the swiss times

the swiss times

UBS Makes Big Repayments To The SNB For Emergency Liquidity

UBS Makes Big Repayments To The SNB For Emergency Liquidity

Tue, May 7th 2024

UBS makes significant progress by repaying CHF 9 billion of the Emergency Liquidity Assistance, moving closer to settling its financial responsibilities from the Credit Suisse acquisition.

KEYSTONE/Anthony Anex

UBS has further reduced the emergency liquidity assistance (ELA) initially provided by the Swiss National Bank (SNB) to Credit Suisse, accelerating its financial resolution following the merger. This announcement came as part of UBS’s first quarter financial disclosures on Monday.

Originally, Credit Suisse had accessed CHF 50 billion in ELA due to financial distress before its acquisition by UBS in March 2023.

As of the end of 2023, it still owed CHF 38 billion. With the latest repayment of CHF 9 billion, UBS has now returned CHF 29 billion of the borrowed funds. The bank is on track to repay the remaining CHF 9 billion in the upcoming months.

The ELA funds were secured against Swiss mortgages, providing substantial collateral. UBS’s efficient management of these liabilities also included handling a public liquidity backstop and additional liquidity assistance loans (ELA+) totalling CHF 200 billion, which were fully repaid last year.

©Keystone/SDA

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