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A private committee, led by Bitcoin specialist Yves Bennaïm, is pushing for a popular initiative in Switzerland to mandate the Swiss National Bank to invest in Bitcoin, amending the constitution to allow part of its reserves in the cryptocurrency. The initiative, which requires 100,000 signatures by mid-2026, follows previous recommendations for significant Bitcoin investments that could have yielded substantial returns. As global interest in national Bitcoin reserves grows, Switzerland has the chance to take a leading role in this emerging financial landscape.
The business community has welcomed the conclusions of the Parliamentary Commission of Inquiry into the Credit Suisse collapse, which holds former directors accountable and calls for enhanced regulatory measures. The Swiss Financial Market Supervisory Authority (Finma) is criticized for not fully utilizing its powers, while recommendations include centralizing audit supervision and granting Finma greater enforcement capabilities. The Swiss National Bank acknowledges the report and emphasizes its commitment to strengthening financial regulation.
Credit Suisse's collapse in March 2023 was attributed to years of mismanagement, with the Parliamentary Commission of Inquiry highlighting the board's failure to heed regulatory warnings. While federal authorities were found to have shortcomings, they acted decisively to prevent a broader financial crisis during the UBS takeover. The report emphasizes the need for improved oversight and timely decision-making in the banking sector.
The Parliamentary Commission of Inquiry's report on Credit Suisse's collapse highlights years of mismanagement and calls for stronger regulations for systemically important banks. Reactions from political and business leaders emphasize the need for effective oversight, with some advocating for a "Lex UBS" to manage the risks posed by the newly formed mega-bank. The Federal Council acknowledges the report's findings and plans to incorporate them into future regulatory frameworks.
The parliamentary commission of inquiry recommends enhancing the powers of the Swiss Financial Market Supervisory Authority (Finma) to centralize audit supervision of major banks and enforce compliance effectively. It emphasizes the need for improved communication between financial authorities and calls for clearer regulations on "too-big-to-fail" banks, including scrutiny of their capital quality and remuneration practices. The Federal Council is tasked with ensuring transparency in inspections and adapting legal frameworks for better crisis management.
The Swiss Bankers Association (SBA) emphasizes the need for intelligent regulation following the Credit Suisse crisis, highlighting responsible management, effective supervision, and reliable liquidity as key factors for financial stability. CEO Roman Studer notes that the crisis stemmed from mismanagement and calls for targeted reforms, enhanced cooperation among authorities, and a strengthened liquidity framework. The SBA plans to analyze the CEP report further to engage in the upcoming political and regulatory discussions on bank stability.
The Swiss Bankers Association (SBA) supports the Parliamentary Commission of Inquiry's examination of the Credit Suisse crisis, highlighting the need for responsible corporate management, efficient supervision, and effective liquidity provisioning. The ICC report emphasizes that mismanagement and inadequate oversight were key factors in the crisis, calling for targeted regulatory changes and enhanced liquidity measures to ensure financial stability. The SBA plans to analyze the report further and engage with policymakers to contribute to ongoing discussions on banking stability.
The Swiss Bankers Association (SBA) supports the findings of the Parliamentary Commission of Inquiry (PCI) regarding the Credit Suisse crisis, emphasizing the need for responsible management, effective supervision, and enhanced liquidity provision. The report highlights that mismanagement led to a loss of confidence in Credit Suisse, and calls for targeted reforms in management accountability and supervision by FINMA. Additionally, it advocates for strengthening liquidity measures, including formalizing the Public Liquidity Backstop and expanding the Swiss National Bank's liquidity support for all banks to ensure financial stability.
A parliamentary investigation has concluded that Credit Suisse is responsible for its collapse in spring 2023, citing significant financial losses of 33.7 billion francs over twelve years while paying out 39.8 billion francs in bonuses. The report criticized the Financial Market Authority for ineffective supervision and called for clearer regulations for systemically important banks. Following its difficulties, Credit Suisse was sold to UBS in an emergency sale, averting fears of a global financial crisis.
Credit Suisse reported losses of CHF 33.7 billion over twelve years while paying out CHF 39.8 billion in performance bonuses, leading to scrutiny of supervisory authorities. The parliamentary committee found that the Financial Market Authority's oversight was ineffective, particularly in relaxing capital requirements. Following a crisis, Credit Suisse was sold to UBS in March 2023, averting fears of a global financial crisis.
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