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Swiss regulator Finma says it is monitoring Credit Suisse

Published 09/02/2023, 18:06
Updated 09/02/2023, 18:13
© Reuters. FILE PHOTO: A logo is pictured on the Credit Suisse bank in Geneva, Switzerland, June 9, 2022. REUTERS/Denis Balibouse/File Photo
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LONDON (Reuters) - Finma says that while Credit Suisse (SIX:CSGN) Group's liquidity buffers had a stabilising effect on the bank and are are being rebuilt after outflows, the regulator "monitors banks very closely during such situations."

Finma said the bank's outflows "were indeed significant" in the fourth quarter, according to a statement to Reuters on Thursday.

© Reuters. FILE PHOTO: A logo is pictured on the Credit Suisse bank in Geneva, Switzerland, June 9, 2022. REUTERS/Denis Balibouse/File Photo

The bank used its liquidity buffers, which is "what they are built for," the regulator said, adding it welcomes the strategy overhaul announced last year.

Battered by one scandal after another, the bank saw a sharp acceleration in withdrawals in the fourth quarter, with outflows of more than 110 billion Swiss francs ($120 billion), although it said the picture has been improving.

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