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MNI BRIEF: SNB Confirm Loan Facility As UBS Buys Credit Suisse

(MNI) LONDON

The Swiss National Bank confirmed Sunday it will provide an additional SFR 100 billion liquidity assistance availability to facilitate UBS's takeover of Credit Suisse. (MNI: Swiss Will Have To Step In Over Credit Suisse-Wyplosz)

As the deal progresses, both Credit Suisse and UBS can access the facility with privileged creditor status in bankruptcy for a total amount of up to CHF 100 billion. Furthermore, and based on the Swiss Federal Council’s Emergency Ordinance, the SNB can grant Credit Suisse a liquidity assistance loan of up to CHF 100 billion backed by a federal default guarantee.

UBS's takeover of CS was made possible with the support of the Swiss federal government, FINMA and the SNB, the central bank said in an emailed statement, with the deal securing financial stability and protection for the Swiss economy in this exceptional situation.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
SNBPolicy NewsCentral Bank NewsHomepageSwitzerlandSwiss National Bank Market NewsRegionCEEMEABriefStoryRegulation
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
SNBPolicy NewsCentral Bank NewsHomepageSwitzerlandSwiss National Bank Market NewsRegionCEEMEABriefStoryRegulation
True

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