Credit Suisse in crisis taps €50bn from Central Bank

The moves - unprecedented at a major Swiss lender since the 2008 financial crisis - are the biggest yet to shore up finances at Credit Suisse.

The bank’s shares slumped by as much as 31% on Wednesday in Zurich trading, and its bonds fell to levels that signal deep financial distress, as persistent doubts over the scandal-ridden lender combined with a global selloff in banking stocks.

Credit Suisse Group AG tapped the Swiss National Bank for as much as 50bn francs (€50.7bn) and offered to repurchase debt, seeking to stem a crisis of confidence that has sent shockwaves across the global financial system.

The troubled lender will borrow the money from a central bank liquidity facility and is making a tender offer to buy back up to three billion francs of dollar- and euro-denominated debt, according to a statement released around 1:45 a.m. Zurich time Thursday.