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Credit Suisse accessed billions in liquidity last weekend - finance minister

Credit Suisse tapped the Swiss National Bank for "a big multi-billion quantity" closing weekend to stable its liquidity, the country`s finance minister Karin Keller-Sutter instructed Swiss broadcaster SRF on Saturday.

The afflicted Swiss financial institution had stated closing week it supposed to borrow as much as 50 billion Swiss francs from the country's primary financial institution to reinforce its liquidity.

"Last weekend, a big multi-billion quantity turned into withdrawn through Credit Suisse for liquidity protection," Keller-Sutter stated.

She stated this turned into due to the fact clients had once more withdrawn money, however additionally due to the fact counterparties have been stressful ensures whilst they may be doing commercial enterprise with the financial institution.

Keller-Sutter stated "it's miles to be assumed" that the determine turned into above 50 billion Swiss francs ($54.35 billion), however stated the Swiss National Bank had the precise number.

"The crucial factor is that the scenario has stabilised," she stated.

Last Sunday, UBS agreed to shop for its rival Credit Suisse for three billion Swiss francs in inventory and agreed to anticipate as much as five billion francs in losses in a merger engineered through Swiss government to save you extra marketplace turmoil in international banking.

($1 = 0.9199 Swiss francs)

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