Liquidity step from Swiss National Bank to Credit Suisse

The Swiss Financial Market Regulatory Authority (FINMA) and the Swiss National Bank (SNB) announced that liquidity will be provided to Credit Suisse if necessary. In a joint statement made by the Swiss Financial Market Regulatory Authority (FINMA) and the Swiss National Bank (SNB), it was noted that there were no indications of a risk of direct spillover to Swiss institutions from recent developments in the US banking sector. It was stated in the statement that Credit Suisse’s stock market value and the value of its debt securities had been affected by market reactions in recent days, and that FINMA was in close contact with the bank. The statement reported that FINMA confirmed that Credit Suisse met the higher capital and liquidity requirements applicable to systemically important banks, and that the SNB would provide liquidity to the bank if necessary. It was emphasized in the statement that FINMA and the SNB were following developments very closely, and that they were in close contact with the Ministry of Finance in order to ensure financial stability. Credit Suisse panic in Europe Following the banking crisis that started in the US, a Credit Suisse panic was also experienced in Europe. When the Saudi National Bank, the largest partner of the Swiss-based Credit Suisse bank, announced that it would not increase its capital, the bank's stock price fell by more than 20 percent and selling pressure spread to the entire market. Panic selling, which began with the announcement by the Saudi National Bank Governor Ammar Al Khudairy that they would not provide any further support to Credit Suisse, caused the risk perception in Europe to reach its highest level.