Per the paper, FINMA is calling on the 15 months earlier than the allege-orchestrated merger in March final year, for which motive it acknowledged terminate to a dozen latest or outdated workers of the 2 banks had been interviewed
Reuters
23 September, 2024, 01:05 pm
Final modified: 23 September, 2024, 01:07 pm
Swiss monetary market regulator FINMA ordered an audit into Credit Suisse’s going by design of of events main to its dying in 2023, when the bank was once obtained by its longtime rival UBS Swiss newspaper SonntagsZeitung reported on Sunday.
Per the paper, FINMA is calling on the 15 months earlier than the allege-orchestrated merger in March final year, for which motive it acknowledged terminate to a dozen latest or outdated workers of the 2 banks had been interviewed.
FINMA, the Swiss finance ministry and the Swiss National Bank didn’t reply to Reuters’ requests for comment. Wenger Plattner and UBS declined to comment.
The investigation encompasses questions akin to when it grew to turn into certain Credit Suisse might perchance maybe no longer be saved, what the bank’s liquidity was once take care of, how its equity was once attempting and how its management was once in in model, the newspaper acknowledged.
In a portray issued in December, FINMA acknowledged Credit Suisse came terminate to imploding months earlier than its takeover and argued for stronger powers to supervise banks.
A Swiss parliamentary committee that has been investigating how authorities handled the dying of Credit Suisse is anticipated to ship its portray later this year.
Swiss authorities in April region out a equipment of measures – alongside with stricter capital requirements for UBS – geared toward preventing a repeat of the Credit Suisse meltdown.
Parliament is anticipated to debate those proposals following the e-newsletter of the parliamentary portray.
Critics of the Credit Suisse takeover argue that Swiss authorities will have faith kept the bank going as a separate industrial but were sluggish to behave and must have faith given greater assurances that it would survive.
The authorities have faith defended their actions, and pointed to failures at Credit Suisse for the collapse.
