Switzerland faced a entire-scale bank run if Credit history Suisse went bankrupt, Swiss regulator argues

Key Details

Permitting the individual bankruptcy of troubled loan company Credit Suisse would have crippled Switzerland’s economic climate and economical center and likely resulted in deposit runs at other financial institutions, Swiss regulator FINMA explained Wednesday.
FINMA and the Swiss central bank brokered UBS’ takeover for embattled Zurich rival Credit history Suisse for 3 billion Swiss francs ($3.3 billion), in a offer announced on March 19.
The bankruptcy system, FINMA CEO Urban Angehrn claimed in a statement, was “de-prioritised early on owing to its large tangible and intangible costs.”

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