The Swiss Federal Council is due to convene a special meeting on Thursday to discuss the situation at Credit Suisse Group AG, according to Swiss news service AWP.
(Bloomberg) — The Swiss Federal Council is due to convene a special meeting on Thursday to discuss the situation at Credit Suisse Group AG, according to Swiss news service AWP.
The Swiss government usually holds regular meetings on Fridays, and it’s unclear if it will make any immediate decisions, AWP said, citing a report by affiliated news service Keystone SDA. That cited unidentified sources familiar with the matter.
The government declined to comment.
Shares in Credit Suisse surged as much as 40%, the most on record, in Zurich on Thursday after it opened a 50 billion Swiss franc credit line with the country’s central bank.
Switzerland’s central bank and financial regulator provided a show of support to Credit Suisse late Wednesday with a joint statement promising the struggling lender the liquidity backstop if needed.
The bank has not yet needed to use the facility for liquidity, according to a person familiar with the matter.
The government, central bank and Finma have been discussing ways to stabilize Credit Suisse after a tumultuous day on Wednesday sparked by the firm’s largest investor ruling out increasing its stake.
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