{
Karin Keller-Sutter

People

}
credit suisse report reveals failures in big bank regulation and state aid necessity
The PUK report reveals that big bank regulations, particularly the "too big to fail" (TBTF) legislation, failed to protect Credit Suisse, necessitating state intervention. Despite intentions to bolster resilience and protect taxpayers, exemptions allowed the bank to hide significant equity gaps, leading to a crisis that required a potential nationalization. As reforms are planned, the government must acknowledge the reality of needing to provide substantial rescue funds for systemically important banks in the future.
Blick
Swiss Franc Credit Suisse Real Estate Fund Siat CHE Alain Berset Thomas Jordan Karin Keller-Sutter Show more
Finance & Economy, News Article
08:57 22.12.2024
credit suisse crisis ueli maurer's misleading statements and the downfall
In December 2022, Ueli Maurer misled the public about the stability of Credit Suisse, despite knowing the bank was in crisis. Following a significant liquidity outflow, he and CS Chairman Axel Lehmann falsely assured the public of a stabilized situation, while internal discussions revealed growing concerns about the bank's viability. By late December, CS's liquidity had drastically diminished, leading to its eventual downfall just months later.
Tages-Anzeiger
Swiss Franc Credit Suisse Real Estate Fund Siat CHE Marlene Amstad Karin Keller-Sutter Axel Lehmann Thomas Jordan Urban Angehrn Ulrich Körner Ueli Maurer Show more
Finance & Economy, News Article
23:27 21.12.2024
lessons from the credit suisse crisis and failures of oversight
The Parliamentary Commission of Inquiry into the UBS case reveals significant failures in the handling of Credit Suisse, highlighting a lack of lessons learned from the 2008 UBS crisis. Key issues include ineffective regulatory oversight, excessive bonus payouts amid losses, and a negligent response from Swiss authorities, culminating in a questionable sale to UBS without a viable strategy for future banking crises. The report fails to provide solutions for preventing another financial disaster, leaving taxpayers vulnerable.
insideparadeplatz.ch
United States Dollar Swiss Franc Credit Suisse Real Estate Fund Siat CHE Colm Kelleher Karin Keller-Sutter
Finance & Economy, Blog Post
21:26 21.12.2024
federal council navigates credit suisse crisis through secure messaging app
In March 2023, the Federal Council managed the crisis surrounding Credit Suisse's downfall through urgent communications on the encrypted messaging app Threema. As UBS prepared to take over, Finance Minister Karin Keller-Sutter emphasized the stakes for the country, urging CS's leadership to accept the deal. The use of Threema allowed for rapid coordination amid the chaos, despite guidelines restricting cell phone use in sensitive discussions.
Blick
Credit Suisse Real Estate Fund Siat CHE Alain Berset André Simonazzi Karin Keller-Sutter Show more
Finance & Economy, Transcript
18:17 21.12.2024
Karin Keller-Sutter addresses Credit Suisse crisis and handover issues with Maurer
Karin Keller-Sutter, the current Finance Minister, criticized her predecessor Ueli Maurer for a "less than optimal" handover amid the Credit Suisse crisis, which was deemed self-inflicted. She noted that there was no discussion about the handover and that she never met Maurer after taking office, despite his assurances of stability. Keller-Sutter defended her communication with the Federal Council, asserting she informed them adequately about the bank's issues shortly after her transition to the Finance Department.
Blick
Credit Suisse Real Estate Fund Siat CHE Karin Keller-Sutter Ueli Maurer
Finance & Economy, News Article
15:15 21.12.2024
Switzerland's new bilateral agreement with EU deemed significantly improved by officials
Federal Councillor Karin Keller-Sutter stated that the new understanding on bilaterals III is "significantly better" than the previously rejected Framework Agreement, aiming to stabilize relations with Brussels. She also addressed accusations regarding the Federal Council's knowledge of UBS's takeover of Credit Suisse, asserting that she informed the government adequately during her transition to the Finance Department. Additionally, she noted that Switzerland's annual cohesion contribution of 350 million francs is about 100 million francs less than Norway's.
rsi
Swiss Franc Norwegian Krone Credit Suisse Real Estate Fund Siat CHE Karin Keller-Sutter Ueli Maurer
Finance & Economy, News Article
14:54 21.12.2024
Keller-Sutter praises improved EU negotiations and addresses Credit Suisse report findings
Federal Councillor Karin Keller-Sutter stated that the outcome of negotiations between Switzerland and the EU is now "significantly better," emphasizing the importance of stabilizing the EU as a key trading partner. She also addressed the PUK report on Credit Suisse, asserting that her department effectively prevented a financial crisis, despite acknowledging that the transition from her predecessor was "not ideal."
watson.ch
Swiss Franc Credit Suisse Real Estate Fund Siat CHE Karin Keller-Sutter Ueli Maurer
Finance & Economy, News Article
13:31 21.12.2024
ubs orchestrates at1 bond wipeout to secure cs takeover and massive profits
UBS's recent discussions revealed a pivotal strategy involving the write-off of $17 billion in Credit Suisse's AT1 bonds, a move that significantly influenced the merger's terms. This decision, initially kept secret, allowed UBS to secure extraordinary profits, contributing nearly $30 billion in 2023. The PUK report highlights that UBS's demands were crucial for the takeover's success, overshadowing the purchase price negotiations.
insideparadeplatz.ch
United States Dollar CS. Barthoulot-Coaching SNC CHE Colm Kelleher Dirk Schütze Matthew Jordan Karin Keller-Sutter Rolf Watter Show more
Finance & Economy, Market Report
07:58 21.12.2024
ubs orchestrates at1 bond wipeout in credit suisse takeover strategy
UBS played a pivotal role in the controversial write-off of $17 billion in Credit Suisse's AT1 bonds during its takeover negotiations, a move that significantly benefited UBS financially. Despite claims of ignorance from UBS Chairman Colm Kelleher, investigations reveal that UBS initiated the discussion on the bond wipe-out, which was crucial for the merger's success. This decision has led to global lawsuits from investors and potential financial repercussions for Swiss taxpayers.
insideparadeplatz.ch
United States Dollar FinMan Gestion", CS. Barthoulot-Coaching SNC USA CHE Karin Keller-Sutter Colm Kelleher Rolf Watter Thomas Jordan Dirk Schütze Daniela Stoffel Show more
Finance & Economy, Transcript
07:58 21.12.2024
National Bank leaders divided over Credit Suisse's future amid UBS takeover talks
National Bank Chairman Martin Schlegel advocated for the nationalization of Credit Suisse, opposing the takeover by UBS favored by then National Bank Chairman Thomas Jordan and Finance Minister Karin Keller-Sutter. This disagreement was revealed by the Parliamentary Commission of Inquiry.
Luzerner Zeitung
Credit Suisse Real Estate Fund Siat CHE Martin Schlegel Thomas Jordan Karin Keller-Sutter Show more
Finance & Economy, News Article
06:00 21.12.2024
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