Sight deposits held by the Swiss National Bank declined last week, data showed on Monday, suggesting that Credit Suisse and UBS may have cut back on use of emergency funds offered them to facilitate their planned merger.
Total sight deposits - meaning commercial bank cash held by the central bank overnight - fell to 563.566 billion Swiss francs from 567.003 billion francs in the previous week, the SNB data showed., the second biggest increase on record and probably linked to UBS and Credit Suisse tapping the liquidity lines offered by the SNB and Swiss government after the takeover was announced.
The SNB and Credit Suisse both declined to comment on the changes in sight deposits on Monday. UBS also declined to comment. "This is a good sign as it indicates that stress in the Swiss banking system is falling a bit," Junius said.
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