The Swiss National Bank raised its benchmark interest rate by 50 basis points and declared that measures to support Credit Suisse had 'put a halt to the crisis'
brokered by the SNB, government and regulator on Sunday prevented a systemic crisis, SNB Chairman Thomas Jordan said.would have failed, with extreme consequences for Switzerland but also the global economy," he told a press conference.
The SNB Chairman said it was vital for UBS's takeover of the 167-year-old Credit Suisse to go through as smoothly as possible in order to maintain financial stability.made a full commitment to the takeover of Credit Suisse... now it is extremely important that both parties do everything possible that the takeover will be successful," he said, adding the next two weeks would be crucial.
Schlegel also declined to comment on whether UBS and Credit Suisse had used any of the 200 billion Swiss francs in emergency liquidity offered by the SNB. its main interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases.to increase its interest rate by a quarter percentage point later on Thursday.Economists expect further hikes as the SNB fights Swiss inflation, which last year hit its highest since 1993.
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