Chancellor 'welcomes' Credit Suisse £44.5bn lifeline as shares bounce back
Chancellor Jeremy Hunt has"welcomed" the Swiss central bank's decision to give Credit Suisse a lifeline of 50bn Swiss francs .
The bank said it was"taking decisive action to pre-emptively strengthen its liquidity" with the central bank loan after shares plunged about 30% - intensifyingThe shares rose slightly at the close of trading on the SIX stock exchange - representing a 24% slide. But news of the lifeline sparked a positive response from the markets, with shares surging by as much as 32% in the first few minutes of trade on Thursday., Mr Hunt told Sky News the developments in Switzerland were"encouraging".
During a separate radio interview, he said chancellors"never comment on movements in markets for very obvious reasons" but added:"All I will say is of course I monitor what is going on in the markets, the Bank of England governor monitors carefully what is going on; he keeps me informed.
The central bank issued an assurance that Credit Suisse met"the capital and liquidity requirements imposed on systemically important banks".
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