The Swiss National Bank (SNB) announced that it is willing to provide liquidity to Credit Suisse, offering a lifeline to the bank, whose shares hit an all-time low on Wednesday.
“The SNB can provide liquidity to Credit Suisse, if necessary”, reads a statement, at a time when the bank struggles with concerns about its financial health.
Investor confidence in Credit Suisse slipped on Wednesday, triggering concerns that a banking crisis centered on regional US banks had spilled over into Europe.
Together with the Swiss Financial Market Supervisory Authority, the Swiss National Bank stated that it is in “very close contact” with Credit Suisse, confirming that it “meets the highest capital and liquidity requirements applicable to systemically important banks”.
The two officials also said there were no indications of a direct risk of contagion for Swiss institutions due to the “current turmoil” in the US banking system.
