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the swiss times

Inquiry Commission: Over 60 Hearings Into Credit Suisse

Inquiry Commission: Over 60 Hearings Into Credit Suisse

Fri, May 24th 2024

Parliamentary Commission of Inquiry (PUK) nears completion of investigation into Credit Suisse crisis, final report expected in winter session.

KEYSTONE/Michael Buholzer

The political investigation into the Credit Suisse debacle is making significant progress. The Parliamentary Commission of Inquiry (PUK), established almost a year ago, has conducted over sixty oral and written hearings, signaling that the information collection phase is largely complete.

The investigation, as announced by the Parliamentary Services on Thursday, included hearings with Federal Councillors and key figures from central authorities and bodies, such as the Financial Market Supervisory Authority (FINMA) and the Swiss National Bank (SNB), who were in office during the crisis management from summer 2022.

The PUK also questioned former officials to cover the investigation period from 2015 to 2023. Exponents from Credit Suisse (CS) and UBS were also heard, as their input was valuable for understanding the managing authorities’ actions.

Due to legal confidentiality obligations, the PUK cannot disclose the contents of its investigation. The final report on the CS emergency merger with UBS is expected to be presented to Parliament in the winter session. Since its establishment on June 8, 2023, the PUK has held 22 meetings.

The PUK’s mandate is to investigate the management of relevant authorities in connection with the CS-UBS emergency merger for legality, expediency, and effectiveness.

©Keystone/SDA

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