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Old 21-02-22, 05:50   #1
 
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Movies Banking Crisis: Emergency Rescue of Credit Suisse/Banks Boost Flow of USD

Revealed: Credit Suisse Leak Unmasks Criminals, Fraudsters and Corrupt Politicians


Massive leak reveals secret owners of £80bn held in Swiss bank
Whistleblower leaked bank’s data to expose ‘immoral’ secrecy laws
Clients included human trafficker and billionaire who ordered girlfriend’s murder
Vatican-owned account used to spend €350m in allegedly fraudulent investment
Scandal-hit Credit Suisse rejects allegations it may be ‘rogue bank’


The Guardian UK 21 FEB 2022.








A massive leak from one of the world’s biggest private banks, Credit Suisse, has exposed the hidden wealth of clients involved in torture, drug trafficking, money laundering, corruption and other serious crimes.





Details of accounts linked to 30,000 Credit Suisse clients all over the world are contained in the leak, which unmasks the beneficiaries of more than 100bn Swiss francs (£80bn)* held in one of Switzerland’s best-known financial institutions.

The leak points to widespread failures of due diligence by Credit Suisse, despite repeated pledges over decades to weed out dubious clients and illicit funds. The Guardian is part of a consortium of media outlets given exclusive access to the data.

We can reveal how Credit Suisse repeatedly either opened or maintained bank accounts for a panoramic array of high-risk clients across the world.


Suisse Secrets

They include a human trafficker in the Philippines, a Hong Kong stock exchange boss jailed for bribery, a billionaire who ordered the murder of his Lebanese pop star girlfriend and executives who looted Venezuela’s state oil company, as well as corrupt politicians from Egypt to Ukraine.


One Vatican-owned account in the data was used to spend €350m (£290m) in an allegedly fraudulent investment in London property that is at the centre of an ongoing criminal trial of several defendants, including a cardinal.



The huge trove of banking data was leaked by an anonymous whistleblower to the German newspaper Süddeutsche Zeitung. “I believe that Swiss banking secrecy laws are immoral,” the whistleblower source said in a statement. “The pretext of protecting financial privacy is merely a fig leaf covering the shameful role of Swiss banks as collaborators of tax evaders.”

The revelations may fuel questions over whether Credit Suisse’s challenges over the past few years are indicative of a deep malaise at the bank.

Credit Suisse said that Switzerland’s strict banking secrecy laws prevented it from commenting on claims relating to individual clients.

“Credit Suisse strongly rejects the allegations and inferences about the bank’s purported business practices,” the bank said in a statement, arguing that the matters uncovered by reporters are based on “selective information taken out of context, resulting in tendentious interpretations of the bank’s business conduct.”

The bank also said the allegations were largely historical, in some instances dating back to a time when “laws, practices and expectations of financial institutions were very different from where they are now”.

While some accounts in the data were open as far back as the 1940s, more than two-thirds were opened since 2000. Many of those were still open well into the last decade, and a portion remain open today.








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Old 13-03-23, 08:19   #2
 
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Movies S.Valley Bank Collapse: Global Banking CRISIS as Credit Suisse Takes $54bn Loan

Silicon Valley Bank Collapse: Causing Chaos For Tech Startups

Tech startups have been left without access to their money in the wake of Silicon Valley Bank's collapse.

Silicon Valley Bank UK: 'Either British Banks Save it or The Government Will Step Up' -HSBC Buys SVB Bank UK for £1


US Government-Money in Failed US Bank is Safe

People and businesses who have money deposited with failed US bank Sillicon Valley Bank (SVB) will be able to access all their cash from Monday, the US government has said.


BBC 13 MAR 2023




A statement from the US Treasury, the Federal Reserve and Federal Deposit Insurance Corporation (FDIC) said depositors would be fully protected.



The taxpayer will not bear any losses from the move, the statement said.

SVB was shut down by regulators who seized its assets on Friday.

It was the largest failure of a US bank since the financial crisis in 2008.

The move came as the firm, a key tech lender, was scrambling to raise money to plug a loss from the sale of assets affected by higher interest rates.

"The US banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry," the authorities' joint statement said.

"Those reforms combined with today's actions demonstrate our commitment to take the necessary steps to ensure that depositors' savings remain safe."

Those actions also apply to Signature Bank of New York, seen as the most vulnerable institution after SVB, which came under regulatory control on Sunday.

As part of their moves to restore confidence, regulators also unveiled a new way to give banks access to emergency funds.

The Federal Reserve said it would offer assistance through a new Bank Term Funding Program, making it easier for banks to borrow from it in a crisis.

President Joe Biden said the American people could have "confidence that their bank deposits will be there when they need them".

SVB was seen as a crucial lender for early-stage businesses in the tech sector. It was the banking partner for nearly half of US venture-backed technology and healthcare companies that listed on stock markets last year.


Analysis by James Clayton, North America Technology Reporter

I've been speaking to people with money stuck in SVB over the weekend.

One founder told me had been constantly refreshing his online banking page, hoping it might work.

Another said he was confident the government would step in, but admitted he might have lost about around 40% of the company's cash overnight.

This statement, then, has been welcomed by depositors. But there are those that will raise eyebrows at this move.

SVB mainly banked start-ups and venture capitalists in Silicon Valley - the tech elite. And those Silicon Valley elites tend to have more than a streak of libertarianism to their politics: the boilerplate view is that government is slow and too big.

Critics argue that it's with great irony that it's the government who has stepped in to save the day. Some will wonder whether influential tech bros have been given preferential treatment: capitalism for when things go well, socialism for when it doesn't.

It's why the statement is worded carefully that taxpayers will not be paying for this. Mr Biden will now have to defend the move - and reassure members of his own party that guaranteeing depositors was the only way.


SVB started as a California bank in 1983 and expanded rapidly over the last decade.

But it came under pressure as higher interest rates made it harder for start-ups to raise money through private fundraising or share sales.

In Silicon Valley, the reverberations from the collapse have been widespread as companies face questions about what it means for their finances.

Paul Ashworth, chief North America economist at Capital Economics, said the US authorities had "acted aggressively to prevent a contagion developing".

"Rationally, this should be enough to stop any contagion from spreading and taking down more banks, which can happen in the blink of an eye in the digital age. But contagion has always been more about irrational fear, so we would stress that there is no guarantee this will work," he added.

Meanwhile, an offer has been made for SVB's UK arm. A consortium of investors led by the Bank of London, a UK clearing bank, has submitted a formal bid to the UK Treasury.

The British government has been working on a plan to support UK tech firms affected by the collapse of SVB.








HSBC Buys SVB Bank UK for £1

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Old 16-03-23, 09:20   #3
 
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Movies re: Banking Crisis: Emergency Rescue of Credit Suisse/Banks Boost Flow of USD

Markets Fall as Global Banking Fears Widen

Indexes in Japan, Hong Kong and Australia fall by more than 1% amid heavier losses in bank shares.

Credit Suisse takes $54bn loan from Swiss central bank after share price plunge

After largest shareholder was unable to provide backing, Europe’s 17th largest lender says it will use government help to become ‘simpler and more focused’


BBC 16 MAR 2023





The troubled banking giant said it is taking "decisive action" to strengthen and simplify its business.

Shares in Credit Suisse fell 24% on Wednesday after it said it had found "weakness" in its financial reporting.

Fears of a wider banking crisis sparked steep falls on stock markets, with Asian shares dropping.



However, markets in Europe are expected to open higher on Thursday.

The BBC understands that the Bank of England has been in touch with Credit Suisse and the Swiss authorities to monitor the situation.

Swiss National Bank, the country's central bank, insisted Credit Suisse had the money it needed, but stressed it was ready to step in and help further if required.

Problems in the banking sector surfaced in the US last week with the shock collapse of Silicon Valley Bank, the country's 16th-largest lender, followed two days later by the failure of New York's Signature Bank.


The US central bank had been forced to step in to prevent a run on bank deposits as panic spread.

Sir John Gieve, former deputy governor at the Bank of England, told the BBC that central banks were sending a "message" that such problems would be contained locally.

He added that in Credit Suisse's case, this was likely to be enough to stop the crisis spreading.

"What we've seen overnight is the Swiss central bank saying no, we will not let this get into a disorderly collapse," he told the BBC's Today programme.

"I don't know what the future for Credit Suisse holds but so far they are still standing and it looks like the Swiss central bank will ensure it's standing long enough to rearrange its affairs for the future."

Japan's Nikkei 225 index was down by 1.1% in late midday trading, with markets in Hong Kong and Sydney down by over 1.5%. The Shanghai Composite lost 0.5%.




'Material Weaknesses'

Credit Suisse, founded in 1856, has faced a string of scandals in recent years, including money laundering charges, spying allegations and high profile departures.

It lost money in 2021 and again in 2022 and has warned it does not expect to be profitable until next year.



The bank's disclosure on Tuesday of "material weakness" in its financial reporting renewed investor concerns.

Daniel Davies, managing director at Frontline Analysts, and a former bank analyst at Credit Suisse, said that the bank's "millionaire and billionaire client base just seems to have reached the end of their tolerance and they've been taking money out over the last six months at what began to look like an increasing rate".

He added that the Bank of England will have been asking its Swiss counterpart whether it still had faith in Credit Suisse.

"Because the nature of these crises is that when you have a real massive deposit run it is like a tsunami - nothing humans can make can stop it. The only thing you can do is stop it before it turns into a proper deposit run and the only people that can do that are the central banks."

These were intensified when the Saudi National Bank, Credit Suisse's largest shareholder, said it would not buy more shares in the Swiss bank on regulatory grounds.

On Wednesday shares in the lender plunged as other banks rushed to pull out their funds from the bank and prime ministers in Spain and France spoke out in an attempt to ease fears.

The collapse of Silicon Valley Bank has also fuelled concerns about the value of bonds held by banks, as rising interest rates made those bonds less valuable.

Central banks around the world - including the US Federal Reserve and the Bank of England - have sharply increased interest rates as they try to curb the rate of price rises, or inflation.

Banks tend to hold large portfolios of bonds and as a result are sitting on significant potential losses.

The falls in the value of bonds held by banks is not necessarily a problem unless they are forced to sell them.

Silicon Valley Bank - which specialised in lending to technology companies - was shut down on Friday by US regulators in what was the largest failure of a US bank since 2008.




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Old 20-03-23, 02:25   #4
 
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Movies Re: Banking Crisis: Emergency Rescue of Credit Suisse/Banks Boost Flow of USD

Central Banks to Boost Flow of US Dollars Amid Market Unease

-Six central banks move to keep credit flowing worldwide after two big institutions collapsed.

UBS Agrees Emergency Rescue of Credit Suisse

-Troubled bank Credit Suisse has been rescued by its Swiss rival UBS in a government-backed deal.

TRT WORLD 20 MAR 2023



Central Banks to Boost Flow of US Dollars




Six central banks, including the Bank of England, announced they would boost the flow of US dollars through the global financial system.

On Sunday the struggling Credit Suisse was taken over by UBS in a Swiss government-backed deal.

The US dollar liquidity "swap line" arrangement will run from Monday.






In a statement the Bank of England, Bank of Japan, Bank of Canada, the European Central Bank, US Federal Reserve and Swiss National Bank launched the co-ordinated action to "enhance the provision of liquidity".


The announcement said it served as an "important backstop to ease strains in global funding markets" and to lessen the impact on the supply of credit to households and businesses.

Instead of borrowing on the open market, British banks will be able to go direct to the Bank of England, and it will borrow from the US Federal Reserve.

It will work in the same way for banks in the eurozone, Canada, Japan, Switzerland and the US.

Banks will be able to access this funding on a daily basis.

The arrangement, adopted during the 2008 financial crisis and the Covid pandemic, will start on Monday and continue until "at least through the end of April", the Bank of England said.


A Banking Crisis -


Global banking stocks slumped following the collapse of Silicon Valley Bank, despite reassurances from President Joe Biden the US would do "whatever is needed" to protect the banking system.

Since SVB's collapse, the smaller Signature Bank also fell by the wayside and First Republic needed rescuing.


UBS Agrees Emergency Rescue of Credit Suisse






Axel Lehmann (L), Chairman Credit Suisse, speaks next to Colm Kelleher (R), Chairman UBS, during a press conference in Bern, Switzerland

The chairmen of both banks spoke at a news conference in Bern on Sunday



Sunday evening's announcement came after a weekend of emergency talks in Switzerland between the two banks and the country's financial regulators.

The Swiss National Bank said the deal was the best way to restore the confidence of financial markets and to manage risks to the economy.

The Bank of England said it welcomed the "comprehensive set of actions".



Credit Suisse shareholders were deprived of a vote on the deal and will receive one share in UBS for every 22.48 shares they own, valuing the bank at $3.15bn (£2.6bn).

At the close of business on Friday Credit Suisse was valued at around $8bn (£6.5bn).

But the deal has achieved what regulators set out to do - secure a result before the financial markets opened on Monday.

In a statement Switzerland's central bank said "a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation".

The federal government said in order to reduce any risks for UBS it would grant a guarantee against potential losses worth $9.6bn (£7.9bn)


The Swiss central bank has also offered liquidity assistance of up to $110bn (£90bn).

Global financial institutions were quick to praise the deal.

---Credit Suisse crisis is a blow to Swiss stability


The Bank of England said it welcomed the "comprehensive set of actions" set out by the Swiss authorities.

"We have been engaging closely with international counterparts throughout the preparations for today's announcements and will continue to support their implementation."

It said the UK banking system was "well capitalised and funded, and remains safe and sound".


The UK Treasury also said it welcomed the merger and the British government would continue to engage with the Financial Conduct Authority (FCA) and the Bank of England "as is usual".

The FCA said on Sunday it was "minded to approve" the takeover to support financial stability as both UBS and Credit Suisse have operations in London.

"The FCA continues to engage closely with UK and international regulatory partners to monitor market developments," the watchdog said.




Christine Lagarde, President of the European Central Bank, said she welcomed the "swift action" of the Swiss authorities.


"They are instrumental for restoring orderly market conditions and ensuring financial stability.

"The euro area banking sector is resilient, with strong capital and liquidity positions," Ms Lagarde said.

The comments from the European Central Bank President were echoed in the US.

Treasury Secretary Janet Yellen and Federal Reserve Board chairman Jerome Powell both said the announcement by the Swiss authorities supported "financial stability".

"The capital and liquidity positions of the US banking system are strong, and the US financial system is resilient", they said.




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