Swiss report on Credit Suisse collapse to be published Friday
8:58 am Wednesday, December 18th, 2024
ZURICH (Reuters) – A Swiss parliamentary report into how authorities managed the 2023 collapse of Credit Suisse will be published on Friday, the Swiss parliament said on Wednesday.
The report by the parliamentary committee looking into the Credit Suisse meltdown has been eagerly awaited for months and the government says its findings will feed into new rules due to be drawn up to govern UBS, which acquired Credit Suisse.
In a statement, parliament said the report from the parliamentary committee would be published on Dec. 20 and that an accompanying news conference would also be held.
A pillar of the Swiss financial establishment and the country’s second-biggest bank, 167-year-old Credit Suisse fell apart in a series of scandals that culminated in its March 2023 takeover by UBS for a fraction of its former value.
That June, parliament took the rare step of forming a committee to probe the official response to the demise of Credit Suisse, and the government said it would wait on proposing draft legislation until it had taken stock of the lawmakers’ findings.
The government sketched out its vision earlier this year in a too-big-to-fail report that set out a raft of proposals designed to make the banking sector less risky.
(Reporting by Dave Graham; editing by Matthias Williams)
