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Finma

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finance2 years ago•1 min saved

UBS and Credit Suisse near deal on loss guarantee and takeover.

UBS expects to finalize its agreement with the Swiss government to cover up to 9 billion Swiss francs ($9.92 billion) in losses from its emergency takeover of Credit Suisse by June 7. The government agreement is one of the final hurdles UBS needs to clear before it can officially close the acquisition of its smaller rival. UBS is also engaged in discussions with Switzerland's financial regulator, FINMA, on the capital and liquidity requirements for the combined bank.

via Reuters|

#credit-suisse #finance #finma

finance2 years ago•0 min saved

Credit Suisse Faces Regulatory Scrutiny and Managerial Discipline.

Swiss authorities are investigating ways to hold Credit Suisse managers accountable after the bank was rescued earlier this month. FINMA is exploring the possibility of bringing proceedings against executives, but the focus for now is on financial stability and integrating Credit Suisse with UBS.

via Barron's|

#accountability #credit-suisse #finance

finance2 years ago•1 min saved

Swiss Regulator Defends Controversial Writedown of Credit Suisse Bonds Amid Takeover Talks.

Switzerland's financial market regulator, FINMA, has defended its decision to impose losses on some of Credit Suisse's bondholders, saying the decision was legally sound. As part of the multi-billion franc rescue of Credit Suisse, the regulator said 16 billion Swiss francs ($17.49 billion) of the lender's Additional Tier 1 debt would be written down to zero, while shareholders received some compensation. The decision prioritised shareholders over AT1 bondholders, causing a sharp fall in prices on Monday. Some Credit Suisse AT1 bondholders are seeking legal advice.

via Reuters|

#at1-bonds #bondholders #credit-suisse

finance2 years ago•2 min saved

UBS's potential plan to end Credit Suisse's investment bank preservation raises concerns.

Swiss regulator FINMA has defended its decision to instruct Credit Suisse to write down its AT1 bonds to zero, saying it was a "viability event" triggered by the loan Credit Suisse received from the Swiss National Bank last week, backed by the federal government. The regulator's decision upended the usual European hierarchy of restitution in the event of a bank failure under the post-financial crisis Basel III framework, which ordinarily places AT1 bondholders above stock investors. Bondholders are exploring legal action over the contentious writedown.

via CNBC|

#at1-bonds #credit-suisse #finance