Credit Suisse has paid back government-backed liquidity- Swiss finance minister (updated)

Credit Suisse AG

01/06/2023 14:13

(Updates with more details on Credit Suisse's liquidity)
    By Noele  Illien and Stefania  Spezzati
       ZURICH, June 1 (Reuters) - Credit Suisse  CSGN.S  has
repaid the liquidity backed by the Swiss government, Finance
Minister Karin Keller-Sutter said in an interview with Swiss
broadcaster SRF aired late on Wednesday.
    The bank so far has not disclosed how much it had borrowed
under the so-called public facility backstop (PLB) - part of an
emergency lifeline Swiss authorities extended to the bank in
March as it struggled with cash outflows. 
    A person familiar with the matter told Reuters the bank had
borrowed 70 billion Swiss francs under the 100 billion Swiss
franc  ($112.50 billion) scheme. Keller-Sutter said the funds
drawn from the facility had now been fully repaid.
    Credit Suisse said in its first-quarter earnings report in
April that it used funds from the Swiss National Bank, including
loans supported by default guarantees, without detailing how
much of which credit facilities it had used. 
    It said that the net borrowings from the SNB totalled 108
billion Swiss francs after it had repaid 60 billion francs in
the first quarter. 
    Credit Suisse applied to the Swiss central bank for
emergency liquidity assistance in mid-March in order to bridge
an impending liquidity shortage, Reuters reported on May 18.
    As part of the state-orchestrated rescue and takeover by
rival bank UBS  UBSG.S  which followed shortly after, it was
given access to over 200 billion francs in liquidity support,
100 billion of which was backed by the government.
    The bank also reported in April first-quarter outflows of 61
billion Swiss francs. It said that as of April 24 the outflows
have moderated but not reversed.
    Credit Suisse came close to falling below minimum levels of
cash held at the SNB days before its forced takeover by UBS,
Reuters reported in May.
    ($1 = 0.8889 Swiss francs)


($1 = 0.8889 Swiss francs)

 (Reporting by Noele Illien and Stefania Spezzati;
Editing by Jason Neely and Tomasz Janowski)
 ((Noele.Illien@thomsonreuters.com; +41 41 528 39 73;))