The European Central Bank (ECB) has begun to contact the European banks that it directly supervises to find out what possible exposure they have to Credit Suisse, given the large fall that the Swiss bank experienced on the stock market on Wednesday
In this sense, in the case of Spain, the ECB is requesting information from Spanish banks through the Bank of Spain. The ECB has declined to comment on its possible actions in this regard.
In any case, according to other financial sources, the action of the European banking regulator does not in itself imply a weakness in the sector or in the Swiss entity, but rather that it is “normal” in the face of a stressful situation such as the one experienced at this time. .
In fact, beyond the fact that the ECB is requesting data from the risk teams of the entities it supervises, one of these industry sources points out that “the logical thing” is that the banks themselves have been carrying out their own analyzes for some time with respect to Credit Suisse, because the situation “is not of now”.
The Swiss bank’s shares have fallen more than 30% on Wednesday, although they have finally closed the session trading at 1.70 francs (1.74 euros), so the contraction has been limited to 24.1%.
The French Prime Minister, Elisabeth Borne, during a speech in the French country’s Senate, pointed out that the entity’s difficulties have been known for a long time, stressing that this bank is not part of the euro zone and, therefore, It is not subject to European banking regulation.
He also added that the French Finance Minister, Bruno Le Maire, plans to speak with his Swiss counterpart in the next few hours, although he stressed that “the issue is for the Swiss authorities to deal with.”