Swiss National Bank says it will support credit Suisse if necessary
The Swiss National Bank (SNB) and the Swiss Financial Market Supervisory Authority released a joint statement on March 15 on the stability of the Swiss banking system and Credit Suisse.
The problems of “certain banks in the USA” do not pose a risk for the Swiss financial system, they wrote.The statement was reportedly produced at the request of Credit Suisse.
The regulators said Credit Suisse meets all capital and liquidity requirements, but “if necessary, the SNB will provide CS [Credit Suisse] with liquidity.” However, Credit Suisse still “meets the capital and liquidity requirements imposed on systemically important banks.” The statement acknowledges that Credit Suisse has been “affected by market reactions in recent days.”On March 14, Credit Suisse Group CEO Ulrich Körner confirmed that the bank is conservatively positioned against interest rate risks.
That day, the bank admitted “material weakness in our internal control over financial reporting” after its 2022 performance was the worst since the 2008 global financial crisis.We fulfill and basically overshoot all regulatory requirements.
Read more on cointelegraph.com
