UBS terminates taxpayer backstop for Credit Suisse, ending government protections

UBS has announced that it will no longer require the 9 billion francs ($10.3 billion) of state guarantees provided by the Swiss government for the rescue of Credit Suisse, freeing taxpayers from any further risks. UBS also stated that it no longer needs a public liquidity backstop or a liquidity assistance loan from the Swiss National Bank, removing taxpayer-backed funding. This move is expected to calm the political debate surrounding Swiss taxpayers' exposure to UBS. UBS shares rose by 5% following the announcement.