UBS, Credit Suisse’s emergency plans are effective: financial watchdog

ZURICH (Reuters) – The emergency plans of UBS and Credit Suisse to deal with a financial crisis are effective, Switzerland’s regulator FINMA said on Tuesday.

The assessment follows a review of the recovery and resolution plans for the country’s big banks which FINMA ordered to be submitted by the end of 2019.

“FINMA views the Swiss emergency plans of Credit Suisse and UBS as effective,” FINMA said.

The emergency plans of the other three systemically important banks – PostFinance, Raiffeisen [RFSHW.UL] and Zuercher Kantonalbank [ZKB.UL]- do not meet the statutory requirements yet, the regulator added.

(Reporting by John Revill; Editing by Muralikumar Anantharaman)