UBS sets Swiss deposit charge

UBS HQ Archway

UBS said on Tuesday it had introduced a charge on deposits for certain large account balances in Switzerland, in a move which follows the surprise jump in the Swiss franc's exchange rate earlier this month.

Reuters reports that the Swiss National Bank shocked financial markets on Jan. 15 by removing a three-year-old cap on the franc's value against the euro and announcing even lower negative interest and Swiss bank-to-bank Libor lending rates.

'These extraordinary market conditions, coupled with increased regulatory requirements in relation to banks' liquidity obligations, have resulted in UBS introducing an individual deposit charge for large account balances held by corporate and institutional clients as well as by legal entities,' a spokeswoman for UBS said in an emailed statement.

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UBS to charge large companies for Swiss deposits

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