Daily Brief - 🌩️ Swiss Super Mario

TLDR: In a statement issued yesterday, the Swiss National Bank gave its own version of “whatever it takes” and issued a line of credit to CS. Crisis averted for today.

The SNB issued the following statement yesterday:

“The Swiss National Bank SNB and the Swiss Financial Market Supervisory Authority FINMA assert that the problems of certain banks in the USA do not pose a direct risk of contagion for the Swiss financial markets. The strict capital and liquidity requirements applicable to Swiss financial institutions ensure their stability. Credit Suisse meets the capital and liquidity requirements imposed on systemically important banks. If necessary, the SNB will provide CS with liquidity.”

Now the issues at CS are diverse. There’s a liquidity crunch and there's the refusal of its main shareholder to provide additional equity.

Whichever way things might go, this will provide a moment of brief relief to the bank.

Read more on FTAV.

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General Interest: A creative ‘financial prisoner exchange’

In a bout of creative financial planning Raiffeisen Bank is ‘seeking to exchange €400mn worth of profits trapped in Russia against Sberbank’s frozen cash in Europe’.

The Austrian bank is trying to build the case that no money would cross the border, and no payments would be made to a sanctioned entity.

But the reality is that this maneuver would allow Sberbank to gain access to funds frozen under recent sanctions.

The plan requires the approval of regulators in Washington, Brussels and Moscow. Good luck with that.

Read more here on the FT ($).