After the PUK report on CS, criticism hails from all directions
Published: Friday, Dec 20th 2024, 16:40
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Following the publication of the report by the parliamentary commission of inquiry into the CS crisis, criticism has been heaped on those involved at the time. It hits the financial market supervisory authority, the financial sector, opposing parties and a former Federal Councillor, among others, as the reactions of parties and organizations show.
BANKERS' ASSOCIATION: Following the report of the Parliamentary Commission of Inquiry (PUK) into the collapse of Credit Suisse (CS), the Swiss Bankers Association is calling on the relevant authorities to learn the right lessons. This now requires "smart" regulation. The Bankers Association agrees with the PUK that the Swiss Financial Market Supervisory Authority (FINMA) has not always made full use of its resources.
FEDERAL COUNCIL: Like the PUK, the Federal Council is of the opinion that the too-big-to-fail regulation has weaknesses. It wants to incorporate the Commission's findings into the planned strengthening of the regulations for systemically important banks. The Federal Council expressed its satisfaction with the report in that it positively acknowledged the actions of the authorities in the CS crisis and the solution chosen with the takeover by UBS.
ECONOMIESUISSE: The business umbrella organization Economiesuisse sees CS's inadequate management as the main problem. Another key issue is the realization that the existing supervisory instruments and options were not fully exploited by FINMA. It was not the applicable regulatory framework that posed a problem.
FDP: For the FDP, former Finance Minister Ueli Maurer (SVP/ZH) is responsible for the CS debacle. Under his leadership, the Federal Department of Finance was asleep in the crucial years before the crisis. He had failed to set up a liquidity safety net. The then SVP Federal Councillor had also failed to inform the Federal Council transparently and take the necessary measures.
FINMA: FINMA welcomes the CS PUK's recommendation to the Federal Council regarding new powers for FINMA. At the same time, FINMA accepts the criticism expressed in the PUK's report on the emergency rescue of CS.
GLP: The GLP supports the recommendations and initiatives of the PUK on the CS crisis. Nevertheless, the party is of the opinion that poor management cannot be regulated away. Greed and obtuseness led to the bank having to be rescued.
GREENS: The Greens are calling for a "Lex UBS" for Switzerland. This law is intended to get the megabank created after the takeover of CS by UBS under control. The "Lex UBS" could include stricter rules for corporate governance, compensation for the implicit state guarantee and a capital buffer. This "Lex UBS" would thus do justice to the risks posed to Switzerland by the new megabank.
MIDDLE: The center demands more effective regulations. FINMA must be strengthened and the Swiss National Bank (SNB) must be more closely involved. The players in the financial sector, especially those of the systemically important banks, should also act more responsibly. The recommendations of the PUK must be implemented and must not be watered down.
NATIONAL BANK: The SNB takes note of the PUK's report on the demise of CS. In its Financial Stability Report 2024, the SNB pointed out that there was a need for action in the areas of capital and liquidity requirements.
SP: For the SP, bourgeois politicians and the financial industry led to the debacle at CS and the takeover by UBS. UBS bought political influence last year with party donations of CHF 675,000 to the SVP, FDP, Center Party and GLP. One of the accusations made by the SP is that UBS bought a relaxation of Finma controls.
UBS: In a reaction, UBS confirmed that CS has collapsed due to years of poor strategic decisions, mismanagement and dependence on substantial regulatory concessions. UBS supports "most" of the Federal Council's proposals to strengthen the resilience of the financial center, the big bank added.
UELI MAURER: Former Finance Minister and former Federal Councillor Ueli Maurer (SVP/ZH) is not commenting for the time being. The 74-year-old wants to examine the PUK report himself first. The SVP has also not commented on the PUK report for the time being.
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