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 PUK report on the Credit Suisse crisis criticizes former Finance Minister Ueli Maurer for insufficient communication with the Federal Council, highlighting his verbal-only updates and lack of written documentation. The report calls for improved information exchange, risk management, and emphasizes the need for better capitalization of systemically important banks. Additionally, it points out the inadequate supervisory actions by Finma, despite regular audits and written expectations communicated to CS.
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 recent rejection of the BVG pension reform highlights ongoing challenges in addressing the needs of low-wage and part-time workers, particularly women. The Swiss Employers' Union criticized the missed opportunity for modernization, warning that this could hinder future reforms. Meanwhile, the Greens condemned misinformation surrounding the Biodiversity Initiative, emphasizing the urgent need for effective biodiversity protection measures.
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