the decisive report will be revealed today

After a year and a half of investigations, the parliamentary commission of inquiry (CEP) delivers its conclusions this Friday on the management by the federal authorities of the debacle of Credit Suisse, urgently bought by UBS in March 2023.

Established in the summer of 2023, this commission methodically analyzed the events leading to this crisis, breaking down its investigation into four key phases. The first phase focuses on so-called “pre-crisis” management, from 2015 to the summer of 2022, the period when the Federal Council presented its reports on “too big to fail” regulations for systemically important banks. . The second phase explores the emergence of the crisis and its intensification, between fall 2022 and March 2023.

Particular focus is given to phase three, concentrated on the four critical days from March 15 to 19, 2023, during which the Federal Council announced its support for the takeover of Credit Suisse by UBS. Finally, the last phase examines the implementation of this emergency merger, by scrutinizing the decisions of the authorities.

More than 60 hearings and criminal complaints

One May 2024, the collection of information was completed after 22 sessions and more than 60 hearings involving government officials, financial authorities and banks.

During its work, the CEP also filed two criminal complaints against unknown persons. In February, a complaint targeted the alleged disclosure of confidential content from the hearings. In September, a second complaint followed an article in the Sunday newspaperwhich alleged that former finance minister Ueli Maurer had regularly discreetly met with Thomas Jordan, president of the Swiss National Bank, and Axel Lehmann, president of Credit Suisse, before the bank’s collapse.

An exceptional parliamentary instrument

The parliamentary commission of inquiry, an extremely rare tool in Switzerland, has extensive powers, in particular that of summoning witnesses, consulting confidential documents, and appointing an investigator responsible for administering evidence. Made up of 14 members from the two Chambers – representing six political parties, including two from French-speaking Switzerland, Isabelle Chassot (Centre/FR) and Roger Nordmann (PS/VD) – it benefits from a budget of five million francs. Finance Minister Karin Keller-Sutter represents the Federal Council in this work.

Until now, only four CEPs have marked Swiss history, the last dating back to 1995. Among their subjects of study are significant events such as the Mirage affair (1964), the files affair (1989), or even the dysfunctions of the PUBLICA provident fund (1996). Now, the management of the collapse of Credit Suisse is added to this list, shedding new light on the workings of Swiss financial governance. (mbr with ats)

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