Credit Suisse did not tap Swiss National Bank for liquidity during turbulence – CFO

Credit Suisse did not tap Swiss National Bank for liquidity during turbulence – CFO

27 Oct    Finance News

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ZURICH — Credit Suisse did not tap the Swiss National Bank for extra liquidity when it was experiencing outflows during market turbulence early this month, its finance chief said on Thursday.

Asked at a news conference if Switzerland’s central bank had lent any assistance during that period, CFO Dixit Joshi said: “The answer is no, there was no transaction of that sort.”

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Credit Suisse had said clients pulled funds in early October at a pace that saw the lender breach some regulatory requirements for liquidity, highlighting the impact of wild market swings and a social media storm. (Reporting by Noele Illien, Editing by Michael Shields)

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