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The Swiss Parliamentary Investigation Commission (PUK) is set to release its report on Credit Suisse's collapse, likely by December 20, 2024. The report will scrutinize the Financial Market Supervisory Authority (FINMA) for its inadequate response to the crisis and address systemic issues within the "Too Big to Fail" framework. Recommendations for enhancing financial oversight and crisis management are anticipated, with significant implications for the Swiss financial regulatory landscape.
The upcoming PUK report on the Credit Suisse bankruptcy is expected to heavily criticize the Financial Market Authority (FINMA) and the Swiss National Bank (SNB) for their inadequate crisis management. Despite having the necessary tools, FINMA failed to intervene effectively, while the SNB's delayed response left Credit Suisse vulnerable, culminating in its forced merger with UBS. The report will also address the need for stronger oversight and a more competent Board of Directors at FINMA to better handle future crises.
At a Zurich conference, SNB Chairman Martin Schlegel emphasized that building equity capital is a priority over profit distribution, highlighting the need for flexible monetary policy to maintain price stability amid global economic fluctuations. He noted that Switzerland's inflation target is set between 0 and 2 percent, allowing the SNB to respond effectively to external shocks while addressing the challenges posed by a low equity capital situation. Schlegel affirmed that the central bank's policies have successfully supported the Swiss economy's resilience in the face of inflation and deflation risks.
Matthew Jordan
People
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puk report on credit suisse to reveal systemic failures and accountability issues
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