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UBS terminates taxpayer backstop for Credit Suisse, ending government protections

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Source: Reuters
UBS terminates taxpayer backstop for Credit Suisse, ending government protections
Photo: Reuters
TL;DR

UBS has announced that it will no longer require the 9 billion francs ($10.3 billion) of state guarantees provided by the Swiss government for the rescue of Credit Suisse, freeing taxpayers from any further risks. UBS also stated that it no longer needs a public liquidity backstop or a liquidity assistance loan from the Swiss National Bank, removing taxpayer-backed funding. This move is expected to calm the political debate surrounding Swiss taxpayers' exposure to UBS. UBS shares rose by 5% following the announcement.

Topics:top-newsfinance#credit-suisse#finance#liquidity-assistance#swiss-national-bank#taxpayer-backstop#ubs
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  1. UBS ends taxpayer backstop granted for Credit Suisse rescue  Reuters
  2. UBS ends Credit Suisse's government and central bank protections  CNBC
  3. UBS Voluntarily Ends Swiss Loss Protection Deal, Liquidity Backstop  Bloomberg Television
  4. UBS Ends $10 Billion State Backstop That Helped Seal Merger  Yahoo Finance

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