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Financial market supervisory agency Finma is examining the extent to which current Credit Suisse management can be held accountable. “We are not a criminal authority, but we are exploring viable options,” says Finma President Marlene Amstad (54).
It is still unclear whether new procedures will be opened. “After all, it was a bank robbery,” Amstad said in an interview with “NZZ am Sonntag”. “The bank has run out of liquidity.” The problems had a long history: “Of course, the storm on social media wasn’t the cause,” as CS President Axel Lehmann (64) and Amstad recently argued. Now Amstad is returning: “The various scandals and management errors in recent years were the cause of this. The bank was already in a crisis of reputation and trust. »
Amstad says that after the takeover, the integration of CS into UBS focused on the transition phase and financial stability. However, the capital and liquidity requirements for the new giant bank UBS will gradually increase. “We can’t ask for this on Monday, certain transition periods are required. But the demands will increase.”
mixed state
FINMA also welcomes the discussion about new intervention tools. “First, about the fines competency that most supervisors know. The second is the so-called senior management regime, which is concerned with the determination of responsibilities,” said Finma President. There was a cultural issue in CS that was reflected in the lack of responsibility. “Often it wasn’t clear who was responsible for what.”
In many cases, but your authority can already take drastic action, Amstad said. Finma has intervened heavily in the past in case of breaches of audit law. In recent years, six enforcement proceedings have been brought against CS.
“But when we’re particularly tough, it’s usually not made public. Consider that we learned in November that we’re working on CS’ restructuring order or that we’ve asked CS to come up with alternative solutions for the situation that’s happening now.” (SDA/cut)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
