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Matthias Michel, a member of the Parliamentary Commission of Inquiry, criticized the years of mismanagement at Credit Suisse, which he believes led to a loss of confidence before the bank's collapse in early 2023. He noted that Switzerland had been a leader in banking regulation until 2015 but faced increasing pressure for a state liquidity backstop for systemically important banks since 2016. Following the crisis, Parliament is set to address the legislative framework for this Public Liquidity Backstop.
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.
A parliamentary commission of inquiry has concluded that mismanagement by Credit Suisse's leadership led to the bank's crisis, while authorities successfully averted a global financial disaster through intervention in March 2023. The report, spanning over 500 pages, criticizes the Federal Council for hesitance in implementing crucial liquidity guarantees and highlights the need for improved regulatory frameworks for systemically important banks. Additionally, it points to shortcomings in the oversight by the Financial Market Supervisory Authority (FINMA) and criticizes former Finance Minister Ueli Maurer for inadequate communication regarding the crisis.
The Parliamentary Commission of Inquiry will release its findings today regarding the emergency merger of Credit Suisse with UBS, following extensive hearings since July 2023. The investigation has included testimonies from federal advisers and central authority heads, amid allegations of secret meetings involving key financial leaders prior to the merger. In light of the report's publication, the Swiss Bank Employees Association has called for the resignation of the FINMA chairwoman.
The parliamentary commission of inquiry (CEP) is set to unveil its report today on the federal authorities' handling of the Credit Suisse crisis, which culminated in UBS's hurried acquisition of the bank in March 2023. After 18 months of investigation, the CEP analyzed the crisis in four phases, from pre-crisis management to the emergency merger's implementation, conducting over 60 hearings and filing two criminal complaints related to confidential information disclosures. This exceptional parliamentary tool, comprising 14 members from six political parties, aims to shed light on Swiss financial governance.
A commission will present its findings today on the Credit Suisse-UBS merger, focusing on the actions of Swiss authorities during the crisis. Meanwhile, Switzerland and the EU are expected to officially conclude their negotiations, with key decisions on financial contributions and the free movement of persons anticipated. Other notable news includes ongoing investigations into a Chinese ship in the Baltic Sea and a tragic stampede in Nigeria that resulted in the deaths of 35 children.
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 into the Credit Suisse collapse, which occurred on March 19, 2023, is set to release its findings. Chaired by Isabelle Chassot, the commission scrutinizes the roles of federal authorities, including the Federal Council and the Swiss National Bank, while former Credit Suisse executives face limited accountability. The report aims to clarify the failures that led to the bank's downfall and assess the effectiveness of the "Too Big to Fail" regulation.
Critics argue that Thomas Jordan, head of the National Bank, failed to support Credit Suisse adequately during its crisis, opting for a passive approach that left the federal government to handle a CHF 9 billion forced sale. Meanwhile, Axel Lehmann, the last Chairman of CS, defends his tenure, attributing the bank's decline to his predecessors and facing potential legal challenges. Finance Minister Karin Keller-Sutter is praised for her decisive actions post-crisis, but questions remain about the implications of a state-backed UBS and the regulatory failures of FINMA under Marlene Amstad.
The final report on the Credit Suisse crisis, released by the Parliamentary Commission of Inquiry, scrutinizes the actions of key institutions and individuals, including FINMA and the Swiss National Bank, during the bank's emergency merger with UBS. It highlights potential failings of former Finance Minister Ueli Maurer and assesses the collaboration among financial authorities. The findings will inform future regulations on "too big to fail" banks, with proposed amendments expected by mid-2025.
Ueli Maurer
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credit suisse crisis highlights years of mismanagement and regulatory failures
10:06 20.12.2024
swiss authorities face scrutiny in credit suisse crisis management report
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credit suisse crisis reveals years of mismanagement and regulatory shortcomings
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09:30 20.12.2024
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investigation report on credit suisse takeover and eu negotiations conclusion
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parliamentary commission to reveal findings on credit suisse takeover today
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06:30 20.12.2024
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06:21 20.12.2024
credit suisse crisis exposes failures of leadership and regulatory oversight
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06:00 20.12.2024
final report reveals insights into credit suisse collapse and regulatory implications
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05:57 20.12.2024
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