ECB ready to help banks after frantic €3bn rescue of Credit Suisse by rival

Normal requirements for shareholder approval of any such transaction will be waived by the Swiss federal council – the executive arm of government – under an emergency ordnance to ensure the swift closing of the transaction.

Investors have been concerned about the impact of Credit Suisse's debacle on euro zone banks despite the ECB's repeated reassurance that lenders in the 20 countries that share the euro are solid. “Our policy toolkit is fully equipped to provide liquidity support to the euro area financial system if needed and to preserve the smooth transmission of monetary policy,” she said in a statement.

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