{
}
Isabelle Chassot, Chairwoman of the Parliamentary Commission of Inquiry into the Credit Suisse crisis, emphasizes the need for decisive action from Finma following the recent parliamentary session. With her commitment, she aims to implement measures to prevent future financial debacles while also advocating for continued support for UNRWA, the UN agency for Palestinian refugees.
Roger Nordmann delivered an emotional farewell speech to the National Council, emphasizing the need for stronger capital requirements for systemic banks like UBS to prevent future crises. He warned of moral hazard, noting that UBS's reliance on state support could jeopardize the economy. The CEP has proposed several measures to enhance bank supervision, but opposition from the Swiss Bankers Association and UBS's CEO remains a challenge.
The Swiss National Council is set to debate the lessons from Credit Suisse's collapse, focusing on remuneration policies for systemically important banks, particularly UBS. The discussion follows UBS CEO Sergio Ermotti's CHF 14.9 million salary announcement for 2024, amid scrutiny of past bonuses at Credit Suisse. Key issues include adapting "too big to fail" regulations and enhancing financial oversight to prevent future crises.
The Council of States is set to debate the 500-page report from the Parliamentary Commission of Inquiry (PUK) regarding the Crédit Suisse crisis, which was triggered by the bank's management. The PUK criticized the Federal Council for its hesitant approach to the "too big to fail" regulations and called for reforms to strengthen financial oversight. UBS shares fell 3.6% to CHF 28.41 amid these discussions.
The Federal Council is addressing concerns raised by Credit Suisse PUK regarding the emergency merger, agreeing to adapt "too big to fail" rules and enhance FINMA's enforcement powers against systemically important banks. While three of the PUK's motions were adopted, the Council rejected a proposal to restrict relief from capital and liquidity requirements, emphasizing the need for stronger supervisory tools for FINMA.
Around 3,000 investors are seeking to recover billions lost in the Credit Suisse bailout, with legal actions underway in both Switzerland and the USA. The PUK report reveals that the AT1 bond write-off was a key part of the UBS acquisition deal, raising questions about its legality and the federal government's role. Plaintiffs argue that the bonds should not have been written off due to a liquidity issue, potentially leading to significant financial repercussions for UBS and the Swiss government.
The PUK report reveals new arguments for around 3,000 investors seeking to reclaim billions lost in the Credit Suisse bailout, potentially leading to significant costs for the federal government. PUK President Isabelle Chassot presented the extensive 560-page document, which could impact UBS.
Isabelle Chassot, chairwoman of a parliamentary commission of inquiry, describes her 18-month experience as both fascinating and exhausting. The commission, the first in over 30 years, provided unique insights into the authorities and banking sector, while the role required strict confidentiality and independence amidst external pressures.
The Parliamentary Investigation Commission (PUK) has released a report on the collapse of Credit Suisse, highlighting failures in early crisis detection and cooperation among authorities. While the intervention in March 2023 prevented a global financial crisis, the effectiveness of the Financial Market Supervisory Authority (Finma) was questioned, and former Finance Minister Ueli Maurer faced criticism for inadequate communication. The report calls for improved regulations for large banks and emphasizes the need for sufficient capital resources.
The PUK, led by President Isabelle Chassot, expressed frustration after the Federal Council swiftly responded to its nearly 600-page report on the CS crisis, just an hour following its presentation on December 20, 2024. The quick reaction from the government did not sit well with the PUK.
Isabelle Chassot
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
isabelle chassot advocates for reforms after credit suisse inquiry findings
20:13 21.03.2025
Roger Nordmann highlights banking risks in farewell speech to National Council
Swiss Franc
Credit Suisse Strategic Income I
CHE
Isabelle Chassot
Roger Nordmann
Sergio Ermotti
Karin Keller-Sutter
Show more
14:49 18.03.2025
Swiss National Council to Debate Lessons from Credit Suisse Collapse
Swiss Franc
Credit Suisse Strategic Income I
CHE
Sergio Ermotti
Isabelle Chassot
Roger Nordmann
Show more
06:22 18.03.2025
Swiss Council debates PUK report on Credit Suisse crisis and banking reforms
22:06 14.03.2025
Federal Council addresses Credit Suisse PUK concerns on banking regulations and supervision
18:48 29.01.2025
legal battles loom over credit suisse at1 bond write-off decisions
Swiss Franc
United States Dollar
BlackRock, Inc.
Credit Suisse Real Estate Fund Siat
CHE
Urban Angehrn
Guillaume Barazzone
Thomas Werlen
Daniela Stoffel
Marlene Amstad
Martin Schlegel
Florence Vuichard
Isabelle Chassot
Show more
16:30 17.01.2025
Investors seek billions from UBS following PUK report revelations
08:12 17.01.2025
chairwoman reflects on challenges of parliamentary commission of inquiry
17:20 02.01.2025
parliamentary report highlights failures in crisis detection during credit suisse collapse
Credit Suisse Real Estate Fund Siat
CHE
Karin Keller-Sutter
Daniel Jositsch
Daniela Schneeberger
Thomas Matter
Isabelle Chassot
Ueli Maurer
Show more
02:52 23.12.2024
PUK expresses frustration over swift Federal Council response to CS crisis report
15:12 21.12.2024
Trending
Subcategory
Stock Market Updates
Corporate News
Industry Trends
Finance Mergers & Acquisitions
Banking Regulations
Global Financial Events
Market Analysis and Predictions
Retail and Consumer Goods
CEO Changes
Financial Scams and Security
Global Trade Developments
Central Bank Actions
GDP Growth & Recession Forecasts
Industry Mergers & Acquisitions
Government Policies
Hedge Funds & Private Equity
Inflation and Monetary Impact
Workplace Trends
Startups & Entrepreneurship
Government Economic Policies
Countries:
Companies:
The Goldman Sachs Group, Inc.
JPMorgan Chase & Co.
Tesla, Inc.
Apple Inc.
Bank of America Corporation
Wells Fargo & Company
Citigroup Inc.
Barclays PLC
Morgan Stanley
Deutsche Bank Money Market PP
Lloyds Banking Group plc
Huawei Technologies CO. Ltd.
American Express Company
Credit Suisse Strategic Income I
Berkshire Hathaway Inc.
UBS Group AG
AMERICAN EXPRESS
Northern Trust Corporation
Amazon.com, Inc.
Banco Santander, S.A.
Currencies:
United States Dollar
Euro
Chinese Yuan
British Pound Sterling
Swiss Franc
Indian Rupee
Japanese Yen
Canadian Dollar
Australian Dollar
Russian Ruble
Mexican Peso
Saudi Riyal
United Arab Emirates Dirham
Indonesian Rupiah
Hong Kong Dollar
Danish Krone
Offshore Chinese Yuan
Singapore Dollar
Ghanaian Cedi
South Korean Won
People: