Interim conclusion on the CS downfall PUK leaves no good hair on those involved

The PUK on the downfall of Credit Suisse accuses those involved of making some serious mistakes. The SNB and Finma in particular are sharply criticized, but the Federal Council did not cut a good figure either.

The parliamentary commission of inquiry (PUK) into the downfall of Credit Suisse has criticized all the institutions involved. The Financial Market Supervisory Authority (FINMA), the Swiss National Bank (SNB) and the Federal Council have failed. This is the interim conclusion of the PUK, as reported by the "SonntagsZeitung " (paid content).

According to the report, the final report of the PUK is currently in progress. The interviews with those involved have also been completed.

SNB and FINMA in the crossfire

According to the report, the PUK accuses Finma above all of a lack of assertiveness, an insider told the newspaper. The supervisory authority is likely to be "thrown in front of the train" in the PUK report, the person said.

In its criticism of the SNB, the PUK largely agreed with the expert report by Paul Tucker. He criticized the SNB for limiting liquidity assistance to systemically important banks and only including the Swiss part of the big bank.

This in turn meant that FINMA had fewer powers to intervene. This was because international asset management was not part of the systemically important part. However, it was precisely in this area that outflows of over CHF 80 billion had occurred.

Maurer accepted rejection of aid

Politically, the former Federal Councillor and Finance Minister Ueli Maurer was primarily responsible for the commission of inquiry. After a meeting of the Federal Council, he informed the then head of CS about aid from the National Bank and possible guarantees from the Confederation. However, when Lehmann rejected the aid, Maurer left it at that.

The PUK also criticized all of the finance minister's colleagues. For example, the entire Federal Council was lulled by FINMA President Amstad into not taking any decisive measures until March 2023, just like Ueli Maurer.

Least bad solution

According to the report, when Karin Keller-Sutter succeeded Maurer in the Department of Finance, she had little choice but to push ahead with the merger with UBS.

One member of the PUK described this measure as "the least bad solution under the circumstances at the time (...) in March 2023". It was too late for anything else.