, Singapore

MAS in “close contact” with Swiss regulators over Credit Suisse

Credit Suisse recently announced that it is borrowing up to CHF50b.

The Monetary Authority of Singapore said that it has been in “close contact” with the Swiss Financial Market Supervisory Authority (FINMA) over Credit Suisse.

Credit Suisse recently announced that it was borrowing up to CHF50b (approximately £44.5b; US$54b; S$62.9b) to shore up its liquidity. The Swiss bank also said that it is making a cash tender offer for 10 US dollar denominated senior debt securities for an aggregate consideration of up to US$2.5b.

Credit Suisse operates a branch in Singapore, catered for private banking and investment banking activities.

In the statement, MAS assured the public that Singapore’s banking system remains sound and resilient.

“Singapore banks have confirmed that their exposures to CS are insignificant. Banks in Singapore are well-capitalised and conduct regular stress tests against credit and other risks. Their liquidity positions are  healthy, underpinned by a stable and diversified funding base,” Singapore’ central bank said.

ALSO READ: Singapore's MAS: banking system sound amidst US bank failures

MAS further noted that FINMA and the Swiss National Bank (SNB) have issued a joint statement on 15 March saying that Credit Suisse meets  the higher capital and liquidity requirements applicable to Swiss systemically important banks.

SNB also said that it stands ready to provide liquidity to the bank. 

“MAS will continue to closely monitor developments and remains in contact with FINMA,” the central bank said.

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