By Pierre Bertrand The Financial Stability Board said that Swiss authorities could have followed the international resolution framework in the rescue of...
The Financial Stability Board said that Swiss authorities could have followed the international resolution framework in the rescue of Credit Suisse, rather than brokering a UBS takeover of the ailing bank.
"Recent events demonstrate the soundness of the international resolution framework in that it provided the Swiss authorities with an executable alternative to the solution that they deemed preferable in this particular case," the FSB said Tuesday in its review of UBS's acquisition of Credit Suisse. Swiss authorities were concerned that applying the framework's bail-in tool could have caused so-called"financial stability issues" with knock-on effects in Switzerland and abroad, the report said.
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