A special committee of the Swiss parliament will conduct a thorough investigation into the disappearance of Credit Suisse and the bailout of the bank by its largest Swiss peer UBS. Among other things, the role of the Swiss government, central bank and financial regulator in the bailout of Credit Suisse in March this year will be examined.
It will also look into the years before Credit Suisse that led to the bank’s downfall, a parliament statement said. “Given the scale of events and the financial impact, it is imperative that this committee is established.” The commission will be given special powers with subpoenas for questioning and inspection of government documents.
The Credit Suisse crisis and the bailout of Switzerland’s second largest bank sparked fierce public and political criticism. Credit Suisse has long been plagued by a series of scandals. To avert a more serious crisis in the Swiss and global banking sector, the bank was bailed out by UBS during a busy March weekend under heavy government pressure. In addition, Switzerland has offered guarantees worth billions.
Source: BNR
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