UBS Announces Voluntary Loss Protection
Published: Friday, Aug 11th 2023, 06:00
Updated At: Friday, Oct 13th 2023, 14:12
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The UBS bank has voluntarily terminated the loss protection agreement it had made with the Swiss government and the Swiss National Bank (SNB) as part of the emergency takeover of Credit Suisse. The agreement was terminated with immediate effect, the UBS announced on Friday. The agreement was made in 2008, when the Swiss government and the SNB provided a guarantee to the UBS for potential losses incurred in the event of a financial crisis. The UBS had agreed to pay a fee for the guarantee, which was to be paid over a period of 10 years. The UBS has now decided to terminate the agreement, as it believes that the risk of a financial crisis has decreased significantly since 2008. The termination of the agreement will have no impact on the UBS's financial position, as the fee payments have already been made. The UBS also stated that it will continue to cooperate with the Swiss government and the SNB in order to ensure the stability of the Swiss financial system.nnnnnnnn
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