A competitive and stable financial center is decisive for the prosperity of the economy and of Switzerland. It is therefore essential today to draw the right conclusions from the takeover of Credit Suisse by UBS. We will remember that the main cause was not a failure of the system, but a lack of confidence in the management of Credit Suisse to bring the bank sustainably back on the path to profitability. While the banking sector as a whole was particularly robust, Credit Suisse failed to maintain a stable business model.
In these circumstances, the report presented by the parliamentary commission of inquiry (CEP) is of fundamental importance. economiesuisse welcomes the examination of the facts by political circles, which constitutes an important basis for being able to assess the situation as a whole. The report shows that in the area of too big to fail regulation, long-established international instruments such as the public liquidity backstop were slow to be introduced and then had to be implemented. be via emergency law. The central point, however, is the observation that it was not the current regulatory framework that caused the problem, but the fact that FINMA did not make full use of existing supervisory instruments and possibilities. The CEP report shows that, compared to UBS, FINMA granted Credit Suisse specific facilities with regard to capital requirements and risk weighting, indicating unequal treatment between the two big banks. At the same time, for years FINMA did not strictly monitor the implementation of its decisions by Credit Susse. It is therefore important that discussions regarding new regulations focus on their effectiveness.
Furthermore, it must be ensured that the Federal Department of Finance, the Swiss National Bank and the Federal Financial Market Supervisory Authority work closely and effectively together. Existing rules must be applied rigorously, as desired by the legislator. Given the situation, excessive regulatory zeal would not be wise.
From the point of view of the economy as a whole, it is decisive for the future that Switzerland continues to have a large, competitive and internationally active bank. The export economy is dependent on a global bank with an excellent international network and capable of accompanying, financing and supporting its commercial activities abroad. It is therefore essential that UBS remains competitive and can continue to operate internationally from Switzerland. The bank must not be unnecessarily subject to constraints which would hamper it in the face of international competition or which would make its services more expensive.
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