#BREAKING: It's official, UBS has announced the takeover of Credit Suisse with the support of the Swiss Government. Some highlights:
- Both banks will have UNRESTRICTED access to Swiss National Bank facilities
- Both banks can obtain liquidy assistance loans up to 100 billion CHF backed by the Federal Default Guarantee
- FINMA: There was a risk of CS beomcing illiquid
- Swiss President Berset: It's not possible to restore confidence in Credit Suisse
- Swiss Government grants UBS $9.79 bln guarantee on Credit Suisse losses
- UBS credit default swaps have doubled since news broke that it would rescue Credit Suisse
- Snb's Chairman Jordan: US banking crisis aggravated Credit Suisse crisis
- Swiss President: Deposit outflows on Friday showed that stabilization of Credit Suisse was necessary
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