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Credit Suisse debacle: Bern wants a bank accountable for its actions

We are not a criminal authority, but we are exploring corresponding possibilitiesexplains Marilyn Amstad, President Venma, In an interview published by The Sunday newspaper NZZ am Sonntag.

Many observers also fear that UBS is now out of proportion. According to Ms. Amstad, capital and liquidity requirements should increase gradually.

UBS logo on Paradeplatz in Zurich, Switzerland.

Photo: (Michael Buholzer/Keystone via AP)

This rescue comes after the turmoil in banks in the United States, which prompted investors to sell securities to facilities that it considers weak links, especially Credit Suisse, which has been multiplying scandals for two years.

Credit Suisse chairman Axel Lehmann also accused social media of helping to sink the bank.

Not so, Ms. Amstad replies: The social media storm is clearly not the cause of Credit Suisse’s problems.

He mentions many scandals and administrative mistakes in recent years. The bank was already experiencing a crisis of reputation and confidenceEmphasizes.

The government is justified

The Credit Suisse case embarrasses the government whose finance minister, Karen Keller-Sutter, found herself having to explain herself Saturday in the daily columns. Neue Zurcher Zeitung (New Zealand). Credit Suisse’s liquidation could have caused damage hugeindicate.

This banking group, headquartered in Zurich, was bought out in emergency situations for pittance and with solid financial guarantees from the authorities.

As for the many criticisms this gesture from the government drew, Minister Keeler Sutter captivated it All other options were riskier for the state, taxpayers, the Swiss financial center and international markets.

Let this bank disappear? The minister thought about it. It is legally possible thanks to the law too big to failbut In practice, the economic damage would be significant. […]. This is likely to lead to an international financial crisisshe insists.

Switzerland was the first country to liquidate a systemically important world bank. Now is not the time to experiment.adds the Minister of Finance.

not popular

According to a poll published by Swiss Radio and Television on Friday, the majority of Swiss (54%) do not approve of UBS’ takeover of Credit Suisse.

The approved solution was the best protection of all. »

Quote from Karin Keller-Sutter, Swiss Finance Minister

In the event of nationalization, the minister continues, the union had to take all the risks. Refusing allegations that the government was slow to act, Ms Keeler-Sutter says no outside pressure has been applied to Switzerland.

Nobody pushed us in any particular direction. But it was clear to everyone, including us, that a clean-up or liquidation of Credit Suisse would cause serious international turmoil in the financial markets.The Minister of Finance concludes.