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FINMA says UBS, CS Group Improve Emergency Planning

ZURICH, March 19 (Reuters) - Big Swiss banks UBS and Credit Suisse have strengthened plans for how they would stabilize themselves in a financial crisis, Swiss financial markets watchdog FINMA said on Friday, though it said there is still work to be done.

“FINMA continues to regard the Swiss emergency plans of the global systemically important banks UBS and Credit Suisse as effective, although UBS’s approval remains subject to the proviso that it continues to reduce certain financial interdependencies within the group according to the agreed schedule,” the watchdog said in a statement.

For the first time, FINMA added, all of Switzerland’s domestic systemically important banks -- Post Finance, Raiffeisen and Zuercher Kantonalbank -- have credible resolution strategies.

(Reporting by John Miller Editing by Riham Alkousaa)

Source: Reuters

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