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The housing shortage in Switzerland is exacerbated by strict noise legislation, which has hindered the construction of thousands of apartments. Recent amendments to the Environmental Protection Act aim to ease these restrictions, allowing for more flexibility in noise compliance for new buildings. However, significant challenges remain, and it may take years for the housing market to see substantial improvements.
Isabelle Chassot, chairwoman of the Parliamentary Commission of Inquiry into Credit Suisse's collapse, emphasized the importance of reading the full report, which spans over 500 pages, during a press conference in Bern. The investigation focused on the critical developments leading to the March 2023 crisis and the emergency rescue by UBS, with Chassot noting that without federal intervention, a global financial crisis could have ensued. The Commission, which met weekly for 18 months and included all parliamentary groups, adopted its report unanimously, despite challenges related to information security and maintaining secrecy.
The Parliamentary Commission of Inquiry (CEP) has issued 20 recommendations to the Federal Council following the Credit Suisse crisis, emphasizing the need for enhanced powers for Finma, improved inspections, and better risk management. Criticism was directed at former Finance Minister Ueli Maurer for inadequate communication regarding the bank's liquidity issues, which contributed to the crisis. The CEP's report highlights the importance of transparency and accountability in the oversight of systemically important banks to prevent future financial instability.
The Parliamentary Commission of Inquiry's 569-page report on the Credit Suisse crisis reveals extensive mismanagement by the bank's leadership, with over CHF 11 billion in fines and a total loss of CHF 32.3 billion from 2012 to 2022. It criticizes the Financial Market Supervisory Authority for inadequate oversight and highlights the Federal Council's leniency towards big banks. The report concludes with 20 recommendations and 11 motions aimed at improving regulatory frameworks and preventing future crises.
The parliamentary commission of inquiry into the Credit Suisse collapse, which occurred on March 19, 2023, is set to release its findings. Chaired by Isabelle Chassot, the commission scrutinizes the roles of federal authorities, including the Federal Council and the Swiss National Bank, while former Credit Suisse executives face limited accountability. The report aims to clarify the failures that led to the bank's downfall and assess the effectiveness of the "Too Big to Fail" regulation.
Axel Lehmann, Chairman of Credit Suisse, faces scrutiny over the bank's decline, attributing blame to his predecessors while defending his actions during the crisis. Legal challenges loom, including a lawsuit in the U.S. for allegedly providing false information, as the Parliamentary Commission of Inquiry investigates the bank's management and regulatory failures. The fallout raises questions about the effectiveness of the Financial Market Supervisory Authority and the National Bank's responses during the crisis.
The Swiss-German word of the year for 2024 is "Unterschriften-Bschiss," highlighting the controversy over forged signatures in initiative collections, which has shaken trust in Switzerland's democratic processes. In other news, the Swiss parliament is grappling with the 2025 budget, which includes increased military spending and cuts to foreign aid, while coffee prices continue to rise, averaging CHF4.58 in German-speaking regions. Additionally, Swiss nationals abroad are urged to exchange their outdated blue driving licences, now invalid, for the new credit card format.
Andrea Caroni
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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