Credit Suisse Group AG (NYSE:CS) Q4 2022 Earnings Call Transcript

Dixit Joshi: Sure, Piers, and I’m glad you brought that up. Look, we’ve been reducing our reliance on short-term funding through the course of the last year. And most importantly, the few initiatives that we’ve launched around restructuring the Investment Bank, derisking in the Capital Release Unit, getting the SPG transaction done, which, as you can see, we’ve moved really, really quickly on and with — we’re around two-thirds of the target reductions already having happened, all of those reduce our reliance on short-term wholesale funding and create more funding efficiencies as well. There’s no question, of course, as we’re transparent about that with the credit rating downgrade, certain facilities would have been affected.

But that said, we have other tools at our disposal. We’re able to do private placements and other bilateral financing as well. And ultimately, what you should look to is the LCR ratio which we’re managing to, which is effectively an amalgam on a stress basis of short-term and other medium-term measures in the calculation. Hope that’s helpful.

Adam Terelak: That’s great. Thank you.

Dixit Joshi: Sure.

Operator: I now hand back to Kinner Lakhani for closing remarks. Kinner?

Kinner Lakhani: Great. Well, thank you, everybody, for joining us this morning. Thank you, Ulrich and Dixit. Of course, if you have any more questions, feel free to reach out to IR. And have a great day. Thank you.

Ulrich Koerner: Thank you.