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The CS-PUK report will guide future bank regulation by examining Finma's supervisory activities from 2015 through the recent crisis. During this period, Credit Suisse faced multiple negative incidents, including the "shadowing scandal," the Mozambique bond scandal, and the failures of Greensill and Archegos.
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.
Ten years ago, Raiffeisen shares closed at EUR 11.88, and an investment of EUR 10,000 would have yielded 841,751 shares. As of December 19, 2024, these shares are valued at EUR 16,489.90, reflecting a 64.90% increase in value, with the company’s market valuation at EUR 6.43 billion.
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.
Investors who put EUR 10,000 into Raiffeisen shares a decade ago would now hold 841,751 shares, valued at EUR 16,489.90, reflecting a 64.90% increase. The market capitalization of Raiffeisen stands at EUR 6.43 billion, with the share price at EUR 19.59 as of December 19, 2024.
Liquidators of the bankrupt Cryptopia exchange have begun distributing $225 million to over 10,000 verified users affected by a hack in 2019. Grant Thornton announced that initial payouts have been made in Bitcoin and Dogecoin, with plans for further distributions in the New Year. The firm encourages remaining account holders to register on the claims portal to be eligible for future distributions.
Ripple, in partnership with Archax and abrdn, has launched the first tokenized money market fund on the XRP Ledger, marking a significant step in real-world asset tokenization. Ripple's $5 million investment underscores confidence in XRPL's capabilities, which promise efficiency, low fees, and compliance for institutional investors. With projections of tokenized assets reaching $16 trillion by 2030, XRPL is poised to transform traditional finance through blockchain technology.
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 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.
Today at 10:30 a.m., the Parliamentary Investigation Committee (PUK) will present its findings on the Credit Suisse collapse, marking the first such inquiry in nearly 30 years. PUK President Isabelle Chassot and Vice-President Franziska Ryser will address the media after a year and a half of investigations, which included nearly 80 hearings with government and banking representatives. The committee aims to uncover weaknesses in federal and supervisory authorities related to the significant incidents surrounding the bank's downfall.
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