The Credit Suisse 'collapse' has a lot of people worried - here's why

Credit Suisse is to borrow 50bn francs (£44.5bn) from Switzerland's central bank to shore up its finances.

There were concerns that Credit Suisse's issues could cause a wider banking crisis, after shares fell by 30 per cent on stock markets yesterday.

It came after the bank found "material weakness" in its financial reporting.

Shares are up again, but the debacle caused concerns, especially after Silicon Valley Bank (SVB) collapsed last week.

Sir John Gieve, former deputy governor at the Bank of England, told the BBC that central banks were sending a "message" that such problems would be contained locally.

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He added the Swiss National Bank's action was likely to be enough to stop the crisis from spreading.

"What we've seen overnight is the Swiss central bank saying 'no, we will not let this get into a disorderly collapse'," he told the BBC's Today programme.

"I don't know what the future for Credit Suisse holds but so far they are still standing and it looks like the Swiss central bank will ensure it's standing long enough to rearrange its affairs for the future."

Nevertheless, the issues were so worrying people made memes about it:

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