The downfall of Credit Suisse: EU regulators and Swiss banks in the spotlight.
European regulators have distanced themselves from the Swiss decision to write down $17bn of Credit Suisse's bonds, saying they would write down shareholders' investments first. The Swiss decision has led some Credit Suisse AT1 bondholders to consider legal action, and it sparked uncertainty for bondholders around the world. Switzerland is not part of the European Union and so does not fall under the region's banking regulation. The recent banking turmoil started in the US with the fall of Silvergate Capital, a bank focused on cryptocurrency.