The drop was the second-biggest weekly decline on record, second only to when the SNB started mopping up market liquidity after it quit negative interest rates last September.
In recent weeks sight deposits have soared as Credit Suisse received emergency liquidity infusions to head off a bank run as nervous customers pulled out their cash.
The lender last month said it intended to borrow up to 50 billion francs from the SNB in a last-ditch attempt to save itself after confidence evaporated following a string of blunders.
Following a state-sponsored takeover by rival UBS, another 200 billion francs in liquidity was also made available by the SNB.
As a result sight deposits rose from 515 billion in mid March to peak at 567 billion francs as the SNB deposited the cash with Credit Suisse, an upward trend which reversed last week as sight deposits fell to 532 billion francs.
Credit Suisse, the SNB and UBS declined to comment on the development.
Karsten…
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