Swiss central bank offers Credit Suisse liquidity ‘if necessary’ amid stock plunge
Swiss financial regulator FINMA and the nation’s central bank said on Wednesday that the Swiss National Bank would provideCSGN.S liquidity “if necessary,” a first for a global bank since the financial crisis.
The comments come after the bank’s stock plunged more than 30 per cent on Wednesday and follow months of turmoil. Governments and at least one bank were putting pressure on Switzerland to act, said people familiar with the matter. The Swiss lender would be the first globally systemically important bank to receive a bespoke lifeline, compared with liquidity offered by central banks to the financial sector generally in times of extreme market stress, such as when economies went into lockdown to combat COVID-19.Shares in Credit Suisse, which is battling to recover from a string of scandals that have undermined the confidence of investors and clients, lost nearly a quarter of their value on Wednesday.
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