Saudi National Bank: Regulators ready to plug holes, Credit Suisse panic is unwarranted

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Citing Saudi National Bank’s Chairman, Ammar Al Khudairy, Bloomberg tweeted out, “panic surrounding Credit Suisse is unwarranted,” adding that “regulators are ready to plug holes when they appear.”

Al Khudairy said, “If you look at what even the Swiss National Bank said yesterday with all the ratios, they’re all sound, everything is fine.”

Credit Suisse Group AG isn’t likely to seek more capital and the bank is generally “sound,” he added further.

Saudi National Bank, the largest shareholder of Credit Suisse Group AG, ruled out another call for additional liquidity on Wednesday. Credit Suisse slid as much as 24% to a new record low, as the credit default swaps tied to bonds issued by Credit Suisse soared to record levels.

There is little to no market impact from the above comments. Investors remain concerned over the global banking crisis, with the US S&P 500 futures paring back gains. The USD/CHF pair is sustaining the pullback, trading at daily lows near 0.9290, as of writing.

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