Credit Suisse called on billions of dollars in liquidity last weekend, says the Swiss finance minister

ZURICH, March 25 (Reuters) – Credit Suisse (CSGN.S) tapped “a large multi-billion dollar amount” from the Swiss National Bank last weekend to secure its liquidity, said the country’s Finance Minister Karin Keller -Sutter, on Saturday to the Swiss broadcaster SRF.

The troubled Swiss bank announced last week that it would borrow up to 50 billion Swiss francs from the country’s central bank to boost its liquidity.

“Last weekend, a large amount in the billions was withdrawn from Credit Suisse to secure liquidity,” said Keller-Sutter.

This is because customers have withdrawn money again, but also because counterparties demand guarantees when doing business with the bank.

Keller-Sutter said “it is reasonable to assume” the figure was over 50 billion Swiss francs ($54.35 billion), but said the Swiss National Bank has the exact figure.

“It is important that the situation has stabilized,” she said.

Last Sunday, UBS (UBSG.S) agreed to buy its competitor Credit Suisse (CSGN.S) for CHF3 billion in shares and agreed to absorb up to CHF5 billion in losses in a merger carried out by Swiss authorities , to prevent more market turmoil in global banking.

($1 = 0.9199 Swiss Francs)

Reporting by Noele Illien Editing by Jane Merriman

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