Swiss Banking News: October 2008

23.10.2008 Credit Suisse Group confirmed provisional results that were announced on October 16, 2008 According to the reported information, a net loss of CHF 1,261 million in the 3rd quarter of 2008, compared with net income of CHF 1,302 million in the 3rd quarter of 2007. It also reported core net revenues of CHF 3,109 million that decreased 48% from the 3rd quarter of 2007.

16.10.2008 The Federal Council, the Swiss National Bank (SNB) and the Swiss Federal Banking Commission (SFBC) met in Bern to discuss new measures aimed at strengthening Swiss banks' liquidity.
It was announced at the meeting that the Swiss Federal Banking Commission is satisfied with the stability of the 2 largest banking groups UBS and Credit Suisse as they satisfy all supervisory requirements with regards to capital and liquidity and customers' deposits within these banks remain safe.