The SNB intends to make liquidity available to Credit Suisse if required

“If necessary, the SNB will make liquidity available to CS,” the central bank said on Wednesday evening. Credit Suisse meets the requirements for systemically important banks.

Die Swiss National Bank (SNB) rushes to the aid of Credit Suisse (CS), which is threatened by a loss of confidence. “If necessary, the SNB will provide liquidity to CS,” said the central bank and the financial market supervisory authority Finma in a joint statement on Wednesday evening. Credit Suisse meets the capital and liquidity requirements for systemically important banks the USA does not pose a direct risk of contagion for the Swiss financial market.

During the course of the day, the dramatic fall in the share price of Switzerland’s second-largest bank triggered concerns around the world and plunged the financial markets into turbulence. Credit Suisse shares fell more than 30 percent to an all-time low of CHF 1.55 on Wednesday, dragging other bank stocks in Europe and the USA with them.

Regulators, governments and other financial institutions around the world tried to assess the risks. Individual governments called on Switzerland behind the scenes to intervene.

In the evening, the authorities then came on the scene. “FINMA and the SNB are following developments very closely and are in close contact with the Federal Department of Finance to ensure financial stability,” the statement said.