{
}
The Parliamentary Commission of Inquiry (PUK) is set to release its report on the Credit Suisse collapse, focusing on the failures of authorities like FINMA and the Federal Department of Finance. Key figures, including former Finance Minister Ueli Maurer and FINMA head Marlène Amstad, are under scrutiny for their roles in the bank's downfall. The report aims to identify necessary reforms and whether FINMA requires more power to prevent future crises.
Martin Schlegel, the new President of the Swiss National Bank, made a notable debut at his first media conference, opting for a more open and engaging style compared to his predecessor. He announced a significant interest rate cut of half a percentage point and encouraged direct questions to his fellow Governing Board members, signaling a potential shift towards greater transparency in central bank communication. Schlegel's approach contrasts with the traditionally secretive nature of central banking, hinting at a new era of interaction with the media and the public.
The eagerly anticipated report from the Parliamentary Commission of Inquiry into the Credit Suisse collapse is set to be released before Christmas, raising hopes among creditors whose AT1 bonds were entirely canceled on March 19, 2023. Approximately 2,500 claimants are challenging the legality of this cancellation, arguing that the necessary conditions were not met, while the Swiss Financial Market Supervisory Authority defends its decision as essential for public interest amid a financial crisis. As legal proceedings unfold, the implications for Switzerland could be significant, especially if a U.S. court agrees to hear a related expropriation claim, potentially exposing confidential government documents.
The upcoming CS-PUK report is set to illuminate the actions of institutions and individuals involved in the Credit Suisse crisis, influencing future Swiss banking regulations. The Parliamentary Commission of Inquiry has scrutinized the roles of key figures, including former Finance Minister Ueli Maurer and the Swiss National Bank, amid criticisms of inadequate crisis management and oversight. Recommendations from the report may impact the ongoing debate on capital requirements for "too big to fail" banks, with potential amendments to regulations expected by mid-2025.
AllianceBernstein plans to sue Switzerland for $225 million over the $17 billion wipeout of Credit Suisse's AT1 bonds, arguing that the Swiss government favored shareholders while leaving debt investors empty-handed. This lawsuit could impose significant financial stress on Swiss taxpayers, reminiscent of past bailouts where UBS benefited while the public bore the costs. The Ministry of Finance has engaged Wachtell law firm for defense, raising questions about the influence of UBS in the proceedings.
AllianceBernstein plans to sue Switzerland for $225 million over the $17 billion wipeout of Credit Suisse's AT1 bonds, arguing that the Swiss government unfairly prioritized shareholders over debt holders. This lawsuit, filed in New York, raises concerns about potential financial repercussions for Swiss taxpayers, reminiscent of past bailouts where UBS benefited while the public bore the costs. The outcome could significantly impact the credibility of Swiss financial authorities and their handling of the crisis.
The imminent PUK report will investigate the causes behind Credit Suisse's collapse in March 2023, focusing on the roles of key authorities like FINMA, the Swiss National Bank, and the Federal Department of Finance. The commission, led by Isabelle Chassot, has conducted over sixty interviews and will address regulatory failures and the need for reforms in the Swiss financial system. Following its publication, the findings will inform legislative changes and regulatory measures to prevent future banking crises.
Tensions rise ahead of the Credit Suisse investigation report, with former Finance Minister Ueli Maurer facing scrutiny for his inaction during the crisis. Current Minister Karin Keller-Sutter is seen as a decisive figure, while former executives like Axel Lehmann grapple with legal uncertainties. The report may intensify potential legal actions against those involved.
UBS management is apprehensive about potential stricter regulations following the upcoming PUK report on Credit Suisse, questioning the wisdom of their acquisition. Despite averting a financial crisis, they fear that increased capital requirements could hinder UBS's long-term prosperity and competitiveness. CEO Sergio Ermotti advocates for targeted regulatory adjustments rather than sweeping changes, emphasizing the need for accountability among failed executives at Credit Suisse.
Switzerland's Finance Minister Karin Keller-Sutter emphasized that UBS's capital requirements must be "proportionate" to balance financial competitiveness and taxpayer protection. Following the Credit Suisse collapse, she noted UBS's significant size relative to the Swiss economy necessitates stricter liquidity and equity measures. While estimates suggest UBS may need an additional $15 billion to $25 billion in capital, Keller-Sutter highlighted the importance of a comprehensive approach to regulatory changes.
Karin Keller-Sutter
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Parliamentary Inquiry Report to Uncover Failures Behind Credit Suisse Collapse
Credit Suisse High Yield Bond Fund, Inc.
CHE
Isabelle Chassot
Axel Lehmann
Thomas Gottstein
Karin Keller-Sutter
Tidjane Thiam
Ulrich Körner
Ueli Maurer
Thomas Jordan
Colm Kellerher
Martin Schlegel
Urs Rohner
Show more
20:37 15.12.2024
new snb president martin schlegel embraces transparency and communication shift
Swiss National Bank
CHE
Montagu Norman
Karl Brunner
Fritz Leutwiler
Karin Keller-Sutter
Antoine Martin
Tomas Jordan
Martin Schlegel
Show more
19:23 12.12.2024
Credit Suisse Collapse Report Sparks Legal Battle for Bondholders Compensation
United States Dollar
Swiss Franc
Credit Suisse High Yield Bond Fund, Inc.
Quinn Emanuel Urquhart & Sullivan LLP
USA
CHE
Alain Berset
Karin Keller-Sutter
Daniel Zulauf
Thomas Werlen
Thomas Jordan
Show more
06:00 12.12.2024
Swiss Inquiry Report to Shape Future Banking Regulations and Accountability
United States Dollar
Credit Suisse Real Estate Fund Siat
CHE
Marlene Amstad
Thomas Jordan
Ueli Maurer
Axel Lehmann
Sergio Ermotti
Karin Keller-Sutter
Show more
14:44 10.12.2024
AllianceBernstein Sues Switzerland Over Credit Suisse AT1 Bond Wipeout
United States Dollar
AllianceBernstein Holding L.P.
Credit Suisse Real Estate Fund Siat
CHE
Marlene Amstad
Lukas Gähwiler
Sergio Ermotti
Colm Kelleher
Karin Keller-Sutter
Show more
07:52 10.12.2024
alliancebernstein sues switzerland over credit suisse bond wipeout
United States Dollar
Credit Suisse Real Estate Fund Siat
AllianceBernstein Holding L.P.
CHE
USA
Sergio Ermotti
Lukas Gähwiler
Karin Keller-Sutter
Colm Kelleher
Marlene Amstad
Show more
07:52 10.12.2024
Parliamentary Inquiry Report on Credit Suisse Crisis Set for Release Soon
Swiss Franc
Credit Suisse Real Estate Fund Siat
CHE
Marlene Amstad
Axel Lehmann
Karin Keller-Sutter
Isabelle Chassot
Thomas Jordan
Ueli Maurer
Ulrich Körner
Tidjane Thiam
Show more
17:14 09.12.2024
Credit Suisse Investigation Uncovers Failures of Federal Authorities and Executives
Swiss Franc
Credit Suisse Real Estate Fund Siat
CHE
Marlene Amstad
Karin Keller-Sutter
Axel Lehmann
Ueli Maurer
Thomas Jordan
Show more
06:00 08.12.2024
UBS Faces Regulatory Fears Following Credit Suisse Takeover and PUK Report
Swiss Franc
Credit Suisse High Yield Bond Fund, Inc.
CHE
Sergio Ermotti
Colm Kelleher
Karin Keller-Sutter
Show more
06:00 07.12.2024
swiss finance minister calls for proportionate capital requirements for ubs
16:04 01.12.2024
Trending
Subcategory
Stock Market Updates
Corporate News
Industry Trends
Global Trade Developments
Global Financial Events
Finance Mergers & Acquisitions
Banking Regulations
Retail and Consumer Goods
Startups & Entrepreneurship
Central Bank Actions
Industry Mergers & Acquisitions
Inflation and Monetary Impact
CEO Changes
Market Analysis and Predictions
Government Economic Policies
Government Policies
Domestic Politics
Workplace Trends
GDP Growth & Recession Forecasts
Supply Chain Management
Countries:
Companies:
Barclays PLC
Apple Inc.
JPMorgan Chase & Co.
Tesla, Inc.
Deutsche Bank Money Market PP
Banco Santander, S.A.
The Goldman Sachs Group, Inc.
Berkshire Hathaway Inc.
Credit Suisse Strategic Income I
Lloyds Banking Group plc
SpaceXCoin USD
Amazon.com, Inc.
NVIDIA Corporation
Bank of America Corporation
UBS Group AG
Morgan Stanley
Wells Fargo & Company
BNP Paribas SA
Commerzbank AG
UniCredit S.p.A.
Currencies:
United States Dollar
Euro
British Pound Sterling
Swiss Franc
Japanese Yen
Indian Rupee
Chinese Yuan
Canadian Dollar
Vietnamese Đồng
South Korean Won
Australian Dollar
Thai Baht
New Taiwan Dollar
Singapore Dollar
Indonesian Rupiah
Mexican Peso
Cambodian Riel
Russian Ruble
Hong Kong Dollar
Offshore Chinese Yuan
People:
Donald Trump
Elon Musk
Warren Buffett
JD Vance
Sergio Ermotti
Mark Haefele
Robin Leopold
Olivier Calvet
Troy L Rohrbaugh
Jennifer Piepszak
Karoline Leavitt
Ursula von der Leyen
Alex Kramm
Susan P. Crawford
Scott Bessent
Stacey Friedman
Jeff Bezos
George Saravelos
Francois Xavier Bouvignies
Joseph Spak