SNB Reviews Communications After Credit Suisse Puts Surge

Gianluca Colla/Bloomberg

Bloomberg News –By Alexis Xydias and Corinne Gretler – June 15, 2012

The Swiss National Bank will review its communications procedures after trading in bearish options on Credit Suisse Group AG (CSGN) surged following a private briefing in which regulators disclosed the firm faced a capital shortfall.

The SNB will review how it publishes its annual financial stability report, the central bank said in an e-mailed statement today. The bank has so far presented preliminary information to journalists under embargo before the official publication of the release, “to explain the partly complex content of the report,” it said.

Shares in Credit Suisse, Switzerland’s second-largest bank, plunged 10 percent to 17.01 francs yesterday after the SNB said, as part of the annual report, that the lender needs a “marked increase” in capital this year. That was the first time since the central bank began publishing the study in 2003 that it singled out Credit Suisse as needing a bigger improvement in capital than UBS AG (UBSN), the country’s biggest lender.

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