Swiss authorities concluded in 2019 that the country’s two biggest banks, UBS and Credit Suisse, could no longer be saved in the event of a liquidity crisis using emergency measures put in place after the 2008 financial crash.
“The special liquidity requirements for SIBs [systemically important banks] embedded in the Liquidity Ordinance [do] not safeguard the higher resilience of SIBs required by the Banking Act,” a government working group, comprising members of the Ministry of…
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