Spanish banks exposure to Credit Suisse well below 1 billion euros, source says

MADRID (Reuters) – Spanish banks exposure to Swiss lender Credit Suisse is immaterial and lower than 1 billion euros ($1.06 billion), a source with knowledge of the matter said on Thursday.

“The total exposure from Spanish lenders to Credit Suisse is well below 1 billion euros,” the source said, without elaborating further.

Credit Suisse in Spain declined to comment.

Two supervisory sources told Reuters on Wednesday that the European Central Bank had contacted banks on its watch to quiz them on their exposure to struggling Swiss lender Credit Suisse.

After a slump in its shares intensified fears about a global banking crisis, Credit Suisse on Thursday said it would borrow up to $54 billion from the Swiss central bank to shore up liquidity and investor confidence.

($1 = 0.9428 euros)

(Reporting by Jesús Aguado; editing by Aislinn Laing)