The financial market supervisory authority (FINMA) said it could not make a statement “on share prices of supervised institutions or on details of its supervisory activities at individual institutions”, a spokesman said.
Shares of Credit Suisse , Switzerland’s second largest bank, plunged by more than 15% in trading on Monday morning, hitting a new all-time low of CHF2.115 ($2.296).
They recovered later in the day and closed at CHF2.27 on the Swiss stock exchange.
Stock market experts have warned that further bank turmoil or even a global financial crisis would bring the ailing bank into even greater difficulties.
Shares of other Swiss banks, notably UBS, also closed significantly down on Monday.
Monitoring the situation
FINMA said it was taking note of the media reports on Silicon Valley Bank in the United States and was monitoring the situation closely.
The FINMA spokesman told the Swiss AWP business news agency that the authorities were evaluating the direct and indirect exposure of the supervised banks and insurance companies.
“The aim is to identify any cluster risks and potential for contagion at an early stage. As usual in such cases, the authorities are in contact with various institutions and foreign authorities,” he said.
Popular Stories
More
Climate adaptation
Why Switzerland is among the ten fastest-warming countries in the world
Has your continent reached its peak or is there still potential for economic growth?
Some regions of the world are on an upward trajectory with the promise of a steadily improving future. Where do you live? And in which direction is your region or continent developing?
Living longer: What do you think about the longevity trend?
The longevity market is booming thanks in part to advances in the science of ageing. What do you think of the idea of significantly extending human lifespan?
US tariffs: Pharma firms not planning job cuts in Switzerland
This content was published on
The additional investments in the US will not lead to a reduction in jobs in Switzerland. This is according to pharmaceutical giant Roche, which expects the number of employees to remain stable in the current year. The position of Novartis is similar.
Switzerland is closely monitoring three livestock diseases
This content was published on
The spread of Lumpy skin disease, Bluetongue and African swine fever are keeping Swiss veterinary authorities on the alert.
Swiss writer wins European Prize for Political Culture
This content was published on
On Saturday, the Hans Ringier Foundation awarded the 91-year-old Zurich writer Adolf Muschg the European Prize for Political Culture.
Swiss government working with firms to overcome high US tariffs
This content was published on
The Swiss delegation that travelled to Washington has returned from talks on tariffs in the United States. The negotiations are now being conducted under the aegis of the government and the federal administration, according to Seco.
WTO improves its world trade forecast thanks to Trump’s tariffs
This content was published on
The World Trade Organisation (WTO) expects world trade to grow by 0.9% this year, better than expected in April. US imports surged in the first quarter as a result of Donald Trump's tariff announcements.
Swiss gold exports might not face US tariffs after all
This content was published on
Gold exports to the United States may not be taxed after all. The White House plans to "issue an executive order in the near future to clarify misinformation regarding the taxation of gold bullion," among other things.
Former top Credit Suisse shareholder Harris Associates sells out of bank
This content was published on
One of Credit Suisse’s longest-standing shareholders has sold its entire stake amid persistent losses and a client exodus.
Credit Suisse slammed for ‘serious breaches’ in Greensill debacle
This content was published on
Swiss financial regulator finds Credit Suisse “seriously breached its supervisory obligations” in its dealings with the collapsed Greensill Capital.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.