UBS on Friday took the decision to sever the backstop the Swiss government gave to absorb Credit Suisse, a bet there are no hidden skeletons that will emerge...
UBS on Friday took the decision to sever the backstop the Swiss government gave to absorb Credit Suisse, a bet there are no hidden skeletons that will emerge that will hurt the bank in the way Countrywide’s acquisition dragged down Bank of America.
... UBS on Friday took the decision to sever the backstop the Swiss government gave to absorb Credit Suisse, a bet there are no hidden skeletons that will emerge that will hurt the bank in the way Countrywide’s acquisition dragged down Bank of America. “At the time, this was deemed necessary to protect UBS against potential tail risks as there had been very limited time to review respective assets over the rescue weekend. After reviewing all assets covered by the [loss protection agreement] since the closing in June and taking the appropriate fair value adjustments, UBS has concluded that the LPA is no longer required,” said UBS.
“More important is the reassurance this provides on the health of the Credit Suisse non-core portfolio. This chimes with the previous work we have done. The early voluntary repayment could potentially also help in other matters, such as negotiating the retention of the Credit Suisse Swiss business, in our view,” he said.
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