Credit Suisse is aiming to strengthen its liquidity by exercising an option to borrow up to $54 billion from the Swiss National Bank under a covered loan facility and a short-term liquidity facility, which are fully collateralized by high-quality assets, after a drop in its shares and a surge in its 1-year and 5-year credit default swaps on Wednesday intensified fears about a global financial crisis.

The Swiss bank also announced public tender offers by Credit Suisse International to repurchase certain OpCo senior debt securities for cash of up to $3.2 billion.

The decision to provide liquidity followed assurances from Swiss authorities on Wednesday that Credit Suisse met “the capital and liquidity requirements imposed on systemically important banks” and that it could access central bank liquidity if needed.

“This additional liquidity would support Credit Suisse’s core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs,” the bank said.

Credit Suisse is the first major global bank to be given an emergency lifeline since the financial crisis in 2008 and its problems have only exacerbated investor doubts that central banks can continue with their current trajectory of higher interest rates to combat inflation.