Credit Suisse grants CHF2.8 billion in corona credit
Urs Rohner is Chairman of the Board of Directors at Credit Suisse
Keystone / Ennio Leanza
Major Swiss bank Credit Suisse has issued 15,400 emergency loans totaling CHF2.8 billion ($2.9 billion) during the coronavirus crisis, says board chairman Urs Rohner. The numbers are similar at competitor UBS.
This content was published on
2 minutes
SRF/Keystone-SDA/swissinfo.ch/ilj
On March 25 the Swiss government announcedExternal link a scheme to provide cash-strapped small and medium-sized companies with emergency loans to get through the coronavirus crisis. Companies have to apply for the credit at their main banks.
At Credit SuisseExternal link, smaller businesses have so far received CHF2.2 billion, Rohner told Swiss pubic television SRF on SaturdayExternal link. These credits, limited to CHF500,000 at a time, have a 100% federal guarantee. The remaining CHF600 million are loans with an 85% federal guarantee and the bank securing the remaining 15%.
Quick turnaround
It was important to make the money available quickly to avoid acute company cash flow problems, Rohner said. The transactions were quite informal and possible to do in just 15 minutes. This showed that Switzerland could get things done when everyone worked together, the chairman said.
Credit Suisse did uncover a few fraudulent loan requests, but only in 0.4% of cases. These were mainly people who embellished the numbers to get a loan, he added.
Rohner’s comments come shortly after rival big bank UBS revealed its loan figures. Announcing its first quarter results on ThursdayExternal link, UBS said that it had processed over 21,000 applications under the federal programme, totaling more than CHF2.5 billion.
More
More
Swiss lead way with crisis loans to small businesses
This content was published on
Switzerland’s success in providing rapid support to small businesses is drawing attention elsewhere in Europe.
Swiss invention: 90-year anniversary of first T-bar ski lift
This content was published on
On Monday it will be 90 years since the world’s first T-bar ski lift went into service in Davos. This Swiss invention was an instant success.
Iran summons Swiss ambassador over US and Italy arrests
This content was published on
Iran has summoned the Swiss ambassador, who represents US interests, to protest against the arrest in the US and Italy of two Iranians.
Swisscom receives greenlight for acquisition of Vodafone Italia
This content was published on
The takeover of Vodafone Italia by Swisscom is nearing completion. All relevant authorities have now approved the €8 billion (CHF7.45 billion) deal.
Novo Nordisk stock market plunge drags down Swiss device maker Ypsomed
This content was published on
The Danish pharmaceutical giant, Novo Nordisk, faced setbacks on Friday that weighed on the share price of Swiss injection device manufacturer Ypsomed.
Swiss press react to EU deal with mix of euphoria and scepticism
This content was published on
Swiss media reaction to the agreement between Switzerland and the EU varies widely. Some are celebrating, while others worry about what is to come.
Swiss Solidarity donations to tackle child abuse top CHF4 million
This content was published on
Swiss Solidarity, the humanitarian arm of the Swiss Broadcasting Corporation (SBC), has raised over CHF4 million ($4.3 million) to tackle child abuse.
How do Switzerland’s Covid billions measure up internationally?
This content was published on
With its CHF65 billion plan, Switzerland is among the countries that are freeing up the most funds to deal with the coronavirus crisis.
What does business look like in a post-lockdown world?
This content was published on
Switzerland is easing up on the lockdown but what the new normal looks like for big companies is still a work in progress.
Switzerland launches Covid-19 liquidity fund for start-ups
This content was published on
The Swiss government is launching a fund to help startups facing cashflow problems as a result of the coronavirus crisis.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.