People must be saying, well, hang on a minute, and our regulators been asleep on thejob? a minute, and our regulators been asleep on the job? given that you acknowledge that some of the problems in this bank are quite a long way back. problems in this bank are quite a long way back- long way back. they do but the perception long way back. they do but the perception here long way back. they do but the perception here at long way back. they do but the perception here at least - long way back. they do but the perception here at least and i long way back. they do but the i perception here at least and also from the swiss financial regulators was that credit suisse had turned it round. they have got a new ceo, he seems very reliable, they have got a three year plan. he said earlier this week don t worry about us, we ve taken the medicine, we are on the right track. he was begging just a couple of days ago to be allowed to continue with that plan but as you say the swiss national bank
Ljy potential takeover of credit suisse by other competitor ubs. a cross on the now. i was talking a bit about this to marc ashdown earlier. it is something about the idea of swiss banking which implies there is nowhere safer to put your money and come in a sense, switzerland has a formidable reputation in the financial services sector. people alarmed by this sudden collector credit suisse? i alarmed by this sudden collector credit suisse? alarmed by this sudden collector credit suisse? i think they i think the reason credit suisse? i think they i think the reason this credit suisse? i think they i think the reason this government - credit suisse? i think they i think the reason this government is i the reason this government is sitting behind me at the moment in emergency session is because there is huge alarm and an absolute determination to find some solution, a rescue, if you like, before markets open tomorrow because, you know, credit suisse s shares plunged. it has to do wit
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From? the share price collapsed, went down 20% that day and then the swiss central bank stepped in and said they were pumping about $54 billion, £44 billion. but effectively billion, £44 billion. but effectively that billion, £44 billion. but effectively that hasn t - billion, £44 billion. but effectively that hasn t worked? know, shares carried on sliding all week long. it is laid from 80 billion to £6 billion in those years so are we heading for a possible takeover. how might work is very pickled and tricky to work out. ubs are not doing this the goodness of their heart. they want to get a good deal out of this and instead they have asked the swiss government to cover some of the possible losses if had here, $6 billion, £5 billion, a back story i guess for potential losses because they may well have to restructure it. credit suisse has 95 banks domestically and around switzerland but also has a sort of global. switzerland but also has a sort of ulobal. .. . switzerland but
Just a bit wobbly, it is in serious trouble. , ,, , , , just a bit wobbly, it is in serious trouble. , ,, ,, , :: trouble. yes, credit suisse is 170 ears trouble. yes, credit suisse is 170 years old. trouble. yes, credit suisse is 170 years old. when trouble. yes, credit suisse is 170 years old, when the trouble. yes, credit suisse is 170 years old, when the foundation l trouble. yes, credit suisse is 170| years old, when the foundation is the banking world. it is that a rocky last few years though and i was on the brink of this takeover and this is a fast moving situation because of the impact on the banking world in stock markets in the world as well and there are reports that the ebs, a much bigger bank, is in talks which include the swiss central bank and regulators out there as well and the bank here in chance level of monitoring the situation. details of that at the moment the let s backtrack a bit and see how. early this week that talks about the silicon valley bank, the