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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 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 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.
Former Finance Minister Ueli Maurer faces criticism from a parliamentary inquiry for inadequate communication regarding Credit Suisse's crisis, particularly for delaying detailed updates until early November 2022. The inquiry highlights a lack of effective information flow and poor handover to his successor, Karin Keller-Sutter, who subsequently improved communication on the bank's situation. Maurer remains silent on the report, stating he wishes to review it first.
The Parliamentary Commission of Inquiry (PUK) has released a report attributing the downfall of Credit Suisse to its Board of Directors and Executive Board, citing their resistance to regulatory interventions. The investigation highlighted failures in communication and coordination among Swiss authorities during the crisis, particularly criticizing former Finance Minister Ueli Maurer's information policy. The PUK emphasizes the need for improved risk management and regulatory measures to prevent future financial crises.
Ueli Maurer, the former Finance Minister, remains silent on the Parliamentary Investigation Commission's report regarding Credit Suisse's downfall, stating he needs time to review it. The report criticizes his lack of communication with the Federal Council and insufficient handover to his successor. UBS acknowledges the report, attributing CS's collapse to poor management and supports most proposals to enhance financial stability, while the Green Liberal Party emphasizes that bad management cannot be regulated away.
Swiss lawmakers have criticized the oversight of Credit Suisse's collapse, attributing the failure primarily to the bank's management while acknowledging the authorities' lack of transparency and haphazard crisis response. The inquiry's report recommends strengthening regulatory frameworks and ensuring better communication among officials to prevent future crises. UBS's acquisition of Credit Suisse has left Switzerland with only one major international bank, prompting calls for reforms to enhance financial stability.
Swiss MPs have criticized authorities for their failures leading to the collapse of Credit Suisse, citing excessive capital relief and insufficient oversight by the Financial Market Supervisory Authority (Finma). The Parliamentary Commission of Inquiry concluded that the bank's mismanagement was the primary cause of the crisis, which culminated in an emergency takeover by UBS in March 2023. The report calls for urgent reforms in banking regulation, including stricter capital requirements and improved information exchange among authorities to prevent future crises.
A Swiss parliamentary inquiry has identified significant failures by authorities leading to the collapse of Credit Suisse, attributing the crisis primarily to the bank's mismanagement rather than regulatory shortcomings. The report criticizes the Financial Market Supervisory Authority for excessive capital relief and insufficient intervention, while recommending reforms to prevent future banking crises, including stricter capital requirements and improved regulatory powers. The inquiry also highlights the need for better information exchange among authorities and proposes measures to eliminate performance bonuses tied to poor business outcomes.
Karin Keller-Sutter
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parliamentary commission calls for reforms after credit suisse collapse
United States Dollar
Credit Suisse Real Estate Fund Siat
CHE
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Thomas Matter
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11:04 20.12.2024
parliamentary inquiry highlights failures in crisis detection during credit suisse collapse
United States Dollar
Credit Suisse Real Estate Fund Siat
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11:04 20.12.2024
parliamentary commission calls for reforms after credit suisse collapse
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11:04 20.12.2024
parliamentary inquiry highlights failures in crisis detection at credit suisse collapse
United States Dollar
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11:04 20.12.2024
parliamentary committee criticizes ueli maurer for poor credit suisse communication
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parliamentary report blames credit suisse leadership for financial collapse
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Ueli Maurer silent as reactions emerge to Credit Suisse crisis report
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Swiss inquiry blames Credit Suisse managers for bank's collapse and oversight failures
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10:55 20.12.2024
Swiss inquiry reveals failures in Credit Suisse collapse and calls for reform
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10:53 20.12.2024
Swiss inquiry reveals failures leading to Credit Suisse collapse and lessons learned
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10:47 20.12.2024
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