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Switzerland takes emergency measures to stabilize financial system

de Radu Rizea
Joi, 16 octombrie 2008, 11:42 English | Regional Europe

The Swiss government and the Central Bank (BNS) announced on Thursday the adoption of a series designed to consolidate the Swiss financial system. The measures include a better protection of the banking deposits.

"The federal council decided to improve the protection of deponents", said the Swiss Finance department officials, quoted by AFP. The department is also in charge with putting up a "deeply revised system for deposits guarantee" before March 2009.

BNS and the national authorities also intend to help the largest Swiss bank, UBS. The Government will subscribe convertible bonds worth 6 billion Swiss Francs (some 3.9 billion Euros), the same source mentioned.

BNS will also manage a 60 billion dollars fund built with the bank's assets.

Financial giant UBS announced the loss of 42 billion dollars as effect of the crisis and prepares to lay off 2,000 employees of the financial investments division, in order to cut costs.

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