thomas jordan : the swiss national bank's role as lender of last resort in the crisis at credit suisse summary of the keynote speech by mr thomas jordan, chairman of the governing board of the swiss national bank, at the conference " the snb and its watchers ", berne, 1 november 2023. * * * the crisis at credit suisse has opened up a broad debate on the financial stability framework in switzerland. the national bank act states that the swiss national bank shall contribute to the stability of the financial system, and legislators have allocated certain tasks and instruments for this purpose. in the event of a crisis, the snb performs this mandate in particular by acting as lender of last resort and providing liquidity to systemically important domestic banks that are solvent but can no longer refinance themselves on the market. in march 2023, the crisis at credit suisse placed heavy demands on the snb in its role as lender of last resort. by making liquidity assistance available on an unprecedented scale, the snb first created the time window necessary to find a solution for credit suisse, and thereafter provided significant support in the acquisition of credit suisse by ubs. the acquisition of credit suisse by ubs on 19 march this year prevented a global financial crisis. since autumn 2022, the authorities had also examined options other than an acquisition. these included a resolution of credit suisse or a temporary public ownership ( tpo ) of the bank. after considering the risks involved, the authorities ultimately came out in favour of the acquisition of credit suisse by ubs. given the fragility of the financial markets at that time, there were fears that a resolution would destabilise the financial system. in the case of a tpo, the risks for taxpayers were considered too high. the snb's liquidity assistance was decisive in the successful handling of the crisis. never before had a central bank provided such a large amount of liquidity to a single bank. at its peak, the total was chf 168 billion in three different currencies, which the snb made available to credit suisse on the same days the liquidity was requested. it was only thanks to its well - established processes and good preparation for crisis scenarios that the snb was able to provide credit suisse with the necessary liquidity in such a short period of time, thus enabling the bank to meet its obligations in full when the markets opened. providing liquidity

operating process, as well as in governance, finance and accounting practices. the financial industry should also address any negative perceptions by having an effective communication strategy and ensuring swift response time to sme customers, as these are vital in maintaining the integrity and public image of financial institutions. moving forward, it is imperative and almost inevitable for financial industry to undertake measures to advance financial literacy and capabilities of sme customers. the commitment to better serve the sme segment would reinforce the critical role of the financial industry in supporting the government ’ s development agenda in a well - functioning financial system. cgc has demonstrated that efforts to assist underserved smes can be achieved in a financially sustainable manner through its suite of innovative financial products and services. financial institutions should also explore strategic partnerships with adjacent industries such as telcos and fintechs to reduce market gaps and reliance on government subsidies for the smes. importantly, the financing ecosystem needs to be complemented with a comprehensive sme development ecosystem to nurture and elevate our smes towards greater size and competition. i hope today ’ s recognition and appreciation of fis and cgc customers would spur both parties to become more innovative, resilient and progressive. my heartfelt congratulations to all the winners and may you continue to inspire and set benchmarks on sme financing landscape. 3 / 3 bis central bankers'speeches