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After Britain and the US injected massive amounts of capital into their banks, Switzerland has taken emergency measures to try to shore up its banking system. Sean Farrell reports.

In an extraordinary move for a nation proud of its financial prudence and stability, Switzerland was forced to take emergency measures yesterday to shore up its two biggest lenders to prevent a collapse in confidence in the country's banking system.


The state will inject SFr6bn (£3.1bn) into UBS, its biggest bank, in return for a 9.3 per cent stake, and will allow UBS to unload $54bn (£31bn) of toxic assets, including sub-prime mortgages and Alt-A securities, into a fund controlled by the central bank.

Credit Suisse, the No 2 Swiss lender, obeyed instructions from the central bank by raising about SFr10bn from investors in the market, including the Qatar Investment Authority, which is already a big shareholder and is a major stakeholder in Barclays. The fundraising, which allows Credit Suisse to meet tough new Swiss capital rules, represented about 12 per cent of the bank's existing equity.

Switzerland had to act to underpin confidence in its prized banking system after Britain, the US and others announced massive capital injections into their major lenders. Without doing likewise, the Swiss banks would have been left exposed to market jitters and speculation.

... see more here: http://www.independent.co.uk/news/business/analysis-and-features/is-switzerland-the-next-iceland-964325.html
Nick: JirkaPraha, 21.10.2008 10:28:38
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