“The move draws a line under the Swiss government’s rescue of UBS nearly five years ago. At the time the country’s biggest bank faced collapse over more than $50 billion in losses on mortgage securities. The central bank’s fund was set up to bail out UBS at the height of the financial crisis. The government took a nine percent stake in UBS as part of the bailout comprising six billion francs of equity and a loan from the Swiss National Bank (SNB). UBS spun off $38.7 billion of risky assets into the fund. UBS last week announced its quarterly profit would exceed analysts’ expectations, even after paying $885 million to settle a lawsuit in the United States.”
http://www.thelocal.ch/20130730/ubs-to-repay-government-bailout-loan
