UBS takeover of Credit Suisse

This comprehensive dossier documents the takeover of Credit Suisse by UBS. It contains relevant information, documents and comprehensive FAQs.

Brief summary

In March 2023, Credit Suisse was experiencing an acute crisis of confidence. The Federal Council, the SNB and FINMA therefore had to intervene at very short notice in mid-March to protect the Swiss economy and avert any damage to the country. On 19 March 2023, the Federal Council adopted a package of measures that enabled the takeover of Credit Suisse by UBS. Thanks to the swift takeover by UBS and the accompanying government measures, it was possible for the financial system to be stabilised for the long term. The package of measures in connection with the takeover of Credit Suisse by UBS included, among other things, a federal loss protection guarantee for UBS in the amount of CHF 9 billion and a guarantee of CHF 100 billion in favour of the SNB to secure liquidity assistance loans.

On 11 August 2023, UBS announced the termination of the federal loss protection guarantee without replacement. At the same time, it also ended, without replacement, the agreement between Credit Suisse and the SNB on liquidity assistance loans with a federal default guarantee, following full repayment of these loans. The termination of the federal loss protection guarantee and the liquidity assistance loans with a federal default guarantee is final.

The Confederation did not have to assume any losses arising from these guarantees. With the termination of these guarantees, the associated risks also ceased to apply for the Confederation and taxpayers.

Fact sheets

Frequently asked questions (FAQ)

Liquidity assistance and risks for the Confederation

Loss protection guarantee

Public liquidity backstop

Emergency law

Alternative scenarios


Consequences for third parties

Employees and wages

Figures overview


The need for reform after the demise of Credit Suisse (PDF, 1 MB, 01.09.2023)Report of the Expert Group on Banking Stability 2023 - Originalsprache Deutsch

Press releases

Amendment of the Ordinance on Additional Liquidity Assistance Loans and the Granting of Federal Default Guarantees for Liquidity Assistance Loans from the Swiss National Bank to Systemically Important Banks

Media conference of the 19th March 2023

Last modification 07.03.2024

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