Credit Suisse and First Republic are the latest banks in peril. What’s happening?
Financial officials across the world are moving in lock-step to reassure consumers that the global banking environment is secure, as experts say that fear, if left unchecked, could be “catastrophic” for the financial system.Credit Suisse sought to shore up its liquidity and restore investor confidence on Thursday by borrowing up to US$54 billion from Switzerland’s central bank, marking the first major international bank to be thrown a lifeline since the 2008 financial crisis.
. But that scrutiny intensified this week when its largest shareholder, the Saudi National Bank, said it would not buy up more of the Swiss bank’s shares.by as much as 30 per cent this week, hitting a new low. The stock price recovered somewhat amid news it would accept the credit offer from the central bank.Credit Suisse to borrow up to US$54B from Swiss central bank after stock plunge
Swiss authorities had already said this week that Credit Suisse met “the capital and liquidity requirements imposed on systemically important banks.”In the United States, the spotlight moved to First Republic Bank, with several banks including JPMorgan Chase & Co and Morgan Stanley making deposits in the institution to shore up confidence in the financial system.
“The banking system has strong credit, plenty of liquidity, strong capital and strong profitability. Recent events did nothing to change this.”
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