Swiss National Bank raises rates, says Credit Suisse takeover prevented larger crisis – Reuters
- Date: 23-Mar-2023
- Source: Reuters
- Sector:Financial Services
- Country:Jordan
Swiss National Bank raises rates, says Credit Suisse takeover prevented larger crisis – Reuters
ZURICH, March 23 (Reuters) - The Swiss National Bank raised its benchmark interest rate by 50 basis points on Thursday and said UBS's forced takeover of Credit Suisse had averted a financial disaster, adding it was now critical the merger took place in a smooth and fast way.
The multi-billion Swiss francs rescue package brokered by the SNB, government and regulator on Sunday prevented a systemic crisis, SNB Chairman Thomas Jordan said.
"If this solution hadn't worked, Credit Suisse (CSGN.S) would have failed, with extreme consequences for Switzerland but also the global economy," he told a press conference.