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Historic fall on the stock market | Credit Suisse could access liquidity from regulators



(Geneva) Switzerland’s central bank and financial market watchdog said on Wednesday that Credit Suisse met capital and liquidity requirements and could access liquidity “if needed”.

“Credit Suisse meets the capital and liquidity requirements imposed on systemically important banks. If necessary, the SNB will make liquidity available to Credit Suisse,” the SNB and Finma said in a joint statement.

The two banking sector regulators are emerging from a long silence at the end of a day that saw the market value of Credit Suisse fall to less than 7 billion dollars and its shares fall to an all-time low of 1.55 francs. Swiss.

A sharp fall triggered by the main shareholder of Credit Suisse, the Saudi National Bank, which indicated that it would not put more money in the pot, but mainly for regulatory reasons.

The president of the national bank Ammar al-Khudairy may add that he was very happy with the restructuring program of the second Swiss bank, which he considers very solid, the damage was done and the investors sold to whom better better .

For the SNB and Finma, “the current turbulence on the American banking market does not suggest that there is a risk of direct contagion for Swiss establishments”.

“The market reactions have particularly weighed on the stock market value and on the price of Credit Suisse debt securities in recent days”, underline the two regulators.

“Finma is in very close contact with the bank and has all the relevant information from the point of view of supervisory law”, underlines the joint press release.

“The SNB and Finma are following developments very closely and are also in close contact with the Federal Department of Finance in this context in order to ensure financial stability”, underlines the press release.

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