Credit Suisse’s LCR down 20% in October as depositors flee

Sub-group liquidity requirements breached as chatter around bank’s solvency spurred cash outflows

Credit Suisse’s average liquidity coverage ratio (LCR) dropped by a fifth in October, after a run on deposits during the first two weeks of the month.

Fuelled by what the bank called “negative press and social media coverage based on incorrect rumours”, the daily LCR averaged 154% between October 1 and October 25, compared with 192% through the three months to September 30. The bank said this was the result of a significant withdrawal of cash deposits and the non-renewal of maturing time

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