FILE - Grey clouds cover the sky over a building of the Credit Suisse bank in Zurich, Switzerland, Feb. 21, 2022. Swiss regulators have found that Credit Suisse made a “serious breach” of law in connection with a now-bankrupt firm linked to Australian financier Lex Greensill and have opened a probe that could lead to penalties against four former bank managers. Switzerland's financial markets authority, FINMA, said Tuesday that it has concluded enforcement proceedings opened two years ago against Credit Suisse after bank partner Greensill Capital went bankrupt.
Ennio Leanza/Keystone via AP, File
Swiss financial regulator FINMA and the nation’s central bank said on Wednesday that the Swiss National Bank would provide Credit Suisse CSGN.S liquidity “if necessary.”
The two institutions said in a joint statement that Credit Suisse “meets the capital and liquidity requirements imposed on systemically important banks.”
The comments come after the bank’s stock plunged more than 30% on Wednesday and follow months of turmoil. Governments and at least one bank were putting pressure on Switzerland to act, said people familiar with the matter.
The SNB and FINMA also said “there are no indications of a direct risk of contagion for Swiss institutions due to the current turmoil in the US banking market.”
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