But the Swiss banking shares recovered slightly and UBS shares posted a modest gain by mid-morning.  The move marks a turnaround from earlier assurances that the Swiss banking system is safe and doesn’t need government support of the kind seen elsewhere.  Both UBS and rival Credit Suisse have been hit by the sudden drought on the credit market in recent days, Haltiner said, but added: “The rest of the Swiss banking sector is healthy and strong.  German and French governments launch plans for rescue of their their banking sectors.  Approved by UBS, the investment banking division of UBS AG, regulated in the UK by the Securities and Futures Authority.  The Swiss banking giant has seen write-downs of more than $42.  Credit Suisse said the capitalisation was part of an agreement reached with the Swiss banking regulator on “future capital targets and leverage requirements”.  UBS said it earned 296 million francs, in line with its earlier announcement of a “small profit,” mostly on its global wealth management and business banking division but also on the global asset management division.

Credit

Credit Suisse said it expected to make a loss of 1.  Credit Suisse said Thursday it would not take up the offer of government assistance for the time being, choosing instead to raise about 10 billion francs ($8.  Continuing deterioration in the global credit markets would have a substantially negative impact on UBS.  For Credit Suisse, the news revealed was mixed.  A Credit Suisse analyst said last week that UBS could lose its banking licence in the US if Birkenfeld’s claims are found to be true.  The crisis at UBS will last as long as the credit crisis lasts.  Britain will suffer the deepest recession because of the global financial and credit crisis, with its economy set to contract by 1.  The country’s second-biggest bank Credit Suisse, said it did not need state help.