Credit Suisse meets all capital & liquidity requirements, the SNB will provide CS with liquidity if necessary By Investing.com

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Credit Suisse meets all capital & liquidity requirements, the SNB will provide CS with liquidity if necessary

Stock Markets Mar 15, 2023 04:58PM ET

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Credit Suisse meets all capital & liquidity requirements, the SNB will provide CS with liquidity if necessary

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By Davit Kirakosyan

The Swiss Financial Market Supervisory Authority FINMA and the Swiss National Bank SNB have released a joint statement in response to concerns about the potential impact of the recent turmoil in the U.S. banking market on the Swiss financial system. The two organizations have affirmed that there is no immediate risk of contagion for Swiss institutions as a result of the problems facing certain U.S. banks, given the strict capital and liquidity requirements applicable to them.

Credit Suisse Group (NYSE:CS), one of Switzerland's largest and most globally active banks, has been particularly affected by recent market reactions. However, FINMA has confirmed that the bank meets the capital and liquidity requirements applicable to systemically important banks. In addition, the SNB has pledged to provide liquidity to the bank if necessary.

Credit Suisse experienced a sharp drop in its stock price of around 30% intra-day today (closing with nearly a 13% loss), and some of its bonds also declined to a point that indicates financial difficulties. This was due to the Saudi National Bank's announcement that it would not increase its stake in Credit Suisse due to regulatory limitations. The decline in Credit Suisse's value had a ripple effect, causing other European banks to also decrease in value. This was in response to investor concern following the recent turbulence caused by the collapse of Silicon Valley Bank, prompting them to avoid taking risks with banking investment.

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Comments (2)

MENG FATT Lee Mar 15, 2023 11:15PM ET

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will Eurozone crisis occur again ?

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Jeff Chevalier Mar 15, 2023 5:08PM ET

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Hmmm. SVB had limits and restrictions too. How'd that work out?

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Credit Suisse meets all capital & liquidity requirements, the SNB will provide CS with liquidity if necessary

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