Switzerland’s central bank to send tens of billions to rescue Credit Suisse
[ad_1]
The Swiss National Bank intends to allocate about 50 billion Swiss francs (about $53.7 billion) to rescue one of the country’s largest banks – Credit Suisse. At the end of last year, the financial institution received a record loss.
It is noted that the bank will be able to receive not only a loan for the above amount, but also access to a short-term liquidity support mechanism of the Swiss Central Bank. These measures in Credit Suisse called decisive action to proactively strengthen their own liquidity.
In February of this year, the bank reported a net loss for 2022 in the amount of 7.3 billion Swiss francs. This is the worst figure since the crisis of 2008.
Last year, Credit Suisse faced a liquidity squeeze and an outflow of funds. The problems of the financial institution were exacerbated by the recent collapse of the US banks Silicon Valley Bank (SVB) and Signature Bank, followed by a collapse in the shares of large banks around the world.
[ad_2]
Source link
