UBS has repaid billions in emergency loans from the Swiss government, freeing it of taxpayer-backed funding. Among the loans repaid was 9 billion francs ($10.3bn) in protection guarantees provided by the state to rescue Credit Suisse. UBS will also no longer require a public liquidity backstop or a liquidity assistance loan of up to 100 billion francs. Shares were up 5% on the news. The banks also borrowed 168 billion francs from the Swiss National Bank in various emergency liquidity schemes to ease the takeover.
