UBS prepares to buy ‘bad bank' assets back from SNB
StabFund, the 'bad bank' set up by the Swiss National Bank (SNB) in the autumn of 2008 to take on the toxic assets of UBS, Switzerland's biggest bank, yesterday finished repaying the money it borrowed from the central bank to fund that bail-out in full, the SNB announced today.
The fund, the first 'bad bank' in the history of the SNB, was created after the failure of Lehman Brothers in September 2008 caused UBS's equity price to plunge and spreads on its credit default swaps to soar, preventing
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