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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.
Critics argue that Thomas Jordan, head of the National Bank, failed to support Credit Suisse adequately during its crisis, opting for a passive approach that left the federal government to handle a CHF 9 billion forced sale. Meanwhile, Axel Lehmann, the last Chairman of CS, defends his tenure, attributing the bank's decline to his predecessors and facing potential legal challenges. Finance Minister Karin Keller-Sutter is praised for her decisive actions post-crisis, but questions remain about the implications of a state-backed UBS and the regulatory failures of FINMA under Marlene Amstad.
The final report on the Credit Suisse crisis, released by the Parliamentary Commission of Inquiry, scrutinizes the actions of key institutions and individuals, including FINMA and the Swiss National Bank, during the bank's emergency merger with UBS. It highlights potential failings of former Finance Minister Ueli Maurer and assesses the collaboration among financial authorities. The findings will inform future regulations on "too big to fail" banks, with proposed amendments expected by mid-2025.
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 downfall of Credit Suisse has prompted a parliamentary commission of inquiry to investigate the failures of federal authorities, including the Federal Council, Swiss National Bank, and FINMA. The commission, led by Isabelle Chassot, aims to uncover the reasons behind the bank's collapse and the inadequacies of the too-big-to-fail regulations. Key figures from Credit Suisse, including former chairmen and CEOs, are expected to testify, while the inquiry seeks to address institutional shortcomings that contributed to the crisis.
The upcoming CS-PUK report will critically assess the actions of institutions and individuals involved in the downfall of Credit Suisse, influencing future Swiss banking regulations. The Parliamentary Commission of Inquiry has scrutinized the management of FINMA and the Swiss National Bank, with potential implications for former Finance Minister Ueli Maurer. Recommendations for strengthening regulatory frameworks, particularly for "too big to fail" banks, are anticipated as the Federal Council prepares to amend TBTF rules by mid-2025.
The PUK report on Credit Suisse will be unveiled on Friday, revealing key findings from the investigation into the bank's downfall. The focus is on the roles of FINMA, the Swiss National Bank, and the Federal Council's Department of Finance, following 62 hearings. Recommendations regarding regulatory powers are anticipated.
EU President Ursula von der Leyen returned to Brussels without a finalized submission treaty after the Swiss Federal Council opted for a piecemeal approach to negotiations, fearing public backlash. This decision marks a significant victory for EU opponents in Switzerland, delaying any agreements until at least 2026.
The Parliamentary Commission of Inquiry is set to release a report examining the actions of Swiss authorities leading to Credit Suisse's collapse and its emergency merger with UBS. The investigation, covering 2015 to 2023, will focus on regulatory failures rather than the bank's management mistakes, with potential consequences for current officials, particularly at FINMA. As pressure mounts for regulatory reforms, the report aims to prevent similar crises in the future.
The Parliamentary Commission of Inquiry (CEP) is investigating the failures that led to Credit Suisse's collapse, focusing on the roles of key officials and the interaction between financial authorities. The report, expected soon, will address whether regulatory bodies like Finma should have acted sooner and if they need more powers to prevent future crises. Additionally, it will explore the adequacy of capital requirements for major banks in Switzerland.
Karin Keller-Sutter
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Swiss inquiry report on Credit Suisse collapse to reveal key findings
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