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Top related persons:
Denis Balibouse - 1 Noele Illien - 1 John Revill - 1 Tomasz Janowski - 1
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Zurich Switzerland ZURICH Swiss
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Swiss - 1 UBS - 1 REUTERS - 1 Suisse - 1 Credit Suisse - 1 country's Social - 1 Credit Suisse's - 1 Thomson - 1

Search resuls for: "John Revill Noele Illien"


3 mentions found


☆ UBS, Swiss government agree on Credit Suisse loss guarantee
  + stars: | 2023-06-09 | by ( John Revill Noele Illien | John Revill | Noele Illien | ) www.reuters.com   time to read: +4 min
The loss protection agreement (LPA) will become effective with the completion of Credit Suisse takeover, expected as early as June 12, UBS said in a separate statement. The guarantees will kick in if UBS incurs losses from the sale of Credit Suisse assets beyond 5 billion francs that the lender is due to cover itself. The money was made available by the government to ease the emergency takeover of Credit Suisse, whose collapse risked triggering a global financial crisis. "To make the takeover possible, the government granted UBS a guarantee for any losses incurred in the liquidation of Credit Suisse assets," the government said in a statement. The agreement will remain in place until the final realisation of the Credit Suisse assets.
Persons: Denis Balibouse, Noele Illien, John Revill, Tomasz Janowski Organizations: Swiss, UBS, REUTERS, Suisse, Credit Suisse, country's Social, Credit Suisse's, Thomson Locations: Zurich, Switzerland, ZURICH, Swiss
☆ Analysis: Emergency Credit Suisse rescue shakes faith in Switzerland
  + stars: | 2023-04-14 | by ( John Revill Noele Illien | John Revill | Noele Illien | ) www.reuters.com   time to read: +6 min
PARLIAMENT 'CIRCUMVENTED'The Credit Suisse/UBS merger marked the first time that parliament had withheld its support for emergency laws designed to deal quickly with crises. Swiss Finance Minister Karin Keller-Sutter defended the use of the emergency powers, saying Switzerland was not an "emergency dictatorship." "The emergency law is based on the federal constitution and I don't think it's correct to say it's illegal." "Politicians might have wanted to show their disapproval about what happened, but they don’t want the UBS takeover to fail." The use of such emergency legislation, overturning antitrust rules, is a problem for Swiss democracy and rule of law.
☆ Swiss National Bank raises rates, says Credit Suisse takeover prevented larger crisis
  + stars: | 2023-03-23 | by ( John Revill Noele Illien | John Revill | Noele Illien | ) www.reuters.com   time to read: +4 min
"If this solution hadn't worked, Credit Suisse (CSGN.S) would have failed, with extreme consequences for Switzerland but also the global economy," he told a press conference. The SNB Chairman said it was vital for UBS's takeover of the 167-year-old Credit Suisse to go through as smoothly as possible in order to maintain financial stability. [1/2] The Swiss National Bank (SNB) building is seen near the Limmat river in Zurich, Switzerland March 23, 2023. The Bank of England is expected to increase its interest rate by a quarter percentage point later on Thursday. "Without today's policy rate increase, the inflation forecast would be even higher over the medium term," the central bank said.
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