Swiss Gov't To Hold Urgent Meeting On Situation Around Bank Credit Suisse - Reports

The Swiss Federal Council will convene an emergency meeting on Thursday to discuss the situation around bank Credit Suisse, which requested and was granted an unprecedented loan from the country's central bank amid a hard crash in liquidity, Swiss media reported

MOSCOW (UrduPoint News / Sputnik - 16th March, 2023) The Swiss Federal Council will convene an emergency meeting on Thursday to discuss the situation around bank Credit Suisse, which requested and was granted an unprecedented loan from the country's central bank amid a hard crash in liquidity, Swiss media reported.

The emergency meeting will also be attended by Swiss National Bank chief Thomas Jordan, the Blick newspaper reported.

On Wednesday, Switzerland's second-largest lender had its shares devalued by over 25% following the collapse of two large banks in the United States.

The Swiss National Bank said that Credit Suisse met the capital and liquidity requirements for systemically important banks, and would be granted liquidity if necessary. Credit Suisse said that it would borrow up to 50 billion Swiss francs ($54 billion ) from the central bank. On Thursday, Credit Suisse announced the sale of a number of its debt securities in euros and dollars worth over $3 billion.