Swiss National Bank Chairman Praises Credit Suisse's Intervention in Avoiding Financial Crisis

The chairman of the Swiss National Bank, Thomas Jordan, stated that the intervention to provide an emergency loan to Credit Suisse prevented a financial crisis and protected systemic stability. Jordan and FINMA CEO Urban Angehrn both emphasized the potential negative impact on the Swiss economy if the bank had gone bankrupt. However, Jordan acknowledged the need to learn from the situation, particularly in terms of liquidity regulations and safeguarding against significant outflows of customer deposits. The handling of the forced takeover has faced criticism and legal challenges, particularly regarding the lack of shareholder input and the write-down of Credit Suisse's additional tier-one bonds.