Swiss parliament greenlights investigation into Credit Suisse crash

Credit Suisse AG

08/06/2023 11:33

ZURICH, June 8 (Reuters) - Switzerland's parliament has
formally agreed to establish a parliamentary commission (PUK) to
look into Credit Suisse's  CSGN.S  collapse and rescue in a deal
engineered by Swiss authorities, the legislative body said on
Thursday.
    The investigation is only the fifth time such a commission
has been established in Switzerland's modern history.
    It comes after two sub-committees supported a deeper
investigation into how the government, Swiss central bank and
financial market regulator acted in the run up to the emergency
rescue of Credit Suisse.
    Under the rescue deal, UBS  UBSG.S  agreed to buy Credit
Suisse, marking the first rescue of a global bank since the 2008
financial crisis. 
    The government has provided the banks with 109 billion Swiss
francs ($120.32 billion) in financial guarantees to ease the
deal, causing widespread uproar in Switzerland.
    Next Wednesday the political parties are expected to decide
which parliamentarians will make up the 14 seat commission. The
investigation's exact mandate has not yet been determined.
    
($1 = 0.9059 Swiss francs)

 (Reporting by Noele Illien, editing by John Revill)
 ((Noele.Illien@thomsonreuters.com; +41 41 528 39 73;))