Credit Suisse announced it will borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank to boost liquidity.
"Against this background, FINMA confirms that Credit Suisse meets the higher capital and liquidity requirements applicable to
. In addition, the SNB will provide liquidity to the globally active bank if necessary," the Swiss entities said."Credit Suisse is taking decisive action to pre-emptively strengthen its liquidity by intending to exercise its option to borrow from the Swiss National Bank up to CHF 50 billion under a Covered Loan Facility as well as a short-term liquidity facility, which are fully collateralized by high quality assets," Credit Suisse said in a statement.
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