“The move draws a line under the Swiss government’s rescue of UBS nearly five years ago.  At the time the country’s biggest bank faced collapse over more than $50 billion in losses on mortgage securities.  The central bank’s fund was set up to bail out UBS at the height of the financial crisis.  The government took a nine percent stake in UBS as part of the bailout comprising six billion francs of equity and a loan from the Swiss National Bank (SNB).  UBS spun off $38.7 billion of risky assets into the fund.  UBS last week announced its quarterly profit would exceed analysts’ expectations, even after paying $885 million to settle a lawsuit in the United States.”

http://www.thelocal.ch/20130730/ubs-to-repay-government-bailout-loan

Did you like this?
Tip Freedomwat.ch Staff with Bitcoin

Donate via Installed Wallet Copy