Credit Suisse Bank failed to live up to its reputation as a safe haven during the collapse as investors were forced to resort to other havens, boosting the value of gold in Swiss vaults but collapsing the franc.

Investment managers began abandoning the Swiss franc last week at the fastest pace in 2 years ahead of Credit Suisse’s takeover by UBS.

The Swiss franc, which is used as a safe haven in times of market stress or volatility, lost 0.9 percent against the dollar in the week after the Swiss regulator said on March 13 that it was closely watching the situation around Credit Suisse.

But paradoxically, the Japanese yen, also considered a haven in times of turmoil, rose 2.6% against the dollar.

Gold, another traditional haven, rose more than 5% in the week after March 13 to over $2,000 an ounce, its highest level in a year, and government bonds showed one of their biggest inflows in decades.

If it wasn’t Credit Suisse but any other European bank that was in trouble, the Swiss franc would go up sharply because it would become a haven, ING believes.

In 2008, Switzerland faced a number of challenges related to the crisis in the global economy, including collapsing real estate prices, rising levels of unemployment and a decline in investment.

One of the most serious manifestations of the crisis in Switzerland was the collapse of the shares of UBS, the country’s largest bank. In response to this situation, the Swiss government provided UBS with a loan of 6 billion Swiss francs and purchased a stake in the bank. These measures allowed UBS to avoid bankruptcy and maintain its market position.

However, unlike many other countries, the Swiss banking sector was more resilient to the effects of the crisis in 2008. Thanks to its resilience and rapid measures, Switzerland was able to avoid the severe consequences of the crisis, which affected other countries.

Earlier we reported that the dollar index fell to a 2-month low.