off-the-wire

Swiss regulator Finma says it is monitoring Credit Suisse

Kitco Media
By Reuters
Published:
Updated:
Reuters

LONDON, Feb 9 (Reuters) - Finma says that while Credit Suisse Group (CSGN.S)'s liquidity buffers had a stabilising effect on the bank and are are being rebuilt after outflows, the regulator "monitors banks very closely during such situations."

Finma said the bank's outflows "were indeed significant" in the fourth quarter, according to a statement to Reuters on Thursday.

The bank used its liquidity buffers, which is "what they are built for," the regulator said, adding it welcomes the strategy overhaul announced last year.

Battered by one scandal after another, the bank saw a sharp acceleration in withdrawals in the fourth quarter, with outflows of more than 110 billion Swiss francs ($120 billion), although it said the picture has been improving.

Reporting by Elisa Martinuzzi; Editing by Andres Gonzalez
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