ZURICH: The Swiss central bank said on Wednesday (Mar 15) that capital and liquidity levels at embattled Credit Suisse were adequate but stressed it was ready to make liquidity available to the institution if needed.
The announcement came after shares in Switzerland's second-biggest bank nosedived to historic lows on Wednesday after its main shareholder said it would not invest any more money, as market jitters over European lenders spiralled.
"Credit Suisse meets the higher capital and liquidity requirements applicable to systemically important banks," the Swiss National Bank (SNB) and Swiss financial regulator Finma said in a joint statement.
The SNB will provide liquidity to Credit Suisse "if necessary", the statement added, after a turbulent day in which the bank's market value fell below US$7 billion.
Credit Suisse, hit by a series of scandals in recent years, saw its share price tumble off a cliff after Saudi National Bank chairman Ammar al-Khudairy said it would "absolutely not" up its stake.
Credit Suisse's market value had already taken a heavy blow this week over fears of contagion from the collapse of two US banks and its annual report citing "material weaknesses" in internal controls.
The bank's shares were quickly in freefall on the Swiss stock exchange, plunging more than 30 percent to a record low of 1.55 Swiss francs.
The bank regained some ground by the close, ending the day's trading 24.24 per cent down at 1.697 Swiss francs.
Fears about the bank were spreading beyond Switzerland's borders, but US stock markets bounced after the Swiss central bank's assurances.
The tech-rich Nasdaq gained 0.1 per cent, while both the Dow and S&P 500 finished above session lows.
A US Treasury spokesperson said the finance ministry was "monitoring" the problems surrounding Credit Suisse and was "in touch with global counterparts".
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2023-03-15 20:15:00Z
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