In its statement early Thursday, Credit Suisse said it is exercising its option to borrow from the Swiss National Bank up to 50 billion Swiss francs .
Credit Suisse would be the first major global bank to be given such a lifeline since the 2008 financial crisis – though central banks have extended liquidity more generally to banks during times of market stress including the coronavirus pandemic.SVP’s demise last week, followed by that of Signature Bank two days later, sent global bank stocks on a roller-coaster ride this week, with investors discounting assurances from U.S.
The investor exit for the doors prompted fears of a broader threat to the financial system, and two supervisory sources told Reuters that the European Central Bank had contacted banks on its watch to quiz them about their exposures to Credit Suisse.
Source: Loan Digest (loandigest.net)
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