Swiss government to draw up Credit Suisse report

The rushed takeover of Credit Suisse by UBS has shaken confidence in the Swiss financial centre. © Keystone / Michael Buholzer

The Swiss government says it will present a full report on the near collapse of Credit Suisse to parliament within 12 months.

This content was published on April 6, 2023

Several parliamentary committees and political parties have demanded answers about the emergency takeover of Switzerland’s second largest bank by rival UBS.

+ Relive the drama of the Credit Suisse takeover

On Thursday, the Federal Council said it would respond to demands for information with a comprehensive report on the situation.

The review of ‘too big to fail’ banks will examine whether current regulations in Switzerland are sufficient.

It will also look into the role of ministers, the central bank and regulators in the Credit Suisse debacle that has shaken confidence in the Swiss banking system.

On Wednesday, the government ordered Credit Suisse to cancel or slash bonuses it planned to pay to senior staff.

Parliament will stage a special debate on the Swiss financial centre next week.

Parliamentarians will vote on a CHF109 billion ($120 billion) bailout package to support the rescue of Credit Suisse.

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