Credit Suisse to borrow up to nearly $54 billion from Swiss National Bank

Credit Suisse will be borrowing up to 50 billion Swiss francs from the Swiss National Bank under a covered loan facility and a short-term liquidity facility.

The measures come after shares of the lender saw sharp declines on Wednesday after its top investor Saudi National Bank said it would not be able to provide further assistance.Credit Suisse announced late Wednesday it will be borrowing up to about $54 billion from Swiss National Bank. People walk by the New York headquarters of Credit Suisse on March 15, 2023 in New York City.

The latest steps will "support Credit Suisse's core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs," the company said in anIn addition, the bank is making a cash tender offer in relation to ten U.S. dollar denominated senior debt securities for an aggregate consideration of up to $2.

"We thank the SNB and FINMA as we execute our strategic transformation. My team and I are resolved to move forward rapidly to deliver a simpler and more focused bank built around client needs," he said.

What is the Interest rate?

Never bank with a bank named after Swiss cheese.

Thanks Joe Biden!

'Something, something Biden. Something, something woke. Amiright!' -MAGA virtue signaling

yeah, it’s always a good idea to borrow more money when you’re in the hole

Here we go.

Economics: where the money is made up and the rules don't matter.

The Swiss are still living high off their nazi gold

Things are going great. Pay no attention to the man behind the curtain

Get woke... Go broke.

How many other major financial institutions are going to need bailouts?

Reuters: The loss of 2.5% of natural uranium from a site that is no longer under the control of the legitimate Libyan government, and it is expected that Wagner seized it in a deal with General Haftar.

HahahahahhahahahahahahAhhahahahaha

Lol

Needing new money from new investors to pay old investors since there is no money is the definition of a Ponzi scheme. Congratulations, the financial system showing in real time the legalized version of a Ponzi scheme in action when banks lose the public’s money.

[me on the phone] hello? I’d like to borrow up to about $54 billion

But it won't solve their core problem of mismanagement. They currently have just 40% of client deposit that they have in 2021.

Shit

Let these shit banks burn. There is only one decentralized bank you can trust Bitcoin

Bailout bonanza !

Loans Loans Latest News, Loans Loans Headlines

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