Bankers Association calls for the “right lessons” to be learned from the crisis
Published: Friday, Dec 20th 2024, 14:30
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Following the report of the Parliamentary Commission of Inquiry (PUK) into the collapse of Credit Suisse, the Swiss Bankers Association (SBA) is calling on the relevant authorities to learn the right lessons. This now requires "smart" regulation.
In a statement published on Friday, the Bankers Association agrees with the PUK that the Swiss Financial Market Supervisory Authority (FINMA) has not always made full use of its resources. "This is where we see the primary need for action, rather than the introduction of additional instruments," explained the SBA.
The report also clearly shows that "years of mismanagement" and the resulting loss of trust in the bank led to the crisis. Against this backdrop, "clear responsibilities and accountabilities" are essential.
The same applies to the remuneration principles, which should promote long-term-oriented corporate management. Any changes should be "target-oriented and proportional", the Bankers Association demands.
The SBA also agrees with the PUK that the supply of liquidity to banks must be strengthened. Specifically, it calls for the Public Liquidity Backstop (PLB) for systemically important banks to be transferred to ordinary law and for the Swiss National Bank (SNB) to extend the liquidity supply to all banks.
The Bankers Association will now analyze the PUK report in depth with regard to further political and regulatory discussions on the topic of banking stability. It is in close contact with politicians and authorities and will contribute "actively and constructively" to the discussions.
©Keystone/SDA
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