ZURICHFRANKFURT, March 15 Reuters Switzerland39;s central bank pledged on Wednesday to fund Credit Suisse with liquidity if necessary, a first for a global bank since the financial crisis more than a decade ago.

In a joint statement with supervisor FINMA, they announced the radical step, but insisted that Credit Suisse was sound and meets the capital and liquidity requirements imposed on systemically important banks.

The move to support the bank, with the pledge of central bank money, is designed to stem a crisis of confidence in Switzerland39;s secondbiggest lender.

It puts the central bank on the hook, however, should confidence in the bank continue to tumble.

The bank39;s stock had plunged more than 30 on Wednesday, following months of turmoil. Governments and at least one bank put pressure on Switzerland to act, according to people familiar with the matter.

The SNB and FINMA sought to underpin confidence in the bank, saying that there are no indications of a direct risk of contagion for Swiss institutions due to the current turmoil in the U.S. banking market.

We welcome the statement of support, Credit Suisse said.

The Swiss lender would be the first globally systemically important bank to receive a bespoke lifeline, compared with liquidity offered by central banks to the financial sector generally in times of extreme market stress, such as when economies went into lockdown to combat COVID19.

Shares in Credit Suisse, which is battling to recover from a…