Posted 16 марта 2023,, 04:54

Published 16 марта 2023,, 04:54

Modified 16 марта 2023,, 08:54

Updated 16 марта 2023,, 08:54

Credit Suisse will borrow up to $53.7 billion from the Swiss Central Bank

Credit Suisse will borrow up to $53.7 billion from the Swiss Central Bank

16 марта 2023, 04:54
The bank's shares collapsed by 30% on March 15 due to reporting problems.

One of the largest banks in Switzerland - Credit Suisse - announced its intention to receive about 50 billion Swiss crowns from the National Bank - $53.7 billion. The bank wants to "get access to a covered credit line, as well as a short-term liquidity support mechanism" of the Central Bank.

On March 13, the heads of the credit institution discovered "significant deficiencies" in the bank's financial statements and decided to make changes to the audit and internal control procedures. Because of this, the largest shareholder, Saudi National Bank from Saudi Arabia, refused to make new investments in the bank. According to American investor Robert Kiyosaki (who previously predicted the bankruptcy of Lehman Brothers in 2008), Credit Suisse expects an imminent collapse.

After the Swiss bank's shares fell by 30%, he turned to the Central Bank for support. He promised to provide liquidity.

Note that the problems with Credit Suisse began against the background of the bankruptcy of the American banks Silicon Valley Bank (SVB) and Signature Bank. This was the first significant bankruptcy in the banking sector since the 2008 crisis.