Business Standard

Swiss are on the hook for $13,500 each on Credit Suisse bailout

Govt to make as much as 109 billion Swiss francs available - a burden on the nation of 8.7 million

Credit Suisse

Photo: Bloomberg

Switzerland’s tab for shoring up its reputation as a financial center could run to 12,500 Swiss francs ($13,500) for every man, woman and child in the country. 

To backstop the emergency sale of Credit Suisse Group to its Zurich rival UBS Group, the Swiss government pledged to make as much as 109 billion Swiss francs available — a hefty burden for the country of 8.7 million people. 

On top of that, there’s a guarantee from the Swiss National Bank of 100 billion francs that isn’t backed by a government guarantee, according to the deal announced Sunday evening.

The combined sum of 209 billion

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First Published: Mar 22 2023 | 12:00 AM IST

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