{ }
Isabelle Chassot, President of the PUK, led an extensive investigation into the downfall of Credit Suisse, highlighting the bank's mismanagement and lack of transparency. The PUK's report calls for stronger supervisory measures and accountability for banks, emphasizing the need for effective regulation to prevent future crises. Chassot expressed concern over the Federal Council's decision-making process during the crisis, noting a lack of thorough documentation and trust among members.
A report from Swiss MPs attributes the collapse of Credit Suisse to "years of mismanagement," highlighting a bank run that saw both wealthy clients and ordinary customers withdraw funds. The bank, which had over 50,000 employees globally, was ultimately rescued by UBS with support from the Swiss government. While the report criticized regulators and the government, it placed the primary blame on the bank's management.
The PUK report on Credit Suisse's downfall has sparked a political debate in Switzerland over the need for stricter banking regulations versus reliance on responsible management. While left-wing parties advocate for tighter rules, particularly regarding UBS's influence in politics, right-wing factions blame regulatory failures on FINMA. The Federal Council is expected to propose new legislation incorporating the report's findings.
The Parliamentary Commission of Inquiry into the Credit Suisse crisis concluded that the situation was self-inflicted, while acknowledging that a global financial crisis was averted in 2023. Finance Minister Karin Keller-Sutter supports the PUK's recommendations for improved banking regulation but rejects calls to restrict capital and liquidity requirements. Political parties are divided on how to address the supervisory authority Finma, with some advocating for its strengthening and others calling for accountability for its past actions.
The Parliamentary Commission of Inquiry's report highlights inadequate management and insufficient regulatory oversight as key issues leading to Credit Suisse's troubles, emphasizing that the root cause was a lack of confidence in its leadership rather than systemic failure. It calls for effective cooperation among financial authorities and warns against overregulation, stressing the importance of maintaining a competitive banking environment for Switzerland's economy. The report also points out unequal treatment between Credit Suisse and UBS regarding regulatory measures.
Natalia Ferrara, vice president of the Swiss Bank Employees Association, has called for the criminal prosecution of Credit Suisse's top management following a report on the bank's bankruptcy. She criticized the Federal Financial Market Supervisory Authority (Finma) for failing to fulfill its supervisory role, suggesting that its concessions since 2017 obscured the bank's instability. Ferrara also demanded the resignation of Finma's president, emphasizing the need for accountability in light of the mismanagement.
A parliamentary commission of inquiry has concluded that while there was no wrongdoing by authorities regarding the management of the Credit Suisse collapse, there were significant shortcomings at multiple levels. The investigation spanned 18 months and resulted in a comprehensive 565-page report.
The parliamentary commission of inquiry (PUK) into the emergency merger of Credit Suisse with UBS has highlighted significant failings by authorities. Isabelle Chassot, Chair of the commission, noted that this PUK has investigated more agencies than any of its four predecessors, underscoring the depth of the inquiry.
Finma has welcomed the ICC's recommendation for enhanced regulatory responsibilities, acknowledging past criticisms and emphasizing the need for "smart" regulation following the Credit Suisse crisis. The Swiss National Bank and the Swiss Bankers Association also stress the importance of targeted regulatory adjustments to maintain competitiveness. Meanwhile, political parties call for stronger oversight and effective implementation of the ICC's recommendations to prevent future financial instability.
A parliamentary inquiry has revealed that the collapse of Credit Suisse was not solely due to poor management, highlighting systemic issues within Swiss banking. The Swiss government intervened with 257 billion Swiss francs to prevent a potential global banking crisis, following a similar rescue of UBS in 2008.
Trending
Subcategory:
Countries:
Companies:
Currencies:
People:

MachinaCore is a highly modular and scalable system that allows users to build custom widgets and tools tailored to their specific financial data needs, while seamlessly integrating with other MachinaLabs products, like Machinary, MachinaAI Modules and MachinaTrader.

Address

Waitlist

We’re granting exclusive early access to the first 500 users from december 20.

© 2024 by Machinary.com - Version: 1.0.0.0. All rights reserved

Layout

Color mode

Theme mode

Layout settings

Seems like the connection with the server has been lost. It can be due to poor or broken network. Please hang on while we're trying to reconnect...
Oh snap! Failed to reconnect with the server. This is typically caused by a longer network outage, or if the server has been taken down. You can try to reconnect, but if that does not work, you need to reload the page.
Oh man! The server rejected the attempt to reconnect. The only option now is to reload the page, but be prepared that it won't work, since this is typically caused by a failure on the server.