German govt welcomes Swiss action in bank crisis

(20 Mar 2023) RESTRICTION SUMMARY: ASSOCIATED PRESS Berlin - 20 March 2023 1. Wide of German government news briefing 2. Close of cameras 3. Wide of German government spokesman Wolfgang Büchner speaking 4. SOUNDBITE (German) Wolfgang Büchner, German government spokesman: "Chancellor (Olaf) Scholz welcomes the resolute action of the Swiss authorities to allow the takeover of the ailing Credit Suisse by UBS. The situation is not comparable with 2008 and 2009. Legislators and bank supervisors in Europe have learned from the global financial crisis of 2008 and significantly intensified banking regulation.” 5. Close of Büchner speaking 6. SOUNDBITE (German) Wolfgang Büchner, German government spokesman: “The German banking system is therefore well-positioned. The globally coordinated action of the central banks to inject liquidity into the system via swap lines is also welcomed. This will further strengthen the liquidity of the banks." 7. Mid of journalist 8. Mid of German Finance Ministry spokeswoman Nadine Kalwey speaking 9. SOUNDBITE (German) Nadine Kalwey, German Finance Ministry spokeswoman: “The German banking system as a whole is stable, there are no findings of a systemic problem in German finance, and on the contrary we see a high level of resilience in Germany." 10. Mid of cameras 11. Wide of briefing STORYLINE: The German chancellor “welcomes the resolute action of the Swiss authorities” following the announcement that banking giant UBS would buy Credit Suisse, according to a spokesman for Olaf Scholz on Monday. Shares of Credit Suisse plunged 60.5% on Monday after UBS said it would buy its troubled Swiss rival for almost $3.25 billion in a deal orchestrated by regulators to try to stave off further turmoil in the global banking system.  Scholz' spokesman Wolfgang Büchner said that current developments were "not comparable with 2008 and 2009" and stressed that the German banking system was "well-positioned" to deal with the situation. Finance ministry spokeswoman Nadine Kalwey concurred, adding that "we see a high level of resilience in Germany". Swiss authorities urged UBS to take over its smaller rival after a central bank lifeline of up to 50 billion francs ($54 billion) to Credit Suisse last week failed to reassure investors and customers. Shares of Credit Suisse and other banks had plunged last week after the failure of two banks in the U.S. raised questions about other potentially weak global financial institutions.  =========================================================== Clients are reminded to adhere to all listed restrictions and to check the terms of their licence agreements. For further assistance, please contact the AP Archive on: Tel +44(0)2074827482 Email: [email protected]. Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter:   / ap_archive   Facebook:   / aparchives   ​​ Instagram:   / apnews   You can license this story through AP Archive: http://www.aparchive.com/metadata/you...