Credit Suisse grabs $54bn lifeline from central bank

Credit Suisse said on Thursday it would borrow up to $54bn from Switzerland’s central bank to shore up liquidity and investor confidence, after a slump in its shares intensified fears about a global banking crisis.

That followed assurances from Swiss authorities on Wednesday that Credit Suisse met “the capital and liquidity requirements imposed on systemically important banks”, and that it could access central bank liquidity if needed. The European banking index, known as SX7P, was up 2.4% after the Swiss intervention, with big bank stocks rising and insurance protection on bonds issued by BNP Paribas, Deutsche Bank and UBS also edging lower.

CEO Ulrich Koerner told staff in a memo they should focus on facts as he pledged to rapidly implement a plan to streamline operations. The bank would continue to focus on the transformation from a position of strength, Koerner said, adding that bank’s liquidity coverage ratio had improved and that it had raised capital recently.

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