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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Inevitable step' for UBS to remove the Swiss government backstop, says the bank's former UK group CEOMark Yallop, Former UK Group CEO for UBS, joins to discuss UBS' termination of the Credit-Suisse loss-protection pact.
Persons: backstop, Mark Yallop Organizations: UBS, UK, Credit, Suisse
Pascal Mora | Bloomberg | Getty Imageswatch nowHowever, the downward spiral of Credit Suisse's share price and mounting asset outflows were underway long before the collapse of Silicon Valley Bank earlier this month. Swiss regulator FINMA has come under fire for allowing the situation to deteriorate as the bank spent years mired in losses and scandal. Mark Yallop, chairman of the U.K.'s Financial Markets Standards Board and former U.K. CEO at UBS, told CNBC on Tuesday that he agreed with the broad assessment that Credit Suisse's downfall was "idiosyncratic." "It's unfortunate that the problems with some of the smaller U.S. banks in the last two or three weeks happened at the same time as this issue with Credit Suisse but the two are completely different and very largely unrelated," he said. By contrast, the Swiss banking and regulatory system has come under fire.
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