• Education
    • Higher Education
    • Scholarships & Grants
    • Online Learning
    • School Reforms
    • Research & Innovation
  • Lifestyle
    • Travel
    • Food & Drink
    • Fashion & Beauty
    • Home & Living
    • Relationships & Family
  • Technology & Startups
    • Software & Apps
    • Startup Success Stories
    • Startups & Innovations
    • Tech Regulations
    • Venture Capital
    • Artificial Intelligence
    • Cybersecurity
    • Emerging Technologies
    • Gadgets & Devices
    • Industry Analysis
  • About us
  • Contact
  • Advertise with Us
  • Privacy & Policy
Today Headline
  • Home
  • World News
    • Us & Canada
    • Europe
    • Asia
    • Africa
    • Middle East
  • Politics
    • Elections
    • Political Parties
    • Government Policies
    • International Relations
    • Legislative News
  • Business & Finance
    • Market Trends
    • Stock Market
    • Entrepreneurship
    • Corporate News
    • Economic Policies
  • Science & Environment
    • Space Exploration
    • Climate Change
    • Wildlife & Conservation
    • Environmental Policies
    • Medical Research
  • Health
    • Public Health
    • Mental Health
    • Medical Breakthroughs
    • Fitness & Nutrition
    • Pandemic Updates
  • Sports
    • Football
    • Basketball
    • Tennis
    • Olympics
    • Motorsport
  • Entertainment
    • Movies
    • Music
    • TV & Streaming
    • Celebrity News
    • Awards & Festivals
  • Crime & Justice
    • Court Cases
    • Cybercrime
    • Policing
    • Criminal Investigations
    • Legal Reforms
No Result
View All Result
  • Home
  • World News
    • Us & Canada
    • Europe
    • Asia
    • Africa
    • Middle East
  • Politics
    • Elections
    • Political Parties
    • Government Policies
    • International Relations
    • Legislative News
  • Business & Finance
    • Market Trends
    • Stock Market
    • Entrepreneurship
    • Corporate News
    • Economic Policies
  • Science & Environment
    • Space Exploration
    • Climate Change
    • Wildlife & Conservation
    • Environmental Policies
    • Medical Research
  • Health
    • Public Health
    • Mental Health
    • Medical Breakthroughs
    • Fitness & Nutrition
    • Pandemic Updates
  • Sports
    • Football
    • Basketball
    • Tennis
    • Olympics
    • Motorsport
  • Entertainment
    • Movies
    • Music
    • TV & Streaming
    • Celebrity News
    • Awards & Festivals
  • Crime & Justice
    • Court Cases
    • Cybercrime
    • Policing
    • Criminal Investigations
    • Legal Reforms
No Result
View All Result
Today Headline
No Result
View All Result
Home World News Europe

Swiss lawmakers criticise ‘years of mismanagement’ at Credit Suisse

December 20, 2024
in Europe
Reading Time: 2 mins read
A A
0
Swiss lawmakers criticise ‘years of mismanagement’ at Credit Suisse
5
SHARES
10
VIEWS
Share on FacebookShare on Twitter


Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Swiss lawmakers have put Credit Suisse’s failure down to “years of mismanagement” by its leaders and criticised the country’s financial regulator Finma for granting it relief from capital requirements in the years before its collapse.

The landmark political inquiry, only the fifth in Switzerland’s history, stopped short of apportioning blame to regulators for the failure of one of its largest banks.

However, it criticised Finma for giving Credit Suisse relief on the amount of capital it had to hold under a so-called regulatory filter, which in effect allowed the bank to inflate the value of its foreign subsidiaries, calling the move in 2017 “incomprehensible”.

“The responsibility for the loss of confidence in [Credit Suisse] and its precarious situation, which threatened its existence in March 2023, lies with its board of directors and management in recent years,” the commission said. “They have shown themselves to be recalcitrant to numerous interventions by Finma.”

The commission, known by its acronym PUK, carried out its work behind closed doors and examined whether Swiss authorities acted properly in the crisis, which led to the state-engineered rescue of Credit Suisse by rival UBS last year.

It was set up shortly after the deal with UBS was brokered in March 2023 and is only the fifth parliamentary commission ever established to investigate the Swiss executive branch, and the first in almost three decades.

The report is set to influence the future regulation of UBS, which has been at loggerheads with the Swiss establishment in recent months over proposed new rules that would significantly increase its capital requirements for its foreign subsidiaries.

The PUK called for “more effective provisions for systemically important banks” in Switzerland. It also said that the country’s “too big to fail” legislation for lenders focused too much on Switzerland, was not designed for a crisis of confidence, and neglected important market indicators.

Since Credit Suisse’s demise, the Swiss government and Finma have been weighing a range of measures to improve stability in the Swiss financial system, whose reputation was hit by the failure of the 167-year-old lender.

The measures being considered include imposing additional capital requirements on UBS and handing more power to Finma.

In April, the Swiss Federal Council proposed measures such as requiring banks with international subsidiaries to hold additional capital.

While it did not explicitly say how the new capital requirements would be calculated, analysts have estimated that UBS could be ordered to hold between $15bn and $25bn of additional capital under the new regime.

“Any adjustment to the current [regulatory] regime must be targeted, proportionate and internationally aligned, balancing financial stability and economic impact,” UBS said in a statement.

UBS added that the PUK report confirmed that Credit Suisse’s collapse was “driven by years of strategic errors, mismanagement and reliance on substantial regulatory concessions”.

The PUK also acknowledged that authorities prevented a global financial crisis in March 2023 when they orchestrated the bank’s sale to UBS.



Source link

Previous Post

Who are the 51 men in Gisele Pelicot rape case; will old cases be reopened?

Next Post

Malaysia says Facebook, X, TikTok must get licences, NST reports

Related Posts

Trump calls Putin 'absolutely crazy' after largest Russian attack on Ukraine

Trump calls Putin ‘absolutely crazy’ after largest Russian attack on Ukraine

May 26, 2025
4
Trump suspends planned 50% tariffs on EU – DW – 05/26/2025

Trump suspends planned 50% tariffs on EU – DW – 05/26/2025

May 26, 2025
5
Next Post
The Straits Times logo

Malaysia says Facebook, X, TikTok must get licences, NST reports

  • Trending
  • Comments
  • Latest
Family calls for change after B.C. nurse dies by suicide after attacks on the job

Family calls for change after B.C. nurse dies by suicide after attacks on the job

April 2, 2025
Pioneering 3D printing project shares successes

Product reduces TPH levels to non-hazardous status

November 27, 2024

Hospital Mergers Fail to Deliver Better Care or Lower Costs, Study Finds todayheadline

December 31, 2024

Police ID man who died after Corso Italia fight

December 23, 2024
Harris tells supporters 'never give up' and urges peaceful transfer of power

Harris tells supporters ‘never give up’ and urges peaceful transfer of power

0
Des Moines Man Accused Of Shooting Ex-Girlfriend's Mother

Des Moines Man Accused Of Shooting Ex-Girlfriend’s Mother

0

Trump ‘looks forward’ to White House meeting with Biden

0
Catholic voters were critical to Donald Trump’s blowout victory: ‘Harris snubbed us’

Catholic voters were critical to Donald Trump’s blowout victory: ‘Harris snubbed us’

0
Is Chick-fil-A open on Memorial Day?

Is Chick-fil-A open on Memorial Day? todayheadline

May 26, 2025
Trump agrees to delay EU tariffs until July 9

Trump agrees to delay EU tariffs until July 9 todayheadline

May 26, 2025
Mass shooting in South Carolina beach town injures 11

Mass shooting in South Carolina beach town injures 11 todayheadline

May 26, 2025
An illustration of a colorful virus particle

Scientists Discover West Nile Virus in The UK For The First Time : ScienceAlert todayheadline

May 26, 2025

Recent News

Is Chick-fil-A open on Memorial Day?

Is Chick-fil-A open on Memorial Day? todayheadline

May 26, 2025
1
Trump agrees to delay EU tariffs until July 9

Trump agrees to delay EU tariffs until July 9 todayheadline

May 26, 2025
6
Mass shooting in South Carolina beach town injures 11

Mass shooting in South Carolina beach town injures 11 todayheadline

May 26, 2025
5
An illustration of a colorful virus particle

Scientists Discover West Nile Virus in The UK For The First Time : ScienceAlert todayheadline

May 26, 2025
5

TodayHeadline is a dynamic news website dedicated to delivering up-to-date and comprehensive news coverage from around the globe.

Follow Us

Browse by Category

  • Africa
  • Asia
  • Basketball
  • Business & Finance
  • Climate Change
  • Crime & Justice
  • Cybersecurity
  • Economic Policies
  • Elections
  • Entertainment
  • Entrepreneurship
  • Environmental Policies
  • Europe
  • Football
  • Gadgets & Devices
  • Health
  • Medical Research
  • Mental Health
  • Middle East
  • Motorsport
  • Olympics
  • Politics
  • Public Health
  • Relationships & Family
  • Science & Environment
  • Software & Apps
  • Space Exploration
  • Sports
  • Stock Market
  • Technology & Startups
  • Tennis
  • Travel
  • Uncategorized
  • Us & Canada
  • Wildlife & Conservation
  • World News

Recent News

Is Chick-fil-A open on Memorial Day?

Is Chick-fil-A open on Memorial Day? todayheadline

May 26, 2025
Trump agrees to delay EU tariffs until July 9

Trump agrees to delay EU tariffs until July 9 todayheadline

May 26, 2025
  • Education
  • Lifestyle
  • Technology & Startups
  • About us
  • Contact
  • Advertise with Us
  • Privacy & Policy

© 2024 Todayheadline.co

Welcome Back!

OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Business & Finance
  • Corporate News
  • Economic Policies
  • Entrepreneurship
  • Market Trends
  • Crime & Justice
  • Court Cases
  • Criminal Investigations
  • Cybercrime
  • Legal Reforms
  • Policing
  • Education
  • Higher Education
  • Online Learning
  • Entertainment
  • Awards & Festivals
  • Celebrity News
  • Movies
  • Music
  • Health
  • Fitness & Nutrition
  • Medical Breakthroughs
  • Mental Health
  • Pandemic Updates
  • Lifestyle
  • Fashion & Beauty
  • Food & Drink
  • Home & Living
  • Politics
  • Elections
  • Government Policies
  • International Relations
  • Legislative News
  • Political Parties
  • Africa
  • Asia
  • Europe
  • Middle East
  • Artificial Intelligence
  • Cybersecurity
  • Emerging Technologies
  • Gadgets & Devices
  • Industry Analysis
  • Basketball
  • Football
  • Motorsport
  • Olympics
  • Climate Change
  • Environmental Policies
  • Medical Research
  • Science & Environment
  • Space Exploration
  • Wildlife & Conservation
  • Sports
  • Tennis
  • Technology & Startups
  • Software & Apps
  • Startup Success Stories
  • Startups & Innovations
  • Tech Regulations
  • Venture Capital
  • Uncategorized
  • World News
  • Us & Canada
  • Public Health
  • Relationships & Family
  • Travel
  • Research & Innovation
  • Scholarships & Grants
  • School Reforms
  • Stock Market
  • TV & Streaming
  • Advertise with Us
  • Privacy & Policy
  • About us
  • Contact

© 2024 Todayheadline.co