| Switzerland’s financial regulator FINMA has hit back at critics of its decision to wipe out 16 billion Swiss francs of Credit Suisse bonds during the ailing bank’s forced merger with UBS.
FINMA boss Urban Angehrn said the solution hammered out on Sunday had served to “protect clients, the financial centre and the markets”.by both the European Central Bank and the Bank of England, Credit Suisse shareholders got a combined 3.25 billion Swiss francs for their equity holdings, while owners of Additional Tier 1 bonds had their holdings entirely written down.
“As Credit Suisse was granted extraordinary liquidity assistance loans secured by a federal default guarantee on 19 March 2023, these contractual conditions were met for the AT1 instruments issued by the bank.”The SNB has backed the deal with an emergency cash injection of up to 100 billion Swiss francs, and the government will chip in another 100 billion francs in backstop support, if required.
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