At least four major banks, including Societe Generale and Deutsche Bank, have put restrictions on their trades involving. “We fulfil and basically overshoot all regulatory requirements. Our capital, our liquidity basis is very strong,” chief executive Ulrich Koerner said earlier this week in a media interview, a spokesperson previously told Reuters.
Societe Generale has maintained existing counterparty positions with Credit Suisse, which it had cut back in recent weeks, but it is not increasing them, according to two sources with direct knowledge of the situation.
Another global bank has reduced its unsecured exposure to Credit Suisse, which includes all lending with no collateral, according to a person with knowledge of the matter. The bank is still providing repurchase agreements, which is secured lending.from the Swiss National Bank in what it called “decisive action” to boost its liquidity.
Hmm..time to call in Fred Goodwin to turn this beast around.
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