it has terminated an agreement with the Swiss government to shield it from losses linked to its emergency rescue of Credit Suisse, a move that should calm the fractious political debate over the state’s involvement and suggests the complicated takeover is going to plan.UBS said it had voluntarily terminated a $10.3 billion government backstop to limit potential losses from the emergency takeover.
UBS said it had also ended emergency liquidity lines offered by Switzerland’s central bank to keep Credit Suisse afloat, valued at around $114 billion, and that Credit Suisse had fully repaid an emergency loan of around $57 billion to the Swiss National Bank. UBS said it paid a total of around $830 million to Swiss authorities in fees and costs linked to the backstop and other lifelines.
The bank said the decision followed “a comprehensive assessment” of Credit Suisse’s assets, including “severe stress loss scenarios.” The measures “contributed to the stabilization of Credit Suisse and financial stability in Switzerland and globally,” UBS said, adding that it “continues to focus on the successful execution of the integration of Credit Suisse.”take over its ailing Swiss rival in March.
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