Swiss banking giant Credit Suisse said Tuesday its top priority after the collapse of British finance firm Greensill was recovering funds, but warned of potential losses. Switzerland's second-largest bank was deeply invested in Greensill, which specialised in short-term corporate loans via a complex and opaque business model that ultimately sparked its declaration of insolvency earlier this month. The crisis erupted on March 1 when Australia's New South Wales Supreme Court dismissed Greensill's claim against insurer Tokio Marine, which had withdrawn cover for $4.6 billion worth of loans issued to Greensill customers. Realising that the insurance underpinning Greensill's contracts had expired, Credit Suisse then suspended $10 billion in funds managed by Credit Suisse Management (CSAM). "Credit Suisse's priority remains the recovery of funds for CSAM's investors," the bank said in a statement Tuesday. The bank said it was working closely with Greensill's administrators and other parties "to facilitate this process," and added that so far, $3.1 billion had been reimbursed. Credit Suisse said further cash distributions were expected in the coming months. The bank also said that Greensill administrators had so far repaid $50 million of a $140-million bridge loan granted to the bankrupt company last year. Stressing that it was in the "early stage" of the process, Credit Suisse acknowledged that it could "incur a charge in respect of these matters." noo/nl/rjm/wai