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Credit Suisse intervention avoided ‘financial crisis,’ Swiss National Bank chairman says
Swiss National Bank Chairman Thomas Jordan on Wednesday said the central bank’s interventions during the fall of Credit Suisse were “crucial” to avoid a “financial crisis” worldwide. The SNB supplied a massive lifeline to the stricken lender after a collapse in shareholder and investor confidence led to massive customer outflows. As part of this, SNB injected 168 billion Swiss francs ($185 billion) in emergency liquidity. This bought time for the central bank, alongside regulator FINMA and the Swiss authorities, to broker Credit Suisse’s emergency sale to domestic rival UBS in March for a discounted price ... (full story)