Swiss perspectives in 10 languages

Parliamentary probes to demand Credit Suisse clarity

Building work sign by Credit Suisse office
Government invoked emergency powers to force through the takeover of Credit Suisse by UBS. © Keystone / Georgios Kefalas

Swiss parliamentary experts will scrutinise the roles of the finance ministry and financial regulator in the collapse of Credit Suisse.

The Senate audit committee on Friday said it has demanded explanations on a range of open questions.

+ Why a monster UBS scares Switzerland

These include the supervision of Credit Suisse, the application of existing banking regulations and the rationale behind the government assuming emergency powers to force through the takeover by UBS.

Committees of the Senate and House of Representatives are expected to hold hearings in May, a month after a full parliament extraordinary session on the matter scheduled for April 11 to 13.

Finance Minister Karin Keller-Sutter, Financial Market Supervisory Authority President Marlene Amstad and central bank President Thomas Jordan will likely be called on to testify.

They will be asked to defend their actions, give reasons why alternative routes were not taken and explain their risk management procedures.

The leftwing Social Democratic Party has called for a full parliamentary commission of inquiry, which are usually reserved for matters of acute national interest or emergency.

Social Democrats want the inquiry to force bank executives to hand back bonuses, to make UBS spin-off Credit Suisse’s Swiss retail operations and limit large Swiss bank operations in future.

More


Popular Stories

Most Discussed

News

Swiss adults above average in basic skills

More

Swiss adults above average in basic skills

This content was published on In an international comparison, Swiss adults perform above average in the basic skills of reading, everyday math and problem solving.

Read more: Swiss adults above average in basic skills
Parliament clears the bill for a new start with E-ID

More

Swiss parliament clears way for new start with e-ID

This content was published on A new attempt to introduce electronic proof of identity has been made in Switzerland. The Senate has resolved the final differences in the legal provisions on a state e-ID.

Read more: Swiss parliament clears way for new start with e-ID
Rare Roman coin sold for 1.89 million francs at auction

More

Rare Roman coin auctioned for almost CHF2 million in Geneva

This content was published on A rare Roman coin with a portrait of Brutus, the assassin of Julius Caesar, was sold at a Geneva auction on Monday for CHF1.89 million ($2.15 million), according to the organiser of the sale.

Read more: Rare Roman coin auctioned for almost CHF2 million in Geneva
Council of States says yes to the federal budget without a dissenting vote

More

Swiss Senate approves federal budget without opposition

This content was published on The Swiss army will receive an additional CHF530 million in 2025, and no cuts will be made to direct payments for agriculture. What is unclear is how much will be saved on foreign aid.

Read more: Swiss Senate approves federal budget without opposition
SEM suspends asylum procedure for asylum seekers from Syria

More

Swiss suspend decisions on asylum-seekers from Syria

This content was published on Asylum procedures and decisions for asylum-seekers from Syria will be suspended with immediate effect until the situation can be reassessed, the State Secretariat for Migration (SEM) said.

Read more: Swiss suspend decisions on asylum-seekers from Syria

In compliance with the JTI standards

More: SWI swissinfo.ch certified by the Journalism Trust Initiative

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.

SWI swissinfo.ch - a branch of Swiss Broadcasting Corporation SRG SSR

SWI swissinfo.ch - a branch of Swiss Broadcasting Corporation SRG SSR