Credit Suisse had “gigantic outflows” in the weekend the Swiss bank’s merger with rival UBS was announced, Switzerland’s finance minister told Parliament’s lower house. “We had gigantic outflows between Saturday the 18th and Monday the 20th of March,” Karin Keller-Sutter said at an extraordinary government session called to discuss Credit Suisse’s demise and retrospectively vote on the government’s rescue package.
She said the bank’s elevated outflows were because counterparties were demanding guarantees and because capital was being withdrawn.
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