Cracks exposed in global banking system – but this isn’t a 2008 rerun yet

Credit Suisse stabilised by colossal loan but the crisis isn’t over. Banks are better capitalised than in 2007-08 but the system is being sorely tested, writes James Moore

Wobbly Credit Suisse has been buttressed by a huge loan from Swiss central bank (Getty/iStock/Reuters)

It’s been a case of lather, rinse, repeat in banking this week, with the collapse of Silicon Valley Bank followed by a much bigger crisis in the form of Credit Suisse.

Mid-sized SVB was more systemically significant than many had assumed, raising big questions about US oversight.

However, there was never any doubt about the dangers from a stricken Credit Suisse, a pillar of the Swiss banking establishment and a (shaky) member of the top table.