Credit Suisse Investigation Commission needs new members

Credit Suisse Investigation Commission needs new members

Fri, Oct 27th 2023

At least two of the 14 members of the Parliamentary Investigation Commission (PUK) on the CS emergency merger were not re-elected on Sunday (22.10.2023). They will be replaced by new members at the change of legislature at the beginning of December.

source: Wikimedia

This was announced by the parliamentary services at the request of the Keystone-SDA news agency. Both National Councillor Roland Fischer (GLP/LU) and Philippe Bauer (FDP/NE) failed to secure re-election. They will have to be replaced. PUK President Isabelle Chassot (center/FR) will have to face a second ballot on November 12.

According to the parliamentary services, the parliamentary groups of the FDP and GLP will make a proposal as to who should replace the non-re-elected members of the PUK. The members of the commission will be elected by the respective office. If Chassot is not re-elected, the coordination conference – the office of the National Council and the office of the Council of States – would determine her successor as PUK president.

The mutations would not affect the organization of the PUK, the parliamentary services further wrote. “Currently, no significant delays are to be expected either.” The PUK previously planned that the investigations would last at least until the start of the next spring session, which would be around the beginning of March 2024.

Detailed analysis

The PUK on the CS crisis is taking a close look at the period from 2015 and up to and including the completion of CS’s emergency merger with UBS. The PUK’s mandate is to investigate the conduct of business by 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 will evaluate relevant documents and hold hearings. Its list includes representatives of the Federal Council, the Finance Department, the Financial Market Supervisory Authority (Finma) and the Swiss National Bank (SNB). The PUK is not disclosing more details because of the obligation to maintain confidentiality.


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