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Central banks welcome UBS and Credit Suisse deal

by LLB Editor
20th Mar 23 10:41 am

Financial market regulators around the world have welcomed the news that UBS will buy Credit Suisse.

The Bank of England said last night it had been ‘engaging closely with international counterparts while the UBS-Credit Suisse deal was being agreed.

We welcome the comprehensive set of actions set out by the Swiss authorities today in order to support financial stability. We have been engaging closely with international counterparts throughout the preparations for today’s announcements and will continue to support their implementation.

The UK banking system is well capitalised and funded, and remains safe and sound.

Christine Lagarde, President of the European Central Bank, said the ECB has the tools it needs to provide more support, if needed.

“I welcome the swift action and the decisions taken by the Swiss authorities. They are instrumental for restoring orderly market conditions and ensuring financial stability.

The euro area banking sector is resilient, with strong capital and liquidity positions. In any case, our policy toolkit is fully equipped to provide liquidity support to the euro area financial system if needed and to preserve the smooth transmission of monetary policy.”

Federal Reserve Chair Jerome Powelland Treasury Secretary Janet Yelleninsisted America’s banking sector was strong;

“We welcome the announcements by the Swiss authorities today to support financial stability.

“The capital and liquidity positions of the U.S. banking system are strong, and the U.S. financial system is resilient. We have been in close contact with our international counterparts to support their implementation.”

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