Critical Credit Suisse step news from Switzerland
Swiss Financial Markets Regulatory Authority (FINMA) and the Swiss National Bank (SNB)stated that it will provide liquidity to Credit Suisse if necessary.
In the joint statement made by FINMA and SNB, it was pointed out that the latest developments in the US banking sector do not indicate the risk of direct spillover to Swiss institutions.
Systemically important banks must meet higher capital and liquidity requirements.
In the statement, it was stated that these requirements provide resistance against major crises and shocks, and that they meet the regulatory capital and liquidity requirements of Credit Suisse.
It was emphasized that he was in close contact with the bank.
In the statement, which stated that the stock market value of Credit Suisse and the value of its debt securities have been affected by the market reactions in recent days, it was emphasized that FINMA is in close contact with the bank.
The statement said FINMA has confirmed that Credit Suisse has met the higher capital and liquidity requirements applicable to systemically important banks, with the SNB providing liquidity to the bank if needed.
Underlining that FINMA and SNB are following the developments very closely, it was noted that they are in close contact with the Ministry of Finance to ensure financial stability.
CREDIT SUISSE PANIC IN EUROPE
After the banking crisis that started in the USA, there was a Credit Suisse panic in Europe.
After the Saudi National Bank, the biggest partner of the Swiss-based Credit Suisse bank, announced that they would not increase their capital, the decrease in the stock price of the bank exceeded 20 percent and the selling pressure spread throughout the market.
The panic sales that started when Saudi National Bank President Ammar Al Khudairy announced that they would not support Credit Suisse any more, caused the risk perception in Europe to reach its peak.
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