CNBC: Swiss National Bank says it will provide Credit Suisse with liquidity if necessary
* A statement from the Swiss Financial Market Supervisory Authority and the SNB said that Credit Suisse “meets the capital and liquidity requirements imposed on systemically important banks” and that the central bank will step in if the situation changes.
* Credit Suisse’s stock was under pressure after the disclosure of “material weakness” in financial reporting and the bank’s biggest backer saying it would not provide additional financing.
* The American depositary receipts of Credit Suisse pared losses after the announcement from regulators.
The Swiss National Bank said Wednesday that Credit Suisse is currently well capitalized and that the central bank will provide additional liquidity if necessary, as regulators on both sides of the Atlantic tried to calm fears of a spreading crisis.
A statement from the Swiss Financial Market Supervisory Authority and the SNB said that Credit Suisse “meets the capital and liquidity requirements imposed on systemically important banks” and that the central bank will step in if the situation changes.
The regulators also said that the failure of two U.S. regional banks in the past week does not pose a “direct risk of contagion” to Swiss banks.
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Update: Swiss central bank says it is ready to provide support to Credit Suisse (CNN)
WNU Editor: As predicted by WNU earlier today .... Europe's Banking Crisis Worsening. Credit Suisse Shares Hit An All Time Low.
Credit Suisse is too big to fail, and it is failing. The Swiss Central Bank had to intervene. The last thing that the EU banking system needs right now is a liquidity crisis.
Update #2: I disagree with the tweet below that was made yesterday by the German Chancellor. We should all be concerned and worried.
Scholz Tells Germans Not to Worry About Savings After SVB Crash https://t.co/IXclpoLSU7
— TradFi News (@TradFiNews) March 14, 2023