Update 2 0:30 Update 1 20 August 0:08 Bern, Switzerland (GenevaLunch) – The Swiss government is selling 332.2 million shares in bank UBS, withdrawing “immediately and entirely” its stake in the bank. The announcement was made by Bern after details were published Wednesday 19 August of the Swiss-US out of court settlement in the UBS bank case.
Zurich, Switzerland (GenevaLunch) – UBS will get $35 billion in help from the Swiss National Bank (SNB) through the stabilization fund (SNB StabFund) established in October 2008 rather than the $60 b figure given at the time. The SNB refers to greater financial stability in its Tuesday 10 February press release, “Developments since then have shown that, from a financial stability perspective, certain financial instruments will not need to be transferred to the fund.” The total amount in the StabFund will be $39.1 b, with UBS responsible for the cost of transferring 10% of the assets into the fund.
