(Geneva) Switzerland’s central bank and financial market watchdog said on Wednesday that Credit Suisse meets capital and liquidity requirements and can access liquidity “if needed”.
“Credit Suisse meets the capital and liquidity requirements imposed on systemically important banks. If needed, the SNB will make liquidity available to Credit Suisse,” the SNB and Finma said in a joint statement.
The two banking sector regulators are emerging from a long silence after a day that saw Credit Suisse’s stock market value fall below $7 billion and its stock plummet to an all-time low of 1.55 francs. Swiss.
A sharp fall triggered by the main shareholder of Credit Suisse, the Saudi National Bank, which indicated that it would not put more money in the pot, but mainly for regulatory reasons.
The president of the national bank Ammar al-Khudairy may have added that he was very happy with the restructuring program of the second Swiss bank, which he considers very solid, the damage was done and the investors sold to whom better better .
For the SNB and Finma, “the current turbulence in the American banking market does not suggest that there is a risk of direct contagion for Swiss institutions”.
“The market reactions have particularly weighed on the stock market value and on the price of Credit Suisse debt securities in recent days”, underline the two regulators.
“Finma is in very close contact with the bank and has all the relevant information from the point of view of supervisory law,” the joint press release further underlines.
“The SNB and Finma are following developments very closely and are also in close contact with the Federal Department of Finance in this context in order to ensure financial stability,” the statement said.