WSJ:Credit Suisse, UBS Not Made Use Of SNB's Dollar Swap Facility At Fed
ZURICH (Dow Jones)--Credit Suisse Group (CS) Friday said it hasn't made use of the Swiss National Bank's U.S. dollar swap facility at the Federal Reserve Board, following UBS AG (UBS), which also said it didn't tap these funds.
Data on the SNB's website showed the SNB applied for $200 million worth of dollar swaps on August 10, at a rate of 1.08%, and the funds were redeemed August 18.
The SNB declined to comment on which financial institution had requested the swap loan.
The Fed's swap facility was set up by the U.S. central bank to ease short-term interbank money-market strains in Europe, and offers funds to the central banks of Canada, the U.K, Japan, the euro zone and Switzerland.
"Credit Suisse hasn't made use of the Swiss National Bank's U.S. dollar swap facility at the Federal Reserve Board," Credit Suisse said. "Credit Suisse is among the most conservatively funded banks in the industry. Our funding and liquidity positions are very strong--in all major currencies and especially in U.S. dollars," the bank said.
