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Karin Keller-Sutter, elected Federal Councilor in 2018, is known for her strategic flexibility and strong financial acumen, having moved to the Department of Finance in 2023. Criticized for her austerity measures and involvement in the Credit Suisse emergency sale, she emphasizes the importance of state capability while navigating complex political landscapes. Her journey from a restaurant in eastern Switzerland to a prominent political figure reflects her commitment to liberal ideals and personal responsibility.
Secretive practices among Swiss officials, including undocumented "non-meetings," hampered the government's response to the Credit Suisse crisis, leading to confusion and a lack of preparedness for the bank's eventual collapse in 2023. A parliamentary report revealed that this culture of discretion left key ministers uninformed, ultimately tarnishing Switzerland's reputation as a financial safe haven. The investigation highlighted the detrimental effects of informal discussions, which delayed necessary interventions and contributed to the chaotic sale of Credit Suisse to UBS.
Sergio Ermotti dominated Swiss media in 2024 with 4,755 mentions, significantly outpacing other business leaders. Despite a 29% drop from 2023, he remains the most prominent figure, while Thomas Jordan and Thomas Schlegel follow with 3,973 and 2,608 mentions, respectively. The media landscape also saw notable mentions related to the Benko scandal and political initiatives against the EU.
The PUK report reveals that big bank regulation, particularly the Too Big to Fail (TBTF) legislation, has failed to protect institutions like Credit Suisse during crises, necessitating state intervention. Despite intentions to bolster equity and ensure stability, the regulations were inconsistently applied, leading to significant taxpayer risks. As reforms are planned, the government must confront the reality of a de facto state guarantee for major banks, with potential rescue costs exceeding CHF 100 billion.
State Secretary Daniela Stoffel emerged as a pivotal figure in the emergency takeover of Credit Suisse (CS) by UBS, despite initial skepticism about her capabilities. Her diplomatic skills facilitated crucial negotiations between the two banks, ultimately leading to a resolution amid a looming financial crisis. The PUK report highlights her significant role in coordinating efforts and navigating complex discussions, marking her as a "silent heroine" in this high-stakes situation.
The Parliamentary Investigation Commission (PUK) report reveals that the public sector's financial risk in the Credit Suisse (CS) rescue was CHF 257 billion, contradicting the Swiss National Bank's (SNB) earlier claim of CHF 200 billion. This discrepancy arose from an additional CHF 50 billion in liquidity assistance and a CHF 9 billion loss guarantee for UBS. Fortunately, UBS successfully stabilized CS, resulting in no losses for the public purse.
The PUK report reveals that big bank regulations, particularly the "too big to fail" (TBTF) legislation, failed to protect Credit Suisse, necessitating state intervention. Despite intentions to bolster resilience and protect taxpayers, exemptions allowed the bank to hide significant equity gaps, leading to a crisis that required a potential nationalization. As reforms are planned, the government must acknowledge the reality of needing to provide substantial rescue funds for systemically important banks in the future.
In December 2022, Ueli Maurer misled the public about the stability of Credit Suisse, despite knowing the bank was in crisis. Following a significant liquidity outflow, he and CS Chairman Axel Lehmann falsely assured the public of a stabilized situation, while internal discussions revealed growing concerns about the bank's viability. By late December, CS's liquidity had drastically diminished, leading to its eventual downfall just months later.
The current Chairman of the Swiss National Bank (SNB), Martin Schlegel, expressed a preference for nationalizing Credit Suisse rather than selling it to UBS, contrasting with the views of his predecessor Thomas Jordan and Finance Minister Karin Keller-Sutter. This disagreement was revealed by a parliamentary commission of inquiry. Schlegel has held the SNB presidency since October 2024.
UBS played a pivotal role in the controversial write-off of $17 billion in Credit Suisse's AT1 bonds during its takeover negotiations, a move that significantly benefited UBS financially. Despite claims of ignorance from UBS Chairman Colm Kelleher, investigations reveal that UBS initiated the discussion on the bond wipe-out, which was crucial for the merger's success. This decision has led to global lawsuits from investors and potential financial repercussions for Swiss taxpayers.
Thomas Jordan
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Karin Keller-Sutter rises to presidency amid challenges and political evolution
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