SNB and FINMA: If necessary, the SNB will provide Credit Suisse with liquidity
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Credit Suisse shares tumbled on Wednesday amid increasing difficulties following the collapse of two US banks. The Swiss National Bank (SNB) and the Swiss Financial Market Supervisory Authority (FINMA) released a statement indicating that the “problems of certain banks in the USA do not pose a direct risk of contagion for the Swiss financial markets.”
According to the statement, Credit Suisse meets the capital requirements imposed on banks. It added, that the Swiss National Bank will provide liquidity to the bank if necessary.
The USD/CHF is trading slightly below 0.9300, after rising more than 150 pips. The Swiss Franc is among the worst performers on Wednesday.
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