( ) -q-26- UNDATED (Correspondent Jeremy House) “with the government.” UBS says it has shut down rescue packages agreed with Swiss authorities that made available up to 200 billion Swiss francs to help shepherd through its takeover of ailing rival Credit Suisse and avert an international banking crisis. [CutID: <Cuts> UBS-CREDIT-SUISSE-house-q-FRIam.mp3 Time: 26s Title: UBS-CREDIT-SUISSE-house-q-FRIam […]
Audio
UBS ends rescue packages from Swiss gov’t that paved way for Credit Suisse takeover
( ) -q-26- UNDATED (Correspondent Jeremy House) “with the government.”
UBS says it has shut down rescue packages agreed with Swiss authorities that made available up to 200 billion Swiss francs to help shepherd through its takeover of ailing rival Credit Suisse and avert an international banking crisis.
[CutID: <Cuts> UBS-CREDIT-SUISSE-house-q-FRIam.mp3
Time: 26s
Title: UBS-CREDIT-SUISSE-house-q-FRIam
Out-cue: with the government]
TAG: Correspondent Jeremy House reporting.
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VERBATIM: The Zurich-based banking giant said it had moved to “voluntarily terminate” rescue programs that aimed to help mop up billions of losses and provide liquidity to the banks as they moved forward on the complex deal. UBS said it had repaid 50 billion francs in loans from the Swiss National Bank and 100 billion francs in liquidity support from the Swiss government. It also ended a 9 billion-franc “loss protection agreement” with the government.