Switzerland: parliamentary committee of inquiry into the acquisition of Credit Suisse gives green light

2023-06-08T22:39:03.470Z

Highlights: Swiss senators approved on Thursday 8 June the establishment of a parliamentary commission of inquiry into the acquisition of Credit Suisse by UBS. The controversy focuses on possible "deficiencies found at the institutional level" This is only the fifth establishment in Parliament's history. The questions will be many: how much did this rescue really cost the Swiss taxpayer, what is the cost in terms of jobs and what other solutions could have been put in place upstream to prevent this from happening again in the future.

Swiss senators approved on Thursday 8 June the establishment of a parliamentary commission of inquiry, extremely rare in the country, to shed light on how the authorities have managed the...

Switzerland: parliamentary committee of inquiry into the acquisition of Credit Suisse gives green light

Swiss senators approved on Thursday 8 June the establishment of a parliamentary commission of inquiry, extremely rare in the country, to shed light on how the authorities managed the acquisition of Credit Suisse by UBS. The operation took place last March, the controversy focuses on possible "deficiencies found at the institutional level".

Compra do Credit Suisse pelo UBS foi anunciada no domingo. Zurique, 20 de Março de 2023. AFP - FABRICE COFFRINI

Text by: RFI Follow

Advertising

To prevent the country's second largest bank from going bankrupt, the Swiss authorities organized a mega rescue and its purchase by UBS for a very generous sum. UBS has agreed to take over its rival in exchange for strong guarantees from the Confederation, which has granted a public contribution of some 259 billion Swiss francs, or 263 billion euros made available, in guarantees, and to offer in particular a cover for future losses.

The Confederation, which also ignored the opinion of the Swiss Parliament, which voted against such a sum and finally voted with the senators in favour of setting up this commission.

Parliamentary committees of inquiry are extremely rare in Switzerland. This is only the fifth establishment in Parliament's history.

And the questions will be many: how much did this rescue really cost the Swiss taxpayer, what is the cost in terms of jobs and what other solutions could have been put in place upstream to prevent this from happening again in the future.

>> Read also: The Swiss national prosecutor's office opens an investigation into the acquisition of Credit Suisse by UBS

Switzerland: parliamentary committee of inquiry into the acquisition of Credit Suisse gives green light

Switzerland: parliamentary committee of inquiry into the acquisition of Credit Suisse gives green light

You may like

Trends 24h

Latest