Governments hope for calm when markets open after rival UBS agrees takeover of beleaguered lender
Normal requirements for shareholder approval of any such transaction will be waived by the Swiss federal council – the executive arm of government – under an emergency ordnance to ensure the swift closing of the transaction.
Investors have been concerned about the impact of Credit Suisse's debacle on euro zone banks despite the ECB's repeated reassurance that lenders in the 20 countries that share the euro are solid. Ms Lagarde repeated that euro zone banks were “resilient, with strong capital and liquidity positions” but said the central bank was ready to step in if necessary.
Ms Lagarde welcomed “the swift action and the decisions taken by the Swiss authorities”, which orchestrated Credit Suisse’s takeover by rival UBS.
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