UBS has signed an agreement with the Swiss government to cover up to $10 billion in losses from its emergency takeover of Credit Suisse
As part of the deal, which was signed on Friday, UBS must keep its headquarters in Switzerland, the government said.
"The guarantee will only come into effect if the losses from the liquidation of these assets exceed 5 billion Swiss francs and is limited to a total of 9 billion francs," it added. No mention was made by either UBS or the government about how potential losses above the total agreed 14 billion francs - 5 billion from UBS and 9 billion from the government - would be covered.
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