The cross-party parliamentary commission of inquiry will spend the next 12 to 15 months assessing the crisis of Switzerland’s second largest bank before producing a final verdict.
The fifth such investigation in Swiss history is the first to operate under new conditions set down by parliament in 2003. “We are operating on partially on unknown terrain,” the commission’s president Isabelle Chassot told Swiss public broadcaster SRF.
The committee will take until September 11 to establish how it will work within the bounds of its legal mandate and to establish a communications system.
It will then set about examining the role of Credit Suisse, the finance ministry, federal emergency laws, the financial regulator and the central bank in the debacle.
The body has a CHF5 million budget and its 14-person committee is composed of seven members from each parliamentary chamber.
In March, Credit Suisse was forced into an emergency takeover by rival UBS to avert bankruptcy. The demise of the 167-year-old banking institution sent shockwaves through the global financial system and is viewed as a grave embarrassment in Switzerland.
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Swiss parliament gives green light to Credit Suisse commission of enquiry
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Politicians have given formal go-ahead to set up a parliamentary enquiry committee to investigate the emergency takeover of Credit Suisse.
Swiss government backs Credit Suisse parliamentary inquiry committee
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Switzerland’s federal government has expressed support for a move to set up a parliamentary enquiry committee on the Credit Suisse debacle.
Parliamentary probes to demand Credit Suisse clarity
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Parliamentary experts will scrutinise the roles of the finance ministry and financial regulator in the collapse of Credit Suisse.
Parliament to hold extraordinary session on Credit Suisse takeover
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Over a quarter of the members of Switzerland’s House of Representatives had requested an extraordinary debate on the unprecedented purchase by UBS.
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