Swiss regulator says central bank loan to Credit Suisse justified AT1 bond writedown


In this article

Axel Lehmann, chairman of Credit Suisse Group AG, Colm Kelleher, chairman of UBS Group AG, Karin Keller-Sutter, Switzerland’s finance minister, Alain Berset, Switzerland’s president, Thomas Jordan, president of the Swiss National Bank (SNB), Marlene Amstad, chairperson of the Swiss Financial Market Supervisory Authority (FINMA), left to right, during a news conference in Bern, Switzerland, on Sunday, March 19, 2023.
Pascal Mora | Bloomberg | Getty Images

Swiss regulator FINMA on Thursday defended its decision to instruct Credit Suisse to write down its AT1 bonds — a controversial part of the lender’s emergency sale to UBS — saying it was a “viability event.”

The regulator said the loan Credit Suisse received from the Swiss National Bank last week meant the conditions for a writedown had been met.

This is a breaking news story and will be updated shortly.

Articles You May Like

BlackRock bond chief Rieder says U.S. economy in ‘much better shape’ than doomsayers say
Boss of Goldman-backed digital bank Starling to step down next month
Netflix password sharing crackdown rolls out in the U.S.
Thanks to vesting schedules, it can take up to 6 years for workers to own their 401(k) match
SpaceX set to join FAA to fight environmental lawsuit that could delay Starship work