Frankfurt – Qena
The European Central Bank welcomed a bank takeover deal "UPS" Swiss rival "Credit Suisse" faltering, stressing that this step was necessary to restore calm in the financial markets. Christine Lagarde, President of the Bank, said in a statement today: "I welcome the swift action and decisions taken by the Swiss authorities, which were necessary to restore orderly market conditions and ensure financial stability". Lagarde added "The banking sector in the eurozone is resilient, with strong capital and liquidity positions.. In any case, we have tools in place to provide liquidity support to the eurozone financial system if needed and to maintain a smooth transition of monetary policy". was a bank "Credit Suisse" The troubled Swiss agreed to a takeover deal from its competitor, a bank "UPS" After marathon negotiations to prevent a catastrophic collapse, in exchange for three billion Swiss francs (3.02 billion euros), the Swiss National Bank will facilitate the deal by providing 100 billion francs (108 billion dollars) of liquidity to the two banks. Swiss President Alain Berset stressed that the acquisition option is the best way to restore confidence, considering that this solution is not crucial for Switzerland only, but for the stability of the entire global financial system.