It has been revealed what happened last weekend, just before the Credit Suisse bailout

By RockedBuzz 1 Min Read

As he put it, it is “presumable” that this amount was over 50 billion Swiss francs, but the central bank knows the exact number – the Swiss National Bank (SNB) has made such a liquidity framework available to the second largest Swiss bank in the previous days.

The reason behind last weekend’s liquidity provision was that

customers withdrew money and partners demanded stricter guarantees from the bank during their transactions than before.

“The important thing is that the situation has stabilized,” said the finance minister.

The bank was able to receive the liquidity assistance, which probably exceeds 50 billion Swiss francs, before UBS finally announced on Sunday that it would buy its rival for 3 billion francs and assume further losses of 5 billion francs.

Cover image: Getty Images

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