Credit Suisse will pay an interest rate equal to the current Swiss National Bank's policy rate of 1.5% plus 0.5% for access to the emergency liquidity assistance scheme, the central bank said on Thursday.under the facility, which requires loans to be covered by collateral in the form of mortgages and pledged securities.
In measures announced alongside the emergency takeover of Credit Suisse by rival UBS engineered by the authorities, the two banks were also given access to 100 billion francs in additional liquidity assistance .To help it mitigate the impact of hefty outflows, Credit Suisse was also given access to an additional 100 billion franc public liquidity backstop, for which it has to pay a 3% risk premium evenly split between the national bank and the Swiss state.
On top of this Credit Suisse owes Switzerland a 0.25% commitment premium for the public liquidity backstop.
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