蜜芽传媒

Troubled bank Credit Suisse - Switzerland's second biggest lender - is being bought by its rival UBS for $3bn (拢2.5bn) in a deal backed by Swiss authorities and designed to calm market jitters.

The Swiss authorities orchestrated the rescue of the 167-year-old institution that was, until a few days ago, a pillar of global banking.

Central banks have rushed to keep cash flowing through the world's financial systems after the failures of two US banks. The rescue of Credit Suisse sent shockwaves across global markets. Six central banks, including the Bank of England, announced they would boost the flow of US dollars from Monday.

Such measures were last taken during the 2008 financial crisis and at the height of the Covid pandemic.

So have the authorities done enough to meet market concerns over the stability of the banking system? And how similar is this to 2008?

Susannah Streeter is head of money and markets at UK brokers Hargreaves Lansdown. She told Newsday: "Obviously there will be concerns. However, overall, the bigger banks in the world have not been run in the same way that Credit Suisse has over the years."

(Photo shows: People walk past the Credit Suisse office in Canary Wharf in London, Britain, March 20, 2023. Credit: Reuters)

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