Exclusive-Credit Suisse says LCR was unchanged between March 8 and March 14, despite crisis

By Selena Li and Elisa Martinuzzi

(Reuters) – Credit Suisse Group AGs average liquidity coverage ratio, a measure of how much cash-like assets the bank has, did not change between March 8 and March 14, despite the global banking crisis, the Swiss lender said on Thursday.

In a memo to staff with talking points for clients, dated March 16 and seen by Reuters, Credit Suisse wrote that CEO Ulrich Koerner‘s comments on March 14 about the bank’s average liquidity coverage ratio having improved to approximately 150% was as per the measure on March 8.

The bank said in a press release on March 16 that the 150% LCR value was as of March 14.

In a statement to Reuters, the bank said that all the data “presented in documents for our clients, colleagues and other stakeholders is correct”, adding that the average LCR ratio was accurate on March 8 and accurate on March 14.

Following a crisis of confidence that wiped 25% off the value of Credit Suisse shares on Wednesday, the bank sought an emergency liquidity line from the Swiss National Bank in the first such move for a global bank since the financial crisis of 2008.

(Additional reporting by Noele Illien and Oliver Hirt; Editing by Paritosh Bansal and Edward Tobin)