Starting with the history of money to the production of euro banknotes and on to the security features and the educational games in the Kids’ Corner, all visitors will definitely find useful information displayed in an attractive manner. For the NBR, the Euro Exhibition is yet another opportunity to strengthen our external communication activities, to get closer to the public at large and to open the doors of our institution in a special context: consolidating the steps towards full integration in Europe. Let me end by thanking all of you here today. I now give the floor to Mr. José Manuel González-Páramo to share with us his thoughts about the exhibition. 2  BIS central bankers’ speeches
Liquidity is lent against sufficient collateral and is subject to an interest rate that is higher than the policy rate. 2/4  BIS - Central bankers' speeches  SNB's contribution to managing Credit Suisse crisis This brings me to Credit Suisse. Credit Suisse has long struggled to cope with a loss of confidence and with outflows of client funds. The collapse of Silicon Valley Bank in the US triggered a swift deterioration of the situation in mid-March, despite the fact that there was no direct link between the bank in California and Credit Suisse. Credit Suisse's counterparties cut credit limits and clients withdrew deposits at a rapid rate. If Credit Suisse had collapsed, many Swiss households and SMEs would no longer have had access to their deposits, and payments via Credit Suisse would no longer have been executed. Furthermore, SMEs in particular would no longer have been able to benefit from existing credit limits at Credit Suisse and maturing loans would not have been renewed. The economic fallout would have been enormous. But there was even more at stake here. The collapse of Credit Suisse would have sent a shockwave through the global financial system. The consequences for the real economy, both in Switzerland and abroad, would have been dramatic. This extremely demanding situation required quick and decisive action. The federal government, FINMA and the SNB worked together under high-pressure conditions to find a solution that was viable and as market-based as possible in order to safeguard financial stability and protect the Swiss economy.