PUK member Matter: “Filter has covered up CS’s real situation”
Published: Friday, Dec 20th 2024, 12:20
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"The regulatory filter granted to CS concealed the real situation of the big bank." This was stated by Zurich SVP National Councillor Thomas Matter on behalf of the Parliamentary Commission of Inquiry to the media in Bern on Friday.
The filter was lawful, continued Matter. However, the parliamentary investigation committee (PUK) questioned its appropriateness. "Without the filter, CS would no longer have met the capital adequacy requirements in 2021, let alone 2022." Systemically important banks must have sufficient capitalization.
Risk management was not suitable in the case of CS, as National Councillor Beat Flach (GLP/AG) explained on behalf of the PUK. Such an instrument for early detection was only appropriate if it could effectively identify crises. The Federal Council's concept lacks a mechanism that recognizes the occurrence of an identified risk.
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