Swiss financial market supervisory authority FINMA is investigating whether Credit Suisse top management can be held to account for the bank’s debacle, its president has told the NZZ am Sonntag newspaper.
This content was published on
2 minutes
Keystone-SDA/RTS/jc
Italiano
it
L’autorità di vigilanza svizzera esamina possibili misure contro i vertici di Credit Suisse
“We are not a criminal authority, but we are exploring the possibilities,” Marlene Amstad said in an interview published on Sunday, adding that it had not yet been decided whether to open new proceedings.
After the takeover of Credit Suisse by UBS, the focus will be on a transition phase to integrate Switzerland’s second bank into its leading one, and on financial stability, she told the paper. Capital and liquidity requirements for the new giant UBS bank are expected to grow gradually. “We can’t require it by Monday. Some transitional periods are necessary. But the requirements will increase,” says Amstad.
She also welcomed the current debate about whether to give FINMA more means to intervene. These could include the authority to impose fines and a “senior managers regime” where responsibilities could be established. In the case of Credit Suisse, she told the paper that “often it was not easy to know who was responsible for what”.
Another Sunday newspaper, Le Matin Dimanche, writes that political parties are pointing the finger at FINMA in the Credit Suisse collapse. The supervisory authority, which has 550 staff, was set up in 2007 to “strengthen trust in the good functioning, integrity and competitiveness of the financial market”, the paper notes. It says FINMA’s director, president and three of its board members all worked previously for Credit Suisse.
Thomas Aeschi, head of the Swiss People’s Party parliamentary group, says his party will support a parliamentary inquiry to shed light on FINMA’s role, the paper reports. “FINMA is responsible for not having seen the crisis coming, whereas its role is precisely to manage risks,” Social Democratic party president Samuel Bendahan told the paper.
Related Stories
Popular Stories
More
Swiss Politics
Switzerland triggers unprecedented special status for Ukrainian refugees
Swiss army recruits remain in hospital after gruelling test exercise
This content was published on
Four potential recruits for the elite Swiss grenadier unit were hospitalised last week after taking part in a gruelling exercise in hot weather. Three remain in hospital with one placed temporarily in an artificial coma.
University of Basel to mark 125th anniversary of Nietzsche’s death
This content was published on
This month the University of Basel is celebrating the German philosopher Friedrich Nietzsche, who was a professor there from 1869 to 1879. August 25th marks the 125th anniversary of his death.
Trump tariffs: Swiss brands struggle to adapt to 39% tariff
This content was published on
Swiss brands like Victorinox, the manufacturer of the iconic pocket knife, are struggling to adapt to the 39% tariff imposed by the United States on imports of Swiss goods.
Fish and aquatic plants are under ‘severe pressure’ in Swiss rivers and lakes
This content was published on
Fish, aquatic plants and other animals in Swiss rivers, lakes and streams remain under 'severe pressure', according to the Federal Office for the Environment.
Swatch withdraws ‘slanted eyes’ ad after China uproar
This content was published on
The Swiss watch manufacturer Swatch has apologised and withdrawn an advertising campaign worldwide following accusations of racism in China. The ad features a model pulling the corners of his eyes.
Police identify bodies of three climbers who died in Swiss Alps
This content was published on
Police have formally identified the bodies of three climbers who died in the Upper Valais region in early August: they are from Germany, France and Austria.
Bern exhibition reunites Kirchner paintings after 92 years
This content was published on
The painting Sonntag der Bergbauern (Alpsonntag) [Sunday of the Mountain Farmers (Alp Sunday) by Ernst Ludwig Kirchner (1880-1938) is being transferred from Berlin to Bern to feature in an upcoming exhibition at Kunstmuseum Bern.
Voters approve extension of Engadine Airport in Switzerland
This content was published on
Residents in the Upper Engadine region gave the greenlight on Sunday to the expansion of the regional airport at Samedan, one of Europe’s highest airports (1,707 metres) that serves the nearby resorts of St Moritz and Davos.
Private equity group Advent to buy U-Blox for $1.3 billion
This content was published on
Private equity group Advent International has agreed to take over Switzerland's U-Blox Holding in a cash offer worth CHF1.05 billion ($1.30 billion).
Trump made direct financial demands during call with Swiss president
This content was published on
During the telephone call between Karin Keller-Sutter and Donald Trump on July 31, Trump demanded direct payments from Switzerland, according to an investigation by SonntagsBlick.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Parliamentary probes to demand Credit Suisse clarity
This content was published on
Parliamentary experts will scrutinise the roles of the finance ministry and financial regulator in the collapse of Credit Suisse.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.