Published on October 15, 2024 at 11:57. / Modified on October 15, 2024 at 12:31.
The Federal Financial Market Supervisory Authority is ordering UBS to provide more guarantees to deal with a possible crisis. The only major Swiss bank must, following the takeover of Credit Suisse in 2023, review its liquidation strategy, Finma said on Tuesday.
“The liquidation plan of UBS must be developed in order to broaden the possibilities of action in the event of insolvency risk. In addition to the strategy of continuing operations, the possibility of both an exit from the market by means of the transfer or cessation of certain segments of activity as well as a sale of the bank must be guaranteed without putting endangering the stability of the system and without resorting to taxpayer money,” notes the policeman of the financial center in a press release. Finma is also suspending the annual evaluation of the bank’s stabilization and liquidation plans with three keys for the current year.
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