Commentary of the NZZ on the Dissolution of UBS Loss Guarantees
Published: Friday, Aug 11th 2023, 12:00
Updated At: Friday, Oct 13th 2023, 14:12
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The Swiss newspaper Neue Zürcher Zeitung has commented on the dissolution of UBS's loss guarantees in the wake of the UBS-Credit Suisse merger. It is welcomed that UBS has given up the guarantees from the government, but this does not change the fact that UBS has become a state bank. The government had to suspend market laws and the Swiss National Bank had to provide liquidity without receiving adequate security in return. The fact that UBS has given up state guarantees and the taxpayer is not harmed does not change the fact that Switzerland is still far from finding a solution to its banking problem. In summary, the Neue Zürcher Zeitung has commented on the dissolution of UBS's loss guarantees in the wake of the UBS-Credit Suisse merger. It is welcomed that UBS has given up the guarantees from the government, but this does not change the fact that UBS has become a state bank. The government had to suspend market laws and the Swiss National Bank had to provide liquidity without receiving adequate security in return. This does not solve the banking problem in Switzerland, as the country is still far from finding a solution.nnnnnnnn
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