bankruptcy privilege for a further CHF 100 billion. UBS had already terminated the PLB last year and also repaid the ELA+ loans.
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