Mitte calls for financial supervision to be strengthened
Published: Friday, Dec 20th 2024, 13:50
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Following the PUK report, the center is calling for more effective regulations. Financial market supervision must be strengthened and the National Bank must be more closely involved. The players in the financial sector, especially those of the systemically important banks, should also act more responsibly.
"The control mechanisms of the Swiss National Bank (SNB) and above all Finma, as well as the too-big-to-fail rules, were clearly not enough to prevent the collapse of Credit Suisse," the center stated in a press release on Friday. The Swiss financial center must now be made more resilient.
The recommendations of the Parliamentary Commission of Inquiry (PUK) must be implemented and must not be watered down. This applies, among other things, to the rapid introduction of a public mechanism to support liquidity.
The Swiss Financial Market Supervisory Authority (FINMA) is to be strengthened according to the wishes of the center. Its interventions should become more binding through the use of formal rulings. Transparency is also a prerequisite for the Finma, the markets and the public to be able to assess the robustness of a financial institution.
The center also wants the Swiss National Bank to be more closely involved in ensuring financial market stability. The aim should be to facilitate preparatory measures and thus ensure more efficient access to emergency liquidity.
The center wants to continue to work towards setting responsible capital requirements for systemically important banks. Higher equity would reduce the incentive to take irresponsible risks.
©Keystone/SDA
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