Switzerland's central bank has said that the country’s banking regulations needed toughening up after the implosion of Credit Suisse, which could have “easily” caused a global financial crisis
SWITZERLAND’S CENTRAL BANK has said that the country’s banking regulations needed toughening up after the implosion of Credit Suisse, which could have “easily” caused a global financial crisis.
Following the collapse of the three American institutions, Credit Suisse’s share price plunged on 15 March causing the Swiss central bank to step in with a $54-billion lifeline for the country’s second-biggest bank. “In the future, regulations will have to compel banks to hold sufficient assets which they can pledge or transfer at any time without restriction, and which they can thus deliver as collateral to existing liquidity facilities,” Jordan said.
In Switzerland, the merger has raised serious concerns not only about job losses but also for domestic banking competition, especially for loans to small and medium enterprises.“It is important that Swiss households and businesses continue to benefit from a broad range of efficiently priced banking services,” he said.
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