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The Swiss parliamentary committee has concluded that Credit Suisse is solely responsible for its dramatic collapse in spring 2023, citing 33.7 billion Swiss francs in losses over twelve years while paying out 39.8 billion in bonuses. Although the Financial Market Authority's supervision was deemed ineffective, no misconduct by authorities was found. The bank was sold to UBS in an emergency sale amid fears of a global financial crisis, following significant losses and failed attempts to stabilize its finances.
The Swiss parliamentary committee has concluded that Credit Suisse is primarily responsible for its dramatic collapse in spring 2023, citing a staggering 33.7 billion francs in losses while paying out 39.8 billion francs in performance bonuses over twelve years. While the Financial Market Authority's supervision was deemed ineffective, the committee found no direct misconduct by the authorities. The emergency sale of Credit Suisse to UBS, prompted by fears of a global financial crisis, ultimately averted wider financial turmoil.
A parliamentary investigation has concluded that Credit Suisse is responsible for its dramatic collapse in spring 2023, citing 33.7 billion Swiss francs in losses over twelve years while paying out 39.8 billion in bonuses. The report criticized the Financial Market Authority for ineffective supervision and insufficient capital requirements. Following its struggles, Credit Suisse was sold to UBS in an emergency sale amid fears of a global financial crisis.
The Swiss parliamentary committee has concluded that Credit Suisse is solely responsible for its dramatic collapse in spring 2023, citing significant financial mismanagement, including losses of 33.7 billion Swiss francs while paying out 39.8 billion in bonuses. While the Financial Market Authority (FINMA) was criticized for ineffective supervision and lax capital requirements, the committee found no misconduct on the part of the authorities. The bank was sold to UBS in an emergency sale amid fears of a global financial crisis, following substantial losses and failed recovery efforts despite external support.
The Swiss National Bank has issued a response following the report on the collapse of Credit Suisse. This development highlights the ongoing concerns regarding the stability of financial institutions in the region. Further details can be obtained by contacting the provided email or phone numbers.
UBS acknowledges the Parliamentary Investigation Committee's report on Credit Suisse's collapse, attributing it to strategic missteps and mismanagement. The bank supports most proposals to enhance the financial center's resilience but insists on targeted and internationally coordinated regulatory adjustments. Meanwhile, the Swiss National Bank emphasizes the need for stronger regulations in capital, liquidity, and early intervention measures following the crisis. Former Finance Minister Ueli Maurer has yet to comment on the report, pending his review.
Switzerland's parliamentary report on the Credit Suisse collapse outlines 30 recommendations to prevent future crises, emphasizing the need for stricter regulations on systemically important banks like UBS, which now holds a dominant position. Key proposals include limiting executive bonuses during downturns, enhancing regulatory powers for FINMA, and establishing a public liquidity backstop to mitigate panic in financial emergencies. The report also calls for improved information sharing among government officials to ensure transparency during crises.
Switzerland's parliamentary report on the Credit Suisse collapse highlights management failures and calls for reforms to enhance financial stability. Key recommendations include stricter regulations for UBS, limiting bonuses for poor performance, empowering FINMA, and improving information-sharing among officials. A proposed public liquidity backstop aims to prevent future crises.
The Parliamentary Commission of Inquiry will release its findings today regarding the emergency merger of Credit Suisse with UBS, following extensive hearings since July 2023. The investigation has included testimonies from federal advisers and central authority heads, amid allegations of secret meetings involving key financial leaders prior to the merger. In light of the report's publication, the Swiss Bank Employees Association has called for the resignation of the FINMA chairwoman.
The parliamentary commission of inquiry (CEP) is set to unveil its report today on the federal authorities' handling of the Credit Suisse crisis, which culminated in UBS's hurried acquisition of the bank in March 2023. After 18 months of investigation, the CEP analyzed the crisis in four phases, from pre-crisis management to the emergency merger's implementation, conducting over 60 hearings and filing two criminal complaints related to confidential information disclosures. This exceptional parliamentary tool, comprising 14 members from six political parties, aims to shed light on Swiss financial governance.
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credit suisse collapse attributed to internal failures and ineffective oversight
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11:46 20.12.2024
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