In June, UBS reached an agreement with the Swiss government under which the government will guarantee up to 9 billion Swiss francs ($9.98 billion) of losses UBS may incur from the sale of its rival's assets beyond 5 billion francs the lender is due to cover itself. The government's and UBS's priority was to "minimise potential losses and risks so that recourse to the federal guarantee is avoided to the greatest extent possible," the government said.
