Credit Suisse has repaid the liquidity it borrowed from a CHF100 billion ($112.5 billion) lifeline backed by government guarantees, Swiss Finance Minister Karin Keller-Sutter said in an interview broadcast on Wednesday.
This content was published on
2 minutes
Reuters/SRF/sb
Español
es
Credit Suisse ha devuelto la liquidez garantizada por el Estado
“The federal guarantees, the CHF100 billion, have been repaid as of yesterday [Tuesday],” Keller-Sutter told Swiss public broadcaster SRF.
As part of its state-orchestrated rescue and takeover by rival bank UBS, Credit Suisse was given access to CHF200 billion in liquidity support, CHF100 billion of which was backed by the government.
In its quarterly results published in April, Credit Suisse said “the net amount of borrowings under these facilities amounted to CHF108 billion”.
The finance ministry later clarified to SRF that the maximum government-backed sum of CHF100 billion had not been fully used up, but that the liquidity aid backed by the government had been repaid in full.
On March 19 it was announced that ailing Swiss bank Credit Suisse would be taken over by its rival UBS after a frantic last-ditch deal to prevent a catastrophic banking collapse.
UBS agreed to buy Credit Suisse for CHF3 billion ($3.4 billion) in stock and to assume up to CHF5 billion in losses that would stem from winding down part of the business, in a shotgun merger engineered by Swiss authorities over a weekend amid global banking turmoil.
The deal, the first rescue of a global bank since the 2008 financial crisis, will create a wealth manager with more than $5 trillion in invested assets and over 120,000 employees globally.
Speaking to Swiss newspaper Tages-Anzeiger last week, the Swiss finance minister appeared to refer to Credit Suisse directors and executives as “arsonists”. When asked whether politicians bore some responsibility for Credit Suisse’s downfall, she said: “You have to be careful not to confuse firefighters and arsonists. The board of directors and executive board are responsible for Credit Suisse — and not the government.”
Popular Stories
More
Alpine Environment
My grandmother has lived in the same Swiss village for 100 years
What do you think Switzerland’s Alain Berset can bring to the Council of Europe?
The former interior minister is to become the first Swiss Secretary General of the Council of Europe – which issues should his five-year term focus on?
Bodycams: essential for good law enforcement, or a privacy risk?
Did you ever come across bodycams in your place of residence and if so, how do you think the use of bodycams alter the relationship between the public and (transport) police?
What can be done to protect biodiversity in your country?
Swiss voters are set to decide on a people’s initiative calling for better protection of ecosystems in the country. Have your say on the September 22 vote.
Coo d’état: Basel struggles to enforce pigeon-feeding ban
This content was published on
Police in the Swiss canton of Basel City have issued only eight fines since the ban on pigeon feeding came into force in July 2020.
Nestlé CEO Schneider was ousted, paving way for veteran Freixe, sources say
This content was published on
Nestlé CEO Mark Schneider was ousted in a sudden move by the world’s biggest foodmaker as a result of the group’s underperformance.
This content was published on
Two people died in a paragliding accident on the summit of the Breithorn in Valais, southwestern Switzerland, on Wednesday.
Two-thirds of terror suspects in Western Europe are teenagers
This content was published on
Terrorists have become younger. This can also be seen in Switzerland, said terror expert Peter Neumann in the "Neue Zürcher Zeitung" on Friday. The expert describes a new type of self-radicalized young attacker, which he calls Tiktok terrorists.
Swiss Federal Railways wants to replace Russian positioning system by end of 2025
This content was published on
The Swiss Federal Railways (SBB) would like to replace the positioning systems of the Russian company Infotrans by the end of 2025. However, this will cost CHF 900,000 more than expected, as SBB confirmed to the Keystone-SDA news agency.
This content was published on
Swiss food multinational Nestlé has surprisingly appointed a new CEO. Laurent Freixe will take over from Mark Schneider on September 1.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Credit Suisse to operate under own flag after UBS takeover
This content was published on
Swiss bank Credit Suisse will continue to function under its own name as a separate subsidiary of UBS in the first phase of the takeover process.
How the Swiss ‘trinity’ forced UBS to save Credit Suisse
This content was published on
The takeover of its local rival could end up being a generational boon for UBS. But the government-orchestrated deal has angered many investors.
Credit Suisse agrees to CHF3bn takeover by rival Swiss bank UBS
This content was published on
Ailing Swiss bank Credit Suisse will be taken over by its rival UBS after a frantic last-ditch deal to prevent a catastrophic banking collapse.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.