The Swiss central bank said today that it will provide a liquidity backstop to Credit Suisse if needed.
“Credit Suisse meets the capital and liquidity requirements imposed on systemically important banks,” the Swiss National Bank said in a statement late Wednesday. “If necessary, the SNB will provide Credit Suisse with liquidity.”
The announcement helped trim losses in Credit Suisse (CS) shares to only 13.94% at the close of trading in New York. The stock had been down as much as 31% earlier in the day.
