Credit Suisse’s shares soared 30% on Thursday after it announced it will move to shore up its finances by borrowing up to nearly $54 billion from the Swiss central bank.
People walk past the entrance of Swiss bank Credit Suisse in Zurich, Switzerland, March 16, 2023.
The banking turmoil has cast a shadow over Thursday’s meeting of the European Central Bank. Before the chaos erupted, ECB head Christine Lagarde had said it was “very likely” that the bank would make a large, half-percentage point rate increase to tackle stubbornly high inflation. Fanning new fears about the health of financial institutions following the recent collapse of Silicon Valley Bank and Signature Bank in the U.S., Credit Suisse’s share price hit a record low Wednesday.
Credit Suisse is “a much bigger concern for the global economy” than the midsize U.S. banks that collapsed, said Andrew Kenningham, chief Europe economist for Capital Economics.“Credit Suisse is not just a Swiss problem but a global one,” he said. Investors responded to “a broader structural problem” in banking following a long period of low interest rates and “very, very loose monetary policy,” said Sascha Steffen, professor of finance at the Frankfurt School of Finance & Management.
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Credit Suisse to borrow $54 billion from Swiss central bankGENEVA (AP) — Swiss bank Credit Suisse said Thursday it will move to shore up its finances, borrowing up to $54 billion from the central bank after its shares plunged, dragging down other major European lenders in the wake of bank failures in the United States.
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Credit Suisse to borrow up to $54 bln from Swiss National Bank By Investing.com*CREDIT SUISSE TAKES ACTION TO BOLSTER ITS FINANCES, TO BORROW UP TO $54 BILLION FROM SWISS NATIONAL BANK 🇨🇭🇨🇭
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Credit Suisse secures $54 billion lifeline as authorities rush to avert global bank crisisCredit Suisse on Thursday said it would borrow up to $54 billion from the Swiss central bank to shore up liquidity and investor confidence after a slump in its shares intensified fears about a global banking crisis.
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