The PUK report is out, this is how Finma, National Bank, UBS, Bankers Association, parties – and Ueli Maurer react.
Swiss National Bank:
The National Bank announced that the report will be analyzed in detail. “It is important to draw the right lessons from the experiences with the Credit Suisse crisis and to strengthen regulation in Switzerland,” it continued. In its 2024 Financial Stability Report, the SNB pointed out that there was a need for action in the areas of capital and liquidity requirements.
Finma:
The Federal Financial Market Supervisory Authority welcomes the CS-PUK’s recommendation to the Federal Council regarding new competencies for Finma. “We ourselves have been demanding this for a long time,” wrote Finma. At the same time, Finma accepts the criticism expressed in the report. “We are continuing to strengthen our supervision and are also implementing the lessons we have learned from the Credit Suisse case,” it continued.
UBS:
For the major bank UBS, the report confirms that CS collapsed due to years of poor strategic decisions, mismanagement and dependence on substantial regulatory concessions. The major bank explained that UBS supports “most” of the Federal Council’s proposals to strengthen the resilience of the financial center. Any adjustments to the regulatory requirements would have to be “targeted, proportional and internationally coordinated”.
Bankers Association:
Following the PUK report, the Swiss Bankers Association (SBA) is calling on the responsible authorities to learn the right lessons. This now requires “smart” regulation. The Bankers Association agrees with the PUK that the Federal Financial Market Supervisory Authority (Finma) has not always fully utilized its resources.
FDP:
For the FDP, former Finance Minister Ueli Maurer is responsible for the Credit Suisse debacle. Under his leadership, the Federal Department of Finance slept in the crucial years before the crisis. The FDP wrote in a press release that he had failed to set up a liquidity safety net. The SVP Federal Councilor at the time also failed to inform the Federal Council transparently and to initiate the necessary measures.
Ueli Maurer:
The former finance minister and former Federal Councilor Ueli Maurer (SVP/ZH) is not commenting on the report for the time being. The 74-year-old wanted to check the report himself first, the party said.
Not:
According to the PUK report, the center is calling for more effective regulations. Financial market supervision must be strengthened and the National Bank must be more closely involved. The players in the financial sector, especially those in the systemically important banks, must also act more responsibly. The recommendations of the Parliamentary Commission of Inquiry (PUK) must be implemented and should not be weakened.
Greens:
The Greens are calling for a “Lex UBS” for Switzerland. This law is intended to bring the megabank that emerged after UBS took over Credit Suisse under control. The “Lex UBS” could contain stricter rules for corporate governance, compensation for the implicit state guarantee and an equity cushion. For the Greens, the PUK report confirms the suspicion that Credit Suisse has been fooling the Swiss financial market regulator (Finma) for years, according to the Greens.
Swiss
