Salem Radio Network News Sunday, October 1, 2023


Credit Suisse has paid back government-backed liquidity

ZURICH (Reuters) – Credit Suisse has repaid the liquidity it borrowed from a 100 billion Swiss franc ($112.50 billion) lifeline backed by government guarantees, Swiss Finance Minister Karin Keller-Sutter said in an interview published on Wednesday.

“The federal guarantees, the 100 billion, have been repaid as of yesterday (Tuesday),” Keller-Sutter told Swiss broadcaster SRF.

As part of its state-orchestrated rescue and takeover by rival bank UBS, Credit Suisse was given access to over 200 billion francs in liquidity support, 100 billion of which was backed by the government.

In its quarterly results published in April, Credit Suisse said “the net amount of borrowings under these facilities amounted to 108 billion Swiss francs.”

($1 = 0.8889 Swiss francs)

(Reporting by Noele Illien; editing by Jason Neely)


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