The Parliamentary Commission of Inquiry's report on the emergency merger of Credit Suisse and UBS found no misconduct by authorities but criticized Credit Suisse's management and regulatory weaknesses. Political reactions include calls for stricter banking regulations, with the Greens proposing a "Lex UBS" to enhance corporate governance and oversight. Former Finance Minister Ueli Maurer is blamed for inadequate crisis management, while the report emphasizes the need for improved coordination among authorities and better crisis detection mechanisms.
The fallout from the Credit Suisse collapse has sparked intense political blame, particularly directed at former Finance Minister Ueli Maurer for his inaction during critical years. Calls for stricter regulations and oversight have emerged, with various parties advocating for measures such as banning bonuses for systemically important banks and increasing capital requirements. The Federal Council, while defending its actions, acknowledges the need for regulatory improvements in light of the crisis.
The Parliamentary Commission of Inquiry has attributed the Credit Suisse crisis primarily to management missteps, leading to a significant loss of confidence and jeopardizing the bank's existence in March 2023. While the authorities were not found at fault, the ICC criticized the effectiveness of FINMA's supervision and the hesitancy in developing "too big to fail" legislation, highlighting the need for improved communication and cooperation among financial stability authorities. The report underscores the urgency for action regarding systemically important banks and the necessity for clearer regulations.
The Parliamentary Commission of Inquiry's report on Credit Suisse's collapse highlights the need for FINMA to enhance its supervisory role, criticizing the Federal Department of Finance for inaction prior to the crisis. Federal Councillor Karin Keller-Sutter's decisive leadership is credited with averting a broader financial crisis, while calls for systematic supervision of systemically important banks are emphasized to prevent future failures. The FDP insists on learning from this crisis to ensure Switzerland's financial stability and prosperity.
In the "Samstagsrundschau," President Karin Keller-Sutter discusses the findings of the Parliamentary Investigation Committee regarding the Credit Suisse crisis, highlighting it as both a confidence and capital issue. The report criticizes former Finance Minister Ueli Maurer and FINMA for their roles in the crisis, raising questions about future banking regulations and the need for stronger oversight. Looking ahead, Keller-Sutter outlines her priorities for the coming year and her approach to global challenges.
Swiss lawmakers have called for tighter financial sector regulations following a detailed inquiry into Credit Suisse's collapse, attributing the crisis primarily to management failures while criticizing regulatory authorities for their lack of transparency and oversight. The report, which includes 30 recommendations, emphasizes the need for stronger capital requirements for systemically important banks and better communication among officials during crises. Despite the chaos, the committee found no direct misconduct by authorities, asserting they prevented a global financial crisis.
The FDP blames former Finance Minister Ueli Maurer for the Credit Suisse crisis, citing his failure to establish a liquidity safety net and provide transparent communication. In contrast, Die Mitte calls for stronger financial regulation, while the SP accuses bourgeois politicians of weakening FINMA, advocating for UBS downsizing and increased capital requirements. FINMA supports the call for enhanced powers and acknowledges the need for improved supervision following the crisis.
The PUK report attributes the downfall of Credit Suisse primarily to management missteps, while highlighting the leniency of politicians and authorities towards the banking lobby. It criticizes the "too big to fail" regulation as inadequate during crises and calls for urgent reforms to prevent future failures, especially with UBS's increased risk.
The PUK report reveals that high-ranking managers at Credit Suisse disregarded the damage their actions caused, aided by weak institutional oversight. This failure, highlighted by the decision to reduce the bank's capital cushion in 2017, set the stage for its eventual collapse. In light of the crisis, calls for stronger capital requirements for UBS are met with resistance, emphasizing the need for enhanced regulatory powers to prevent future financial disasters.
The PUK report on the Credit Suisse crisis reveals extensive mismanagement within the bank, leading to its merger with UBS for CHF 3 billion, backed by significant state guarantees. The investigation criticized regulatory bodies for inadequate oversight and the Federal Council for poor communication during the crisis, while ultimately endorsing the UBS acquisition as the best option to prevent a global financial disaster. The commission issued 20 recommendations and 11 motions aimed at improving banking regulations and oversight.
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