Berlin welcomes Credit Suisse takeover, affirms German financial stability

The German government on Monday welcomed UBS Group's state-backed takeover of troubled peer Credit Suisse Group AG, saying the Swiss authorities had acted to "restore orderly market conditions and ensure financial stability."

"The German financial system is stable," a finance ministry spokesperson added. "The German supervisory authorities and the European financial supervisory authorities are in close contact and are monitoring the situation closely and carefully."