The Biden administration sees the problems facing Credit Suisse Group AG as “distinct” from the broader economy, White House Press Secretary Karine Jean-Pierre said Thursday.
(Bloomberg) — The Biden administration sees the problems facing Credit Suisse Group AG as “distinct” from the broader economy, White House Press Secretary Karine Jean-Pierre said Thursday.
The US Treasury Department is in touch with its Swiss counterparts about the lender and US officials were “glad” that the Swiss central bank “provided a reassurance in the form of the loan facility yesterday,” Jean-Pierre told reporters.
“I want to be very clear: what we’re seeing with Credit Suisse is a distinct situation,” Jean-Pierre said. “It does not speak to the current economic environment that we’re in.”
Credit Suisse won a 50 billion franc ($54 billion) credit line from the Swiss National Bank, allowing it to stem a collapse in investor confidence. The bank was struggling to reassure investors after a top shareholder ruled out adding to its stake on Wednesday, adding to the market turmoil spurred by the failure of Silicon Valley Bank.
The Treasury Department is actively reviewing the US financial sector’s exposure to Credit Suisse.
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