Credit Suisse has responded to Switzerland’s central bank’s offer of up to CHF 50 billion ($53.7 billion) in loans by saying it is taking action to strengthen liquidity. The announcement came after shares of the Swiss lender fell by as much as 30% last week, amid fears of a global financial crisis. Credit Suisse said it will borrow from the Swiss National Bank under a covered loan facility as well as a short-term liquidity facility. The bank also plans to repurchase certain debt securities, while it has already repaid $2.5bn of US dollar bonds and EUR 500m ($529 million) of euro bonds.
Credit Suisse gets $53 billion support from Swiss central bank.
