Swiss authorities are facing criticism for their handling of the collapse of Credit Suisse, according to a preliminary report by a parliamentary committee. The report, expected to be published later this year, alleges that the financial market regulator FINMA, the Swiss National Bank (SNB), and the finance ministry all failed to prevent the bank’s downfall.
The report, known as the PUK report, criticizes FINMA for being too hesitant to intervene when it became clear that Credit Suisse was facing serious problems. It also points to a lack of preparation and other errors by Swiss authorities, including the central bank.
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However, the head of the parliamentary committee, Isabelle Chassot, clarified that the committee has not yet drawn any conclusions or reached an assessment. FINMA, the SNB, and the finance ministry have not yet responded to requests for comment.
The report’s findings highlight potential regulatory failures in the lead-up to Credit Suisse’s collapse and may lead to further scrutiny of the Swiss authorities’ actions.