Swiss National Bank says it would support credit Suisse if necessary

Swiss regulators reaffirm the soundness of the Swiss financial system, following recent concerns about Credit Suisse.

The Swiss National Bank (SNB) and the Swiss Financial Market Supervisory Authority (FINMA) have released a joint statement March 15 on the stability of the Swiss banking system and Credit Suisse (CS). The problems of “certain banks in the USA” do not pose a risk for the Swiss financial system, they wrote.

The regulators said Credit Suisse meets all capital and liquidity requirements, but “if necessary, the SNB will provide CS with liquidity.”

The statement comes as CS shares fell up to 30%. According to a Reuters report, European Central Bank officials have contacted banks they supervise to ask about their CS exposure, and the French finance minister would call his Swiss colleague to discuss the developments at CS.

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