Swiss government crisis meeting on Credit Suisse

Berne

The situation of the major troubled Swiss bank Credit Suisse (CS) called on the government to take action. The seven members Federal Council They gathered in the late afternoon for an extraordinary meeting in Bern, the Neue Züricher Zeitung reported. In the evening, other officials and experts were added. Government spokesman Andre Simonazzi declined to comment on what happened to reporters from the newspaper.

According to information from the “Financial Times”, the Swiss bank UBS is said to be interested in the partial or full acquisition of CS. This is also the wish of the Swiss supervisory authorities. Banks declined to comment. For the central bank, financial regulators and government, it is also about preventing a major banking crisis. The government could take emergency measures to speed up the merger process between UBS and CS, according to the Financial Times. For example, it could shorten the six-week period actually required for shareholder counsel in the case of a takeover.

CS was already battered by scandal and mismanagement when it entered a downward spiral earlier in the week following the collapse of US bank Silicon Valley Bank (SVB). It received a loan commitment from the Swiss National Bank in the amount of 50 billion Swiss francs (about 51 billion euros), but was only able to temporarily halt the downward trend in the share price.

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