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The Parliamentary Commission of Inquiry (PUK) found no misconduct by Swiss authorities during the emergency merger of Credit Suisse and UBS, attributing the crisis primarily to Credit Suisse's mismanagement. However, it criticized the lack of coordination among authorities and inadequate information provided by Finance Minister Ueli Maurer. The PUK emphasized the need for improved Too-Big-To-Fail regulations and better crisis management strategies moving forward.
A parliamentary committee has released a 500-page report on the emergency merger of Credit Suisse (CS) and UBS, attributing the crisis to CS's management while praising authorities for averting a global financial disaster. The report criticizes the Federal Council's hesitance in implementing key regulations and highlights the need for improved cooperation among financial authorities. It also questions the actions of former Finance Minister Ueli Maurer for insufficient communication regarding the crisis.
The Parliamentary Commission of Inquiry's 569-page report on the Credit Suisse crisis reveals extensive mismanagement by the bank's leadership, with over CHF 11 billion in fines and a total loss of CHF 32.3 billion from 2012 to 2022. It criticizes the Financial Market Supervisory Authority for inadequate oversight and highlights the Federal Council's leniency towards big banks. The report concludes with 20 recommendations and 11 motions aimed at improving regulatory frameworks and preventing future crises.
The Parliamentary Commission of Inquiry (PUK) has released a critical 500-page report on the collapse of Credit Suisse, attributing the crisis to years of mismanagement within the bank. The emergency takeover by UBS in March 2023 was deemed unnecessary, highlighting the need for accountability among bank managers.
The Parliamentary Commission of Inquiry has called for stricter regulations for systemically important banks like UBS, emphasizing the need for enhanced equity capital requirements. Additionally, it proposes that senior managers should forfeit bonuses if their business performance is lacking.
El Salvador has purchased 11 Bitcoin, valued at around $1 million, increasing its total holdings to nearly 5,981 BTC. This move follows a $1.4 billion financing deal with the IMF, which imposes limits on the country's crypto policies, including making Bitcoin acceptance voluntary and restricting tax payments to the U.S. dollar. Despite these conditions, the government remains committed to its Bitcoin strategy, with plans for continued purchases and maintaining Bitcoin as legal tender.
Following the parliamentary commission's report on the Credit Suisse crisis, significant criticism has emerged towards various stakeholders, including former Federal Councillor Ueli Maurer. The Swiss Bankers Association and the Federal Council acknowledge regulatory weaknesses, while calls for improved oversight and management practices intensify. The Greens propose a "Lex UBS" to address risks from the newly formed megabank, and UBS attributes CS's collapse to mismanagement and strategic failures.
The parliamentary commission of inquiry (PUK) has criticized the management of Credit Suisse (CS) for the crisis that led to its bailout, while acknowledging the authorities' role in averting a global financial disaster. The PUK calls for stronger "too big to fail" regulations and clearer cooperation among financial stability authorities, highlighting shortcomings in the Federal Council's response and Finance Minister Ueli Maurer's inadequate communication. Despite FINMA's supervisory efforts, repeated scandals at CS indicate limited effectiveness in oversight.
The PUK report on the Credit Suisse crisis criticizes former Finance Minister Ueli Maurer for insufficient communication with the Federal Council, highlighting his verbal-only updates and lack of written documentation. The report calls for improved information exchange, risk management, and emphasizes the need for better capitalization of systemically important banks. Additionally, it points out the inadequate supervisory actions by Finma, despite regular audits and written expectations communicated to CS.
Cryptopia, the New Zealand-based crypto exchange that went bankrupt after a cyberattack, has begun returning approximately NZ$400 million (about $225 million USD) to 10,000 verified account holders. Liquidators from Grant Thornton reported that over NZ$400 million in crypto has been returned on-chain recently, with plans for further distributions next year for newly verified users. They encourage remaining account holders to register on the claims portal to be eligible for future distributions.
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