The Chancellor Jeremy Hunt said UK banks were stronger and better placed to withstand a crisis as he defended the actions of Swiss politicians and regulators in rescuing the beleaguered Credit Suisse bank DavidConnett1 reports:
The Chancellor Jeremy Hunt said UK banks were stronger and better placed to withstand a crisis as he defended the actions of Swiss politicians and regulators in rescuing the beleaguered Credit Suisse bank.and the Prudential Regulation Authority that there were no risks to the UK banking system during discussions about the rescue of the UK arm of the collapsed Silicon Valley Bank.committee: “I was reassured there was no systemic risk to the UK financial stability that they detected.
“Of course there is volatility in the market, we recognise that, but we also believe we are in an immensely stronger position than we were pre-2008 [financial crisis]. We do believe there is resilience in the system that there wasn’t then.”“I think we have to recognise that we are undergoing a period of change as we move from a period of extremely low interest rates to a period of higher interest rates,” the Chancellor added.
Mr Hunt said he “wholly supported” decisions made by Swiss authorities to allow the takeover of Credit Suisse by rival Swiss UBS Group, adding that he believed they “took the right decision and we had the best possible outcome”. The Chancellor was asked if he was troubled by the fact holders of specific bonds in Credit Suisse suffered $17bn losses aftertook precedence over shareholders in order to complete the Credit Suisse deal.
“I think it is a situation in which there is no obvious solution which doesn’t involve some compromises and I wholly support the decisions made by the Swiss authorities.”
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