Swiss National Bank Chairman Thomas Jordan on Wednesday said the central bank’s interventions during the fall of Credit Suisse were “crucial” to avoid a “financial crisis” worldwide.

The SNB supplied a massive lifeline to the stricken lender after a collapse in shareholder and investor confidence led to massive customer outflows. As part of this, SNB injected 168 billion Swiss francs ($185 billion) in emergency liquidity.

This bought time for the central bank, alongside regulator FINMA and the Swiss authorities, to broker Credit Suisse’s emergency sale to domestic rival UBS in March for a discounted price of just 3 billion Swiss francs.

“The SNB’s willingness and ability to provide liquidity was crucial in managing the acute crisis at Credit Suisse and thus in avoiding a financial crisis with serious economic consequences for Switzerland and the rest of the world,” Jordan told an event in Bern, Switzerland, on Wednesday, according to Reuters.

Source: CNBC