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  • Statement By US Secretary Of The Treasury Janet L. Yellen And Federal Reserve Board Chair Jerome H. Powell

    Date 19/03/2023

    The following statement was released by Secretary of the Treasury Janet L. Yellen and Federal Reserve Board Chair Jerome H. Powell:

    "We welcome the announcements by the Swiss authorities today to support financial stability. The capital and liquidity positions of the U.S. banking system are strong, and the U.S. financial system is resilient. We have been in close contact with our international counterparts to support their implementation."

  • UK FCA Statement In Response To An Announcement By FINMA

    Date 19/03/2023

    Earlier today, the Swiss authorities announced a wide range of actions to support financial stability. The FCA has been in contact with its Swiss counterparts and other UK regulatory authorities in advance of todays announcements.

  • Bank Of England Statement: Credit Suisse

    Date 19/03/2023

    We welcome the comprehensive set of actions set out by the Swiss authorities today in order to support financial stability. We have been engaging closely with international counterparts throughout the preparations for today’s announcements and will continue to support their implementation. The UK banking system is well capitalised and funded, and remains safe and sound.

  • FINMA Approves Merger Of UBS And Credit Suisse

    Date 19/03/2023

    The Swiss Financial Market Supervisory Authority FINMA has approved the takeover of Credit Suisse by UBS. FINMA welcomes the takeover solution and the measures taken by the Swiss Confederation and the Swiss National Bank SNB. The transaction and the measures taken will ensure stability for the bank’s customers and for the financial centre. The SNB is granting the bank further liquidity assistance that is backed by a default guarantee by the Swiss Confederation. This will provide sufficient liquidity to carry out the takeover. On this basis, it will be possible to continue all the business activities of both banks with no restrictions or interruptions.

    The Credit Suisse Group is experiencing a crisis of confidence, which has manifested in considerable outflows of client funds. This was intensified by the upheavals in the US banking market in March 2023. There was a risk of the bank becoming illiquid, even if it remained solvent, and it was necessary for the authorities to take action in order to prevent serious damage to the Swiss and international financial markets.

  • Swiss National Bank Provides Substantial Liquidity Assistance To Support UBS Takeover Of Credit Suisse

    Date 19/03/2023

    UBS today announced the takeover of Credit Suisse. This takeover was made possible with the support of the Swiss federal government, the Swiss Financial Market Supervisory Authority FINMA and the Swiss National Bank.

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