Credit Suisse will borrow up to $53.7 billion from the Central Bank of Switzerland

One of the largest banks in Switzerland, Credit Suisse, announced that it intends to receive about 50 billion Swiss francs ($53.7 billion) from the National Bank. Shares of a credit institution the day before, March 15, fell by 30% amid problems with reporting.

Credit Suisse intends to “gain access to a covered credit line, as well as a short-term liquidity support facility” of the Swiss National Bank. “Additional liquidity will support Credit Suisse’s core business and clients as Credit Suisse takes the necessary steps to create a simpler and more customer focused bank,” reads the statement. message jar.

Credit Suisse said on March 13 that it found “material deficiencies” in its financial statements. The Bank noted that it intends to make changes to the audit and internal control procedures. Against this background, the largest shareholder of the Saudi Saudi National Bank refused new investments in the Swiss bank due to regulatory requirements. American investor Robert Kiyosaki, who predicted the collapse of Lehman Brothers in 2008, said he expected Credit Suisse to go bankrupt soon.

After the fall in shares, Credit Suisse turned to the Swiss National Bank for support. The regulator responded by saying that the bank meets the capital and liquidity requirements for systemically important banks and promised to provide liquidity if needed.

Problems at Credit Suisse arose against the backdrop of the collapse of the American banks Silicon Valley Bank (SVB) and Signature Bank, which resulted in a collapse in quotations of financial companies from around the world. In just a couple of days, they lost a total of $465 billion of their market capitalization.

More about bankruptcy – in the material “Kommersant” “SVB pulled the markets”.

Leonid Uvarchev