SNB’s Hildebrand: too-big-to fail could wipe out country
Philipp Hildebrand, the chairman of the governing board at the Swiss National Bank, on Friday, warned that the dominance of its two biggest banks in the economy could, unless resolved swiftly, pose a serious threat to financial stability.
Switzerland's two largest banks, UBS and Credit Suisse, have a combined balance sheet seven times the size of the nation's GDP and account for more than 50% of all deposits held in the country.
According to Hildebrand, while the big banks have substantially cut
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