Credit Suisse Crisis: Swiss Central Bank Intervenes

Credit Suisse Crisis: Swiss Central Bank Intervenes

Credit Suisse announced on Thursday that it would borrow up to 50 billion francs (£44 billion) from the Swiss central bank to reinforce the group.

The disclosure came just hours after the Swiss National Bank said capital and liquidity levels at the lender were adequate for a "systemically important bank", even as it pledged to make liquidity available if needed.

Credit Suisse said the central bank loan of up would "support...core businesses and clients", adding it was also making buyback offers on about $3 billion worth of debt.