The assistance provided by public authorities in the context of the Credit Suisse takeover by UBS proves to be worthwhile. The Confederation and the Swiss National Bank (SNB) are receiving a total of approximately 730 million francs.
UBS announced on Friday that it is giving up the guarantee granted by the Confederation in mid-March. The agreement between Credit Suisse and the SNB regarding aid loans in the form of liquidity has also been terminated.
These extensive public aids had a counterpart: the three-key bank thus paid 40 million francs to the Confederation as part of the guarantee, and Credit Suisse paid a total of 214 million, with 61 million to the issuing institute and 153 million to the State, according to a statement from UBS.
The former second-largest bank also paid a risk premium of 476 million to the Swiss central bank.
‘Subprime’ crisis
This is not the first time that the rescue of a bank ultimately resulted in a gain for public authorities. In 2009, the rescue of UBS, caught up in the financial crisis known as the ‘subprime’ crisis, also made profits.
The government and the SNB had then created a bad bank, named SNB Stabfund, which had taken on the toxic assets of the three-key bank worth 39.1 billion dollars.
Coming out of the crisis, the Confederation sold its stake in the summer of 2009 and made a profit of 1.2 billion francs. As for the SNB, it sold the SNB-Stabfund to UBS itself at the end of 2013, making a gain of 3.76 billion.
/ATS
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