The Federal Authority for Financial Market Supervision (FINMA) has authorized the Swiss Confederation to the state Agency of Solving Banking Entities (AREB) to negotiate the unblocking of liquid assets and currencies that Banca Privada d'Andorra ( BPA) was placed in credit Suisse.
The bank blocked equities of all customers BPA after the intervention of this organization. Now however, the Swiss regulator grants permission to the AREB to claim Credit Suisse holds the position that BPA from the entry into force of this decision within thirty days.
With the recognition of AREB as owner of BPA customers VallBlanc coming from the lawful transfer of accounts of BPA can restore equity products blocked in Switzerland.
However, in the official statement, FINMA EPS excludes a Swiss insolvency process.