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Stock impact report

UPDATE 1-UBS, Credit Suisse's emergency plans are effective: financial watchdog [Reuters]

Credit Suisse Group American Depositary Shares (CS) 
Company Research Source: Reuters
UBS, Credit Suisse's emergency plans are effective: financial watchdog ZURICH (Reuters) - The emergency plans of UBS ( UBSG.S ) and Credit Suisse ( CSGN.S ) to deal with a financial crisis are effective, Switzerland’s regulator FINMA said on Tuesday. The assessment follows a review of the recovery and resolution plans for the country’s big banks which FINMA ordered to be submitted by the end of 2019. The review followed the implementation of Switzerland’s Too Big to Fail rules, aimed at reducing risks in the country’s financial system and avoiding the need for taxpayer-funded rescues. The laws, brought in after UBS was rescued by the Swiss government in 2008, are intended to ensure functions like domestic deposit taking and lending continues even during a severe crisis. “FINMA views the Swiss emergency plans of Credit Suisse and UBS as effective,” FINMA said. The emergency plans of the other three systemically important banks - PostFinance, Raiffeisen [RFSHW.UL] and Zuercher Kanto Show less Read more
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