The SNB’s support quickly had an effect on the markets.
(Photo: Getty Images)
Frankfurt, New York, Zurich The Swiss National Bank (SNB) has stopped the recent price losses of the share with billions in liquidity aid for the ailing Credit Suisse. Credit Suisse shares jumped 40 percent at times on Thursday after closing 24 percent lower the previous day. A broad index of European banks was also temporarily up four percent on Thursday, but gave up most of the gains over the course of the day.
The money house had previously announced on Thursday night that the SNB would make 50 billion francs of fresh money available in the short term. In return, Credit Suisse deposits less liquid assets as collateral with the central bank. With the fresh money, the bank can handle any outflows of customer money.
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