The Swiss National Bank Is Bringing in 100 Billion Liquidity Guarantee for UBS

The Swiss National Bank is bringing in 100 billion, Frank, liquidity guarantee for UBS in this merger. What does that potentially mean when it comes to the type of confidence that investors can continue to have in this bank? Well, I think we've got to disaggregate here between depositors and investor. People have put around the world the rich, ultra-rich and billionaire community around the world in terms of their allocation to credit Suisse and UBS. They probably have accounts with both. That's what's dislocated at banking markets in Europe this morning, the cost of capital for everybody has shot higher this morning. The AT1 bonds, those additional capital bonds have been subsumed