Credit Suisse on Thursday said it was taking"decisive action" to strengthen its liquidity by borrowing up to $54 billion from the Swiss central bank after a slump in its shares intensified fears about a broader bank deposit crisis.
Asian stocks had extended Wall Street's tumble on Thursday and investors bought gold, bonds and the dollar, leaving markets on edge ahead of a European Central Bank meeting later in the day. The bank's announcement in the early European morning helped trim some of those losses though trade was volatile.
In a joint statement on Wednesday, the Swiss financial regulator FINMA and the nation's central bank sought to ease investor fears around Credit Suisse, saying it"meets the capital and liquidity requirements imposed on hysterically important banks." They said the bank could access liquidity from the central bank if needed.
Earlier, Credit Suisse shares led a 7 per cent fall in the European banking index, while five-year credit default swaps for the flagship Swiss bank hit a new record high.
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