The total write-off of Credit Suisse’s AT1 securities was the biggest shock.

The regulatory framework for placing banks into resolution as going concerns may be more questionable than previously assumed.

The demise of Credit Suisse showed again that it is funding and liquidity, not capital, which remain the Achilles’ Heel of banks.

The CS situation is a good reminder that it is banks’ fundamentals that really matter. Prudential and financial metrics are relevant and cannot be discounted but key to any proper analysis is what a bank does and how it does it: business model, risk culture and tolerance, risk management and competitive positioning.

Deposits have been thought of as stable sources of funding. For the affected banks, they have been anything but. Institutional market funding has remained more stable.

Consideration should be given to the raising the ceiling for deposit insurance across Europe.

The issue of global inter-connectedness within the banking and financial system should be revisited.

The UBS-Credit Suisse merger shows again that major M&A transactions occur mainly when one of the entities is in deep distress.

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