Swiss blank cheque for Credit Suisse

Rescue plan: A Credit Suisse branch illuminated at night in Geneva, Switzerland. The move to support the group, with the pledge of central bank money, is designed to stem a crisis of confidence in Switzerland’s second-biggest lender that stems from years of scandals and losses. — Bloomberg

SWITZERLAND’S radical pledge to bankroll Credit Suisse (CS) Group AG has won the embattled lender the chance to resurrect itself from an almost complete collapse in confidence that rattled global markets.

The move, tantamount to a blank cheque from one of the globe’s leading central banks, is reminiscent of the promise by European Central Bank (ECB) Mario Draghi to do whatever it takes to support the euro during the financial crash more than a decade ago.