Credit Suisse has already paid back some of the emergency liquidity offered by the Swiss National Bank (SNB), data suggested on Tuesday, signaling an ebbing of the liquidity crisis which triggered the lender's fall.
A logo is pictured on the Credit Suisse bank in Geneva, Switzerland, March 15, 2023. REUTERS/Denis Balibouse/File Photohas already paid back some of the emergency liquidity offered by the Swiss National Bank , data suggested on Tuesday, signaling an ebbing of the liquidity crisis which triggered the lender's fall.
The drop was the second-biggest weekly decline on record, second only to when the SNB started mopping up market liquidity after it quit negative interest rates As a result sight deposits rose from 515 billion in mid March to peak at 567 billion francs as the SNB deposited the cash with Credit Suisse, an upward trend which reversed last week as sight deposits fell to 532 billion francs.Karsten Junius, an economist at J.Safra Sarasin, said the decline could be attributed to Credit Suisse paying back some of the emergency liquidity it took and no longer needing to draw on the central bank support.
"A bank run has been stopped by the SNB coming in and offering massive liquidity and customers are reassured by UBS being there too. Credit lines from other banks would also appear to have been re-established."
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