Swiss finance minister says UBS assistance is 'not bailout' - Breaking The News
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Swiss finance minister says UBS assistance is 'not bailout'

EPA-EFE/FEHIM DEMIR

Swiss Finance Minister Karin Keller-Sutter (pictured) on Sunday said that the government's decision to provide liquidity assistance to UBS Group AG and Credit Suisse was made in order to maintain financial stability, rather than a willingness to simply bail out a troubled institution.

She highlighted the high cost of bankruptcy to the Swiss economy and noted that the potential bankruptcy of Credit Suisse would have had a risk of contagion for other banks, both domestically and internationally.

The minister's comments came after the Swiss National Bank announced it provided "substantial liquidity assistance" to support UBS Group AG's takeover of Credit Suisse.

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