Credit Suisse wants to take out loans of up to CHF 50 billion from the SNB.
(Photo: imago images/Andreas Haas)
Zurich Surprising turnaround at Credit Suisse: The ailing Swiss bank now wants to take out loans from the Swiss National Bank (SNB) of up to CHF 50 billion (EUR 50.7 billion).
The financial institution announced this in an ad hoc announcement on Thursday night. In this way, the bank wants to “preventively strengthen liquidity,” said Credit Suisse. The loans come from two different SNB programs and are fully collateralised. With the move, Credit Suisse is the first globally systemically important bank to receive a rescue package since the financial crisis.
The markets reacted with relief to the announcement: the Credit Suisse share temporarily rose by 25 percent on Thursday and was quoted above the two franc mark again.
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