PUK report on the CS crisis due by the end of 2024
Published: Friday, Feb 23rd 2024, 11:01
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The investigations by the Parliamentary Commission of Inquiry (PUK) into the CS crisis are taking longer than initially planned. The remaining hearings are due to take place in May. The final report should then be available by the end of the year.
"The original plan was to complete all hearings by the spring session," the parliamentary services announced on Friday. However, due to their considerable scope, the remaining hearings would not be held until afterwards.
According to the latest information from the PUK, at its 15 meetings to date, the committee has dealt in particular with the management of the authorities from the start of the crisis in summer 2022 and during the acute crisis in mid-March 2023. In the coming months, it will focus more closely on developments from 2015 onwards.
No content details known yet
The PUK on the CS crisis is examining the period from 2015 up to and including the completion of the emergency merger of CS with UBS. The mandate of the PUK is to investigate the management of the relevant authorities in connection with the emergency merger in terms of legality, expediency and effectiveness. It must present the results of its investigations to Parliament in a report.
The PUK evaluates relevant documents and conducts hearings. The list includes representatives of the Federal Council, the Department of Finance, the Financial Market Supervisory Authority (FINMA) and the Swiss National Bank (SNB). The PUK will not disclose any further details due to confidentiality obligations.
Two new PUK members
Following the elections, the PUK had to replace two members who were not re-elected. Councillor of States Matthias Michel (FDP/ZG) replaced Claude Bauer (FDP/NE), and National Councillor Beat Flach (GLP/AG) replaced Roland Fischer (GLP/LU).
According to its own information, the Commission has awarded five external mandates to date and has defined two further mandates with which it will entrust external bodies. This information is important as a context for assessing the management of the authorities.
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