The bill will create a new fund to be financed by payments from banks with portfolios of foreign currency mortgages, mostly denominated in Swiss francs
UBS said net profit for the first quarter fell to 707m Swiss francs
(PS506m), down from 1.
UBS Group's (UBS) first-quarter profits fell 64% to 707 million Swiss francs
, or about $741 million, missing analysts' estimates on weak results in investment banking and trading.
The loan was issued in Swiss francs
, but the plaintiffs claim that the conversion to another currency was made unbeknownst to them, based on a power of attorney they had concluded with a Cypriot lawyer.
3 million Swiss francs
at 2013-end) through 'fiduciaries' or wealth managers.
The idea then spread, crossing a fundamental red line that was barely perceptible at the time: the new borrowers were not earning Swiss francs
Overall, this led to a negative impact on the results reported in Swiss francs
African Bank, the failed South African lender with 555 million Swiss francs
($608 million) of debt, said hedges put in place after August saved it from more losses, allowing administrators to continue recovery plans.
Hajduk is one of 60,000 borrowers in Croatia, and many hundreds of thousands across ex-Communist Central and Eastern Europe, who took out home loans denominated in Swiss francs
in the early 2000s, attracted by far lower interest rates than the double-digits offered on mortgages in historically unstable local currencies.
By end 2014, banks approved credits of more than 167 million denars in Swiss francs
or denars with a Swiss franc
clause," the National Bank of the Republic of Macedonia said.
According to a recent CNBC report, net profit for Credit Suisse's fourth quarter came in at 267 million Swiss francs
or $295 million, lower than Reuters' forecast of 448 million Swiss francs
oe=UTF-8&cx=009600113782670949425%3Ahccycyvwf4i&cof=FORID%3A9&ie=UTF-8&q=Credit+Suisse) Credit Suisse made a costly blunder when it paid chief executive Brady Dougan almost 90m Swiss francs
([pounds sterling]62m, $100m, E73m) in 2010.