Credit Suisse to borrow up to $54bn from Swiss central bank

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Troubled banking giant Credit Suisse says it will borrow up to 50bn francs ($54bn; £44.5bn) from the Swiss central bank to shore up its finances.

The lender said it was taking decisive action to strengthen its liquidity as it looked to become a simpler bank.

Shares in Credit Suisse fell 24% on Wednesday after it said it had found "weakness" in its financial reporting.

This prompted a general sell off on European markets, and fears of a wider financial crisis.

Credit Suisse said its borrowing measures demonstrated "decisive action to strengthen [the bank]".

"My team and I are resolved to move forward rapidly to deliver a simpler and more focused bank built around client needs," Credit Suisse's chief executive Ulrich Koerner said in a statement.

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[KhunLA]

That's not good, and one expert predicted they were in trouble.  Hope the life line works .... or not, as really don't care.   Popped into the bank the other day.

 

Pillow cases are full up ... ????