# Swiss authorities back UBS emergency takeover of Credit Suisse

Date: 2023

On 19 March 2023 Swiss authorities backed an emergency takeover of Credit Suisse by UBS after confidence in the bank collapsed, and the regulator FINMA approved the deal the same day. To support the takeover, the Federal Council obtained parliamentary Finance Delegation approval for emergency federal guarantees: CHF 100 billion to cover Swiss National Bank liquidity loans to Credit Suisse and CHF 9 billion against losses on certain assets UBS would take over.

## Sources

- https://www.snb.ch/public/asset/en/www-snb-ch/publications/communication/press-releases/2023/pre_20230319_1/publications0_en/pre_20230319.en.pdf
- https://www.parlament.ch/press-releases/Pages/mm-findel-2023-03-19.aspx
- https://www.finma.ch/en/news/2023/03/20230319-mm-cs-ubs/

## Methodology

https://factrail.ai/methodology

Canonical: https://factrail.ai/facts/ubs-takeover-credit-suisse-state-backed-2023-03-19