Insolvency would have left the functional parts of Credit Suisse in operation as a Swiss-only bank, but one with a “damaged reputation” through bankruptcy, he told reporters in the Swiss capital of Bern. A temporary takeover by the Swiss government would have exposed taxpayers to the risk of losses. “One can well imagine, what devastating effect the insolvency of a big wealth management bank of Credit Suisse AG would have had on Swiss private banking,” Angern said. “Many other Swiss banks could have faced a bank run, just as Credit Suisse did itself in the fourth quarter.”