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Swiss banks get emergency funds to fight crisis

Switzerland's two largest banks will receive emergency funding from the country's government and other investors to shore them up against the financial crisis, they said.

The Swiss government will give UBS, the country's largest bank, a capital injection of CHF 6 billion ($5.3 billion) in the form of mandatory convertible notes.

Switzerland's second-largest bank Credit Suisse Group AG said it had increased its Tier 1 capital by about CHF 10 billion from several major investors, including a subsidiary of the Qatar Investment Authority, as it also announced a net loss of about CHF 1.3 billion for the third quarter.

In a separate statement, the Swiss National Bank created a special purpose vehicle for the orderly liquidation of illiquid assets, allowing UBS to transfer troubled assets of up to $60 billion. (Reuters)