Sight deposits held by the Swiss National Bank (SNB) jumped last week, data showed on Monday, suggesting that both Credit Suisse and UBS may have taken big chunks of emergency liquidity to secure their merger.
UBS agreed to buy Credit Suisse for 3 billion Swiss francs in stock in a merger engineered to avoid more market-shaking turmoil in global banking.said it would take 50 billion francs from the SNB under its emergency liquidity assistance facility before the UBS takeover.
The SNB declined to comment on Monday on the use of the facilities. Credit Suisse and UBS also both declined to comment. "How much exactly is difficult to say, but all banks could also be increasing liquidity at the moment."
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