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Parliament To Investigate Credit Suisse Collapse

SWITZERLAND

The office of the upper house of the Swiss Federal Assembly, the Council of States, has confirmed that a parliamentary commission (PUK) will be established in order to investigate the circumstances behind the collapse of major lender Credit Suisse. Reuters reportsthat the mandate or membership of the commission has yet to be finalised, with both the Council of States and the lower house, the National Council, to decide during their next sessions, beginning 30 May.

  • The office of the Council of States stated that "Given the magnitude of the events and the financial impact, the office concludes that the establishment of a PUK is warranted [...] The office advocates a broad formulation of the investigative mandate, [...]and the clarification of the events of recent years that led to the emergency merger".
  • The takeover of Credit Suisse by UBS has caused some political backlash domestically, with the Swiss gov't backing the merger to the tune of CHF200bn and agreeing to take on CHF9bn of UBS' losses resulting from the deal.
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