Switzerland's second largest lender is the first major global bank to be given such a lifeline since the 2008 financial crash. The bank said it was 'taking decisive action to pre-emptively strengthen its liquidity'.
Credit Suisse has said it will borrow up to 50bn Swiss francs from the Swiss central bank to shore up its liquidity.
Credit Suisse, Switzerland's second largest lender, is the first major global bank to be given such a lifeline since the 2008 financial crash - though central banks extended liquidity more generally to banks during times of market stress such as during the coronavirus pandemic. The central bank issued an assurance that Credit Suisse met"the capital and liquidity requirements imposed on systemically important banks".Shares fall by up to 30%
It prompted an automatic pause in trading of Credit Suisse shares on the Swiss market and tanked shares of other European banks - some by double digits.The FTSE lost £75bn in combined market value by the close on Wednesday after suffering its deepest fall on a points basis since the early days of the COVID crisis.
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