The Parliamentary Commission of Inquiry (PUK) has criticized the Federal Council for its inadequate early crisis detection regarding the downfall of Credit Suisse. The report highlights the need for improved cooperation among authorities, better risk management, and calls for stricter regulations for large banks, particularly in light of UBS's significant size relative to Switzerland's GDP. Additionally, the conduct of former Finance Minister Ueli Maurer is scrutinized for insufficient communication with the Federal Council and his successor.
The Parliamentary Investigation Commission (PUK) has criticized the Federal Council for its inadequate early crisis detection and information sharing regarding the collapse of Credit Suisse. The report highlights failures in risk management and the limited effectiveness of Finma's supervisory activities, while also scrutinizing former Finance Minister Ueli Maurer's lack of communication. The PUK calls for improved regulations for large banks, emphasizing the need for sufficient capital resources and stricter regulatory relief measures.
The Parliamentary Investigation Commission (PUK) has criticized the Federal Council for its inadequate early crisis detection and information sharing during the downfall of Credit Suisse. The report highlights failures in risk management and the limited effectiveness of Finma's supervisory activities, while also calling for improved regulations for the remaining major bank, UBS. Ueli Maurer's lack of communication with the Federal Council and insufficient briefing of his successor were also scrutinized.
The Parliamentary Commission of Inquiry (PUK) has criticized the Federal Council for its inadequate early crisis detection and poor cooperation among authorities during the downfall of Credit Suisse. The report highlights the need for improved risk management and calls for stricter regulations for large banks, emphasizing the unique challenges posed by UBS as the only remaining global systemically important bank in Switzerland. Finance Minister Ueli Maurer faced criticism for his lack of communication and insufficient information sharing with the Federal Council.
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.
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