The Minister of Finance addressed the financial difficulties at Credit Suisse in a press briefing on Friday.
Yuriko Backes sought to reassure customers of Luxembourg banks that there is no reason to worry in light of recent developments.
Backes said the Ministry of Finance is in permanent contact with different institutions and authorities following the news that Credit Suisse's stocks had dropped on Wednesday. In particular, Backes said the ministry is receiving constant updates from the Luxembourg Financial Sector Supervisory Commission (CSSF).
Earlier, the CSSF told RTL there were no risks for Luxembourg's financial centre, not even the Grand Duchy's branch of Credit Suisse. Backes added that the question of potential government intervention had not yet been raised in Luxembourg.