![]() dollars if they need them, a practice which widely used during the 2008 financial crisis. This includes daily access to a lending facility for banks looking to borrow U.S. Switzerland’s executive branch, a seven-member governing body that includes Berset, passed an emergency ordinance allowing the merger to go through without shareholder approval.įollowing news of the Swiss deal, the world’s central banks announced coordinated financial moves to stabilize banks in the coming week. “An uncontrolled collapse of Credit Suisse would lead to incalculable consequences for the country and the international financial system.” The deal was “one of great breadth for the stability of international finance,” said Swiss President Alain Berset as he announced it Sunday night. ![]() sparked concerns about other potentially shaky institutions in the global financial system.Ĭredit Suisse is among the 30 financial institutions known as globally systemically important banks, and authorities worried about the fallout if it were to fail. Shares of Credit Suisse and other banks plunged this week after the failure of two banks in the U.S. Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs ($54 billion) failed to reassure investors and the bank’s customers.
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