The contract also required the Swiss National Bank (SNB) to provide liquidity assistance loans of up to CHF 100 billion. © Simon Zenger | Dreamstime.comThe ending of the contract means Swiss taxpayers are no longer on the hook for any potential losses associated with the rushed merger of Credit Suisse and UBS. However, Credit Suisse additional tier 1 (AT1) bondholders were furious after hearing the announcement, arguing that if UBS Group AG doesn’t need state support for the rescue deal, then their notes should have been spared, reported Bloomberg – AT1 bonds were completely wiped out as part of the rushed takeover of Credit Suisse. Many former Credit Suisse shareholders will be unhappy too. And Swiss taxpayers are not completely off the hook.

Source: Le News August 12, 2023 10:31 UTC