Credit Suisse's Q1 results revealed the scale of the crisis that led to its demise, with CHF67bn of deposit outflows during the quarter. The quantum of SNB lending to Credit Suisse during the quarter, equivalent to 25% of GDP, is likely to prompt the Swiss authorities to significantly increase banks' liquidity requirements.
Next Thursday, we expect the Norgesbank will raise its key policy rate by 25bp to 3.25%.
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