Only the two big banks are ready to face a major crisis. Finma validated the Swiss emergency plans of Credit Suisse and UBS – with a reservation for the second – but judged those of Raiffeisen, PostFinance and the Cantonal Bank of Zurich (BCZ) “not yet executable” in a press release sent Tuesday morning.
These five so-called systemically important banks (or too big to fail), whose bankruptcy could endanger the Swiss financial system, were to present how they intend to perform their essential functions for the Swiss economy in the event of financial turmoil. These include payment transactions and deposit and credit transactions.
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