UBS Repays All Guarantees Related to CS Acquisition
Published: Friday, Aug 11th 2023, 06:00
Updated At: Friday, Oct 13th 2023, 14:12
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The takeover of CS by UBS does not result in any financial loss for the Swiss government. UBS has immediately terminated the guarantee contract worth 9 billion Swiss francs and the so-called Public Liquidity Backstop worth billions of Swiss francs. All extraordinary liquidity assistance based on the 19th of March 2023 will be repaid, the bank announced on Friday. The Swiss National Bank (SNB) welcomed the fact that the liquidity assistance could be fully refunded, as stated in its own statement. In addition, according to the UBS announcement, Credit Suisse has also fully repaid the ELA+ loans worth 50 billion Swiss francs to the SNB as of yesterday, 10 August 2023. Credit Suisse has paid a risk premium of 476 million Swiss francs to the SNB. UBS will continue to focus on the successful implementation of the integration of Credit Suisse.nnnnnnnn
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