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Swiss government ready to rescue Credit Suisse
Looks like the Swiss banking system is strong too.
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Credit Suisse to Get Liquidity Backstop if Needed, Swiss National Bank Says
By Hugo Miller and Bastian Benrath
Wednesday, March 15, 2023
Switzerland's central bank and financial regulator said Credit Suisse Group AG will receive a liquidity backstop if needed, in a show of support aimed at restoring confidence in the troubled lender after its shares slumped by a record amount.
"Credit Suisse meets the capital and liquidity requirements imposed on systemically important banks," the Swiss National Bank and Finma said in a joint statement late tosday. "If necessary, the SNB will provide Credit Suisse with liquidity."
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Shares in Credit Suisse slumped by as much as 30% today and its bonds fell to levels that signal deep financial distress, as persistent doubts over the scandal-ridden lender combined with a global selloff in banking stocks.
The government, central bank, and FINMA have been in contact to discuss ways to stabilize the bank after a tumultuous day sparked by the firm's largest investor ruling out increasing its stake, Bloomberg reported earlier. ...
... For the remainder of the report:
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