UBS bailout plan splits public

Just under half of the Swiss public support the government bailout package for the country's largest bank UBS, a survey has found.

This content was published on October 19, 2008 - 11:47

In addition, 90 per cent of those asked said that the bank should pay the money back, according to a poll published in the SonntagsZeitung newspaper on Sunday.

On Thursday the Swiss National Bank announced that it would guarantee up to $54 billion (SFr61 billion) of UBS bad debt and pumped $6 billion into the bank.

In the survey, 47 per cent said they found the move to be the right one and 38 per cent said it was wrong. Support was stronger among the higher earners and the young.

People also called for more protection for their savings, with around 70 per cent wanting savings protection guarantees in banks to be raised from the current SFr30,000 to SFr80,000.

The government is currently looking into the move, which will be debated in the parliamentary winter session.

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