UBS Group said it is voluntarily terminating, with immediate effect, its CHF9bn ($10bn) loss protection loan agreement which was agreed with the Swiss government ahead of the historic takeover of Credit Suisse.

The bank’s decision to end the loan protection agreement, which propped up the takeover deal, also follows severe stress loss scenarios. Its termination includes an end to the public liquidity backstop guaranteed by the Swiss National Bank, for up to CHF100bn.