Bloomberg reports that the $200 mln borrowed from the Fed was related to a repo operation with the SNB and the local Swiss market. The SNB would not say whether the dollar need was from a single bank or more than one. Given the relatively small amount, one would suggest it was a single bank. UBS is on the tape, denying it was them…
Not being able to borrow $200 mln in the interbank market is a very bad sign for a bank of any scale…
