. Together with the Swiss government and financial market regulator FINMA, the Swiss National Bank helped orchestrate the emergency takeover of Credit Suisse\n \n by UBS \n \n on Sunday to prevent the collapse of the country’s second-biggest bank. “The measures announced at the weekend … have put a halt to the crisis,” the central bank said in a statement. “The SNB is providing large amounts of liquidity assistance in Swiss francs and foreign currencies.
” Credit Suisse was on the brink of collapse last week before the Swiss authorities stepped in, first with an emergency loan of central bank cash, followed by the initiation of frantic negotiations to secure a deal for the bank to be bought by its bigger rival. The Sunday night rescue may have prevented the banking crisis from escalating, but it also left Swiss taxpayers on the hook for potential losses, and the SNB committed to providing huge loans should further help be required.
restrict the high usury rates and greedy Billionairres wouldn't need bailing out!
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