Credit Suisse on Thursday said it was taking “decisive steps” to shore up its liquidity by borrowing up to $54 billion from the Swiss central bank after a slide in its shares intensified fears of a wider bank deposit crisis.

The Swiss bank’s troubles have shifted the focus of investors and regulators from the United States to Europe, where Credit Suisse led a selloff in bank shares after its biggest investor said it could not provide more financial support because of regulatory constraints.

Regulators in the private banking hub on Wednesday had sought to allay investor fears about Credit Suisse, adding to broader concerns sparked by last week’s collapse of Silicon Valley Bank and Signature Banktwo American medium-sized companies.

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Asian shares had extended Wall Street’s fall on Thursday and investors bought gold, bonds and the dollar, leaving markets on edge ahead of a meeting with the European Central Bank later in the day. The bank’s announcement in the early European morning helped par some of those losses, although trading was volatile.

In its statement early Thursday, Credit Suisse said it is exercising its option to borrow from the Swiss central bank up to 50 billion Swiss francs (US$54 billion).

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Investors’ focus is now on any moves by central banks and other regulators in Asia to restore confidence in the banking system, as well as any exposure regional firms may have to Credit Suisse.

In a joint statement on Wednesday, Swiss financial regulator FINMA and the country’s central bank sought to ease investor fears about Credit Suisse, saying it “meets the capital and liquidity requirements imposed on hysterically important banks.” They said the bank could access liquidity from the central bank if needed.

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Credit Suisse said it welcomed the statement of support from the Swiss National Bank and FINMA.

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Credit Suisse would be the first major global bank to receive such a lifeline since the 2008 financial crisis – although central banks have extended liquidity more generally to banks during times of market stress, including the coronavirus pandemic.

SVP’s demise last week, followed by Signature Bank’s two days later, sent global banking stocks on a roller coaster ride this week, with investors discounting assurances from US President Joe Biden and emergency measures that gave banks access to more funding.

FINMA and the Swiss National Bank said there were no indications of a direct risk of contagion for Swiss institutions from the turmoil in the US banking market.

Earlier, Credit Suisse shares led a 7% drop in the European banking index, while five-year credit default swaps (CADS) for the Swiss flagship hit a new record.

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The investor exit raised fears of a wider threat to the financial system, and two regulatory sources told Reuters that the European Central Bank had contacted banks on its watch to ask them about their exposures to Credit Suisse.

The U.S. Treasury Department also said it is monitoring the situation surrounding Credit Suisse and is in contact with global counterparts, a Treasury spokesman said.

In the U.S., major banks have been managing their exposure to Credit Suisse in recent months and see risks stemming from the lender as manageable so far, according to three industry sources who declined to be identified because of the sensitivity of the situation.

Rapid interest rate hikes have made it harder for some businesses to repay or service loans, increasing the chances of losses for lenders who are also worried about a recession.

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Currency traders are now betting that the Federal Reserve, which only last week was expected to accelerate its rate hike campaign in the face of persistent inflation, could be forced to pause and even reverse course.

Bets on a big rate hike by the European Central Bank at Thursday’s meeting also quickly evaporated as the Credit Suisse rout raised concerns about the health of Europe’s banking sector. Money market pricing suggested traders now saw less than a 20% chance of a 50 basis point rate hike at the ECB meeting.

Concerns sparked by SVP’s demise have also prompted depositors to look for new homes for their money.

Ralph Hammers, CEO of Credit Suisse rival UBS, said the market turmoil has steered more money its way and Deutsche Bank CEO Christian Sewing said the German lender has also seen deposits come in.