The Parliamentary Investigation Committee (PUK) has presented a report on the Credit Suisse crisis, highlighting years of mismanagement and regulatory failures that led to its emergency merger with UBS. The PUK will recommend measures to the Federal Council, which must respond by spring 2025, while UBS supports most proposals to enhance the financial center's resilience. The report criticizes the "too big to fail" legislation and the lack of effective supervisory tools during the crisis.
The Parliamentary Commission of Inquiry's report on Credit Suisse's downfall highlights years of mismanagement, scandals, and a lack of compliance with regulatory authorities, leading to a crisis that necessitated an emergency merger with UBS. The report criticizes the "too big to fail" legislation for being overly lenient and calls for improved cooperation among authorities and better risk management. It also emphasizes the need for lessons to be learned, as Switzerland now has only one globally systemically important bank.
Around a thousand employees at Credit Suisse are affected as UBS completes its acquisition, marking the end of CS's 167-year history. The Swiss parliament debates the emergency takeover, while a Parliamentary Commission of Inquiry investigates the circumstances surrounding it. UBS has also terminated federal guarantees, and numerous complaints regarding the financial terms of the takeover have been filed.
Former Credit Suisse executives and Swiss authorities attended hearings regarding the management of the CS crisis, with the PUK set to make twenty recommendations to the Federal Council by spring 2025. The report criticizes the lack of tools available to authorities and highlights the need for improved cooperation and information sharing among them. The PUK also noted that the handover of responsibilities from former Finance Minister Ueli Maurer to Karin Keller-Sutter was inadequate, particularly concerning the critical CS dossier.
The Zurich cantonal government will ban the purchase of new Rottweilers starting in 2025 due to safety concerns following serious bite incidents. Current owners must apply for a license to keep their dogs, as Rottweilers are deemed to pose a higher risk compared to other breeds.In related news, the Parliamentary Investigation Committee (PUK) is set to release its report on the downfall of Credit Suisse, covering events from 2015 to the emergency merger with UBS. The findings will be presented to Parliament, highlighting the management of authorities during this crisis.
The PUK will present its investigation report on the emergency takeover of Credit Suisse by UBS today at 10:30 a.m., following a year and a half of inquiry into the roles of various authorities. The report aims to clarify responsibilities and propose reforms, particularly regarding the "too big to fail" regime for major banks. Key figures, including Finma President Marlene Amstad, are under scrutiny, with the findings expected to influence future regulatory measures.
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.
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.
Credit Suisse faced a dramatic decline, culminating in a CHF 7.3 billion loss for 2022, its largest since the financial crisis. Following failed rescue attempts and significant cash outflows, UBS acquired Credit Suisse for CHF 3 billion in shares, with the Swiss National Bank providing CHF 200 billion in liquidity assistance. The bank's 167-year history ended on June 12, 2023, with its shares trading at just 81.7 centimes, over a hundred times less than pre-crisis values.
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