Credit Suisse now has a 47% chance of default, stock down 25% this morning.

[Mensch Fontana]

Imagine if during COVID people hadn't consumed the entirely optional diet of fear porn and dread that told them they were almost certainly going to end up dead as they voluntarily amped up their own stress levels only for it all to vanish when the media decided it had found its next threat and suddenly everything was open for business.

There is only one trick. Its very large, very old and very effective which is why they pull it again and again. Once you've seen it its impossible to miss so remember that a rollercoaster is fun. The problems only kick in if you're holding on too tight or try to get off while its still moving.

The Game of Souls has you, my friend. Your mind is not you own if you truly think you can own anything in the land of illusion as these are anothers toys we're playing with. You possess a level of richness that is unfinite. Innerstand - without you, here, now, none of this exists.



Look within. That said you can't stunt with that or pay bills so it is what it is just keep the balance and handle it. Choose wisely where you invest your attention.

Kanamanazhia

 

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https://archive.is/wuiSR

 

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UBS faces millions in penalties over Credit Suisse’s $5.5bn Archegos debacle

Fines from the US and UK could range between $100m and $300m

www.fnlondon.com

UBS faces millions in penalties over Credit Suisse’s $5.5bn Archegos debacle​

Fines from the US and UK could range between $100m and $300m​

The likely hit comes just days after UBS’s completion of its acquisition of its beleaguered Swiss rival​

AFP via Getty Images

By
Penny Sukhraj

Tuesday June 20, 2023 8:22 am

Credit Suisse’s relationship with family office Archegos Capital is set to hit UBS following investigations by UK, Swiss and US regulators.

Hundreds of millions in potential penalties could come just days after UBS completed its acquisition of its beleaguered Swiss rival in a landmark deal backed by the Swiss government, the Financial Times reported.

Fines from the US and UK could range between $100m and $300m, people familiar with the matter told the FT.

Credit Suisse had set aside around $35m for likely fines stemming from Archegos, amid an overall $5.5bn hit from the collapse of the firm – the biggest among the $10bn fallout for global banks that offered prime broking services. At the time, UBS’s losses stood at around $861m.

READ Bankers part ways with Credit Suisse over Archegos

Investments held by Archegos plummeted in March 2021, forcing Credit Suisse and other lenders to sell large positions at losses. The Swiss bank had lent more to Archegos relative to its size and was also among the last to exit the positions, The Wall Street Journal previously reported.

The fiasco pushed Credit Suisse to cut its dividend and raise fresh capital from investors to shore up its balance sheet. Top executives were also ousted in the wake of the loss as a Credit-Suisse commissioned report by law firm Paul Weiss revealed a “fundamental failure of management and controls” in its investment bank and a “lackadaisical attitude towards risk”.

The FT reports that according to people familiar with the matter, Credit Suisse has requested the publication of regulatory findings by the end of July.

UBS has a $4bn provision to deal with any litigation and regulatory fallout on the back of its takeover in March.

 

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SNB Offers Roughly $100 Billion Liquidity Line to UBS as Part of Credit Suisse Deal, Sources

SNB Offers Roughly $100 Billion Liquidity Line to UBS as Part of Credit Suisse Deal, Sources

www.wsj.com

SNB Offers Roughly $100 Billion Liquidity Line to UBS as Part of Credit Suisse Deal, Sources​

​

By Margot Patrick

and Ben Dummett

Updated March 19, 2023 1:14 pm ET


The Swiss National Bank has offered UBS Group AG around $100 billion in liquidity to help it take on the operations of Credit Suisse Group AG, according to the people familiar with the matter. Details of the liquidity offer couldn’t be learned but are part of the talks to engineer a takeover of Credit Suisse.

 

[Jean toomer]

SNB Offers Roughly $100 Billion Liquidity Line to UBS as Part of Credit Suisse Deal, Sources

SNB Offers Roughly $100 Billion Liquidity Line to UBS as Part of Credit Suisse Deal, Sources

www.wsj.com

SNB Offers Roughly $100 Billion Liquidity Line to UBS as Part of Credit Suisse Deal, Sources​

​

By Margot Patrick

and Ben Dummett

Updated March 19, 2023 1:14 pm ET


The Swiss National Bank has offered UBS Group AG around $100 billion in liquidity to help it take on the operations of Credit Suisse Group AG, according to the people familiar with the matter. Details of the liquidity offer couldn’t be learned but are part of the talks to engineer a takeover of Credit Suisse.

UBS with the sweetheart deal. Can’t make this stuff up.

 

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Credit Suisse collapse inquiry to keep files secret for 50 years

Swiss parliament declines to comment after time frame reported by newspaper Aargauer Zeitung

www.irishtimes.com

Credit Suisse collapse inquiry to keep files secret for 50 years​

Swiss parliament declines to comment after time frame reported by newspaper Aargauer Zeitung​

The investigation will focus on the activities of the Swiss government, financial regulator and central bank in the run-up to the emergency takeover of Credit Suisse by UBS in March. Photograph: Yui Mok/PA Wire


John Revill
Sat Jul 15 2023 - 15:53


A parliamentary investigation into the collapse of Credit Suisse will keep its files closed for 50 years, according to a parliamentary committee document, a level of secrecy that has triggered concern among Swiss historians.

The document means the investigating commission would hand over its files to the Swiss Federal Archives after a longer gap than the usual 30 years to ensure high levels of confidentiality apply to the investigation, which has generated huge public interest.

The investigation will focus on the activities of the Swiss government, financial regulator and central bank in the run-up to the emergency takeover of Credit Suisse by UBS in March.

The investigation is only the fifth of its kind in the country's modern history and the committee of lawmakers conducting it has sweeping powers to call on the Swiss cabinet, finance ministry and other state bodies.

"After the completion of the investigation, the files shall be handed over to the Federal Archives and shall be subject to an extended protection period of 50 years," the committee said in a strategy paper outlining its communication policy.

The Swiss parliament declined to comment on Saturday after the 50-year requirement was first reported by newspaper Aargauer Zeitung.

The Swiss Society for History raised concerns about the length of time, with its president, Sacha Zala, writing to commission head Isabelle Chassot, a lawmaker from the Swiss upper house of parliament.

“Should researchers want to scientifically investigate the 2023 banking crisis, access to the CS files would be invaluable,” Mr Zala wrote, according to the newspaper.

"Ideally, it should be possible to secure and make accessible the archive after an appropriate protection period has expired and, if necessary, subject to historical research conditions," he added.

The committee held its first regular meeting in Bern on Thursday, where it stressed the confidentiality of its proceedings, which could include interviews with bankers.

"All persons participating in the meetings and the questioning are subject to the duty of secrecy, not only the members of the commission, but also the interviewees themselves," it said.

“Indiscretions complicate the work or damage the credibility of the commission and can have negative consequences for the Swiss financial centre,” the committee added. - Reuters

(c) Copyright Thomson Reuters 2023

 

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Exclusive: Swiss authorities, banks mull new rules to prevent bank runs -sources

Swiss authorities and lenders, including UBS , are discussing new measures to prevent bank runs after Credit Suisse’s rescue earlier this year, four sources familiar with the matter said, a move that could affect billions in deposits.

www.reuters.com

Exclusive: Swiss authorities, banks mull new rules to prevent bank runs -sources​

By Stefania Spezzati, Oliver Hirt and Elisa Martinuzzi

November 2, 202312:48 PM EDTUpdated 8 hours ago

[1/3]A logo of Swiss bank UBS is seen in Zurich, Switzerland March 29, 2023. REUTERS/Denis Balibouse Acquire Licensing Rights


LONDON/ZURICH, Nov 2 (Reuters) - Swiss authorities and lenders, including UBS (UBSG.S), are discussing new measures to prevent bank runs after Credit Suisse’s rescue earlier this year, four sources familiar with the matter said, a move that could affect billions in deposits.

The talks, which have not been previously reported and are part of a broader review of the country's banking rules, are intended for the top Swiss banks and could target mainly their wealth clients, two of the sources said.


Among the measures being discussed is the option to stagger a greater portion of withdrawals over longer periods of time, one of the sources said. Imposing fees on exits is also an alternative being discussed, two of the sources said.

Rewarding clients who tie up their savings for longer with higher interest rates is being debated, one of the sources said.

Discussions are in the early stages, according to two sources. The Swiss National Bank and the Swiss Finance Ministry are part of the conversations with lenders, one source said.


A representative for the finance ministry said that the issue of bank runs is part of an overall evaluation of the too-big-to-fail regulatory framework in Switzerland. The Swiss government is due to publish a report in spring next year, he added.

The SNB said the review of too-big-to-fail rules, which focuses on so-called systemically important banks, is ongoing. The central bank declined to comment on ongoing work.

UBS declined to comment.

Reuters could not determine which other banks were involved in the conversations with Swiss authorities.

In Switzerland, UBS, Raiffeisen Group, Zürcher Kantonalbank and PostFinance are deemed systemically important lenders as their failure could cause serious damage to the country’s economy and financial system.

A spokesperson for PostFinance said it is not involved in the discussions while a spokesperson for ZKB declined to comment. A representative for Raiffeisen did not have an immediate comment.

DEPOSIT RUNS​

Earlier this year, some regional U.S. banks and Credit Suisse suffered massive deposit runs, causing some to fail and regulators to intervene to prevent a broader financial crisis.

Regulators worldwide have since been grappling with the risk of bank runs, which in the era of digital banking have accelerated in speed.

In the case of Credit Suisse, the Swiss lender suffered unprecedented outflows and came close to a disorderly wind-down in March. Wealth managers tend to have a greater concentration of deposits than some of the retail banking competitors, which emerged as a weakness for the lender.

In the last three months of 2022, the bank, at the time Switzerland's second-largest lender, was hit by 111 billion Swiss francs of outflows. Another 61 billion Swiss francs left in the first quarter, with the wealth unit which caters to affluent clients hit the hardest.

Its near-implosion prompted the SNB to step in with emergency funding and to facilitate its takeover by UBS, making the country's biggest bank even larger.

While it’s early days, the measures under discussion in Switzerland are making some people nervous.

They risk penalizing Swiss banks if they were to be introduced only in Switzerland, one of the sources said.

UBS is trying to attract customers with above-market rates on deposits, Reuters reported in October.

The new rules could dent competitiveness or, in a more extreme scenario, push clients to withdraw their money preemptively, the person added.

Reporting Stefania Spezzati, Oliver Hirt and Elisa Martinuzzi; additional reporting by John O'Donnell; Editing by Paritosh Bansal and Nick Zieminski