At the same time, Robert Bergqvist points out that in the current situation there is great uncertainty.
— There is continued buzz around American banks and that they want additional guarantees for depositors. We are in a situation where it is significantly more nervous.
He says that the solution for UBS to take over Credit Suisse is better than for the bank to be nationalized, something that should also have been discussed.
— There was no other way forward. Some type of solution was required. But this happens at a high cost to the shareholders.
The Swiss banking system is part of the global banking system and Credit Suisse is considered one of the systemically critical banks.
“If they get into trouble, there could be consequences in the entire global financial system,” says Robert Bergqvist.
— It would have been quite difficult if we were standing here without some type of solution for Credit Suisse.
If the deal had not gone through, there would have been a big question mark about where the Swiss banking system will go.
— It would probably have sent further shock waves into the Swedish financial system. It has definitely been in the interest of both the Riksbank and the Swedish government that they have reached the goal.
— I suspect that even at the Government Office here in Sweden and at the Riksbank, they are heaving a big sigh of relief.