Swiss National Bank raises rates, says Credit Suisse takeover prevented larger crisis – Reuters

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.