UBS cut its dividend in order to protect its traditionally high Tier 1 capital ratio, seen by investors as a key to its credibility as the world's largest wealth management company.[146][147] In October 2008, UBS announced that it had placed CHF 6 billion of new capital, through mandatory convertible notes, with Swiss Confederation.[148] The Swiss National Bank and UBS made an agreement to transfer approximately US$60 billion of currently illiquid securities and various assets from UBS to a separate fund entity.[149][150] In November 2008, UBS put US$6 billion of equity into the new "bad bank" entity, keeping only an option to benefit if the value of its assets were to recover.