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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.
Reactions to the PUK report on the Credit Suisse crisis highlight a consensus on the need for stronger regulation and oversight in Switzerland's financial sector. The Swiss National Bank and Finma acknowledge the necessity for reform, while UBS attributes CS's collapse to mismanagement. Political parties, including the FDP and Greens, call for accountability and propose measures like a "Lex UBS" to ensure better governance and risk management for systemically important banks.
The Parliamentary Commission of Inquiry's report on the Credit Suisse crisis has sparked varied reactions, with calls for the resignation of FINMA chairwoman Marlene Amstad and criticism of the bank's management for strategic failures. The Swiss National Bank plans to strengthen regulations, while UBS expresses cautious support for government proposals to enhance financial stability.
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 Parliamentary Commission of Inquiry has concluded that the collapse of Credit Suisse in March 2023 stemmed from years of mismanagement, primarily by the bank's Board of Directors and management, who ignored regulatory warnings. While federal authorities were criticized for slow regulatory adjustments, they effectively managed the crisis in March 2023, averting a global financial disaster by facilitating Credit Suisse's takeover by UBS. The report emphasizes the need for lessons to be learned to prevent future occurrences.
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 SP Switzerland demands urgent measures to mitigate the risks posed by the oversized UBS, calling for a ban on bonuses for systemically important banks and an end to party financing by UBS. They criticize the slow revision of too-big-to-fail regulations and highlight the need for higher capital requirements and stronger oversight of financial institutions to protect taxpayers from potential crises.
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.
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.
Ueli Maurer
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