PUK member: “Years of mismanagement by CS management”
Published: Friday, Dec 20th 2024, 12:20
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According to Councillor of States Matthias Michel (FDP/ZG), it was not surprising that confidence in Credit Suisse was shaken before its demise at the beginning of 2023. "After years of mismanagement, little was needed for destabilization," said the member of the Parliamentary Commission of Inquiry.
The CS management had caused the existential crisis over a period of years, Michel told the media in Bern on Friday. However, the Parliamentary Commission of Inquiry (PCI) had to examine the management of the authorities and not that of CS.
According to Michel, Switzerland was a trendsetter in banking regulation until 2015. After that, there was an increasing lack of instruments.
Since 2016, there has been international pressure for the introduction of a public liquidity backstop (PLB) for systemically important banks. The Swiss Financial Market Supervisory Authority (FINMA) and the Swiss National Bank (SNB) had also called for the legal basis for a PLB as of 2018.
However, the Federal Council did not define the key parameters for a PLB until 2022 and ultimately had to act by emergency legislation during the CS crisis. According to Michel, parliament will now take up the legislative work for a PLB following the publication of the PUK report.
©Keystone/SDA
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