UBS ends taxpayer-funded support that paved way for Credit Suisse takeover

UBS took over its ailing rival last month (AP)

Swiss taxpayers are off the hook from a government-engineered rescue plan that doled out billions to help UBS, the country’s largest bank, take over its ailing rival Credit Suisse.

UBS said it has shut down state support that had made available up to 200 billion Swiss francs (about £180 billion) to help shepherd through its takeover of Credit Suisse to avert an international banking crisis.