UBS ends billions in taxpayer-funded support that paved way for Credit Suisse takeover

By JAMEY KEATEN
Associated Press

GENEVA (AP) — Swiss taxpayers are off the hook from a government-engineered rescue plan that doled out billions to help UBS, the country’s largest bank, take over its ailing rival Credit Suisse. UBS said Friday that it’s shut down state support that had made available up to $230 billion to help shepherd through its takeover of Credit Suisse to avert an international banking crisis. UBS said it had repaid billions in loans and liquidity support from the Swiss government and central bank. It’s also ended the government’s multibillion offer to buffer the bank against losses. The Swiss finance minister says she wasn’t happy about the hastily arranged merger in March but that it was necessary stabilize the financial center.