UBS, Credit Suisse need to draft credible insolvency plans: SNB

Zurich

SWITZERLAND'S central bank on Thursday told the two big Swiss banks, UBS and Credit Suisse, they still need to draft credible plans for a potential insolvency, as part of the country's efforts to prepare for a banking crisis.

After the financial crisis in which UBS suffered billions of dollars in losses and took a government bailout, Switzerland introduced new regulations designed to protect the economy from a possible banking collapse.