Councils of States want to investigate the behavior of the authorities

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questions upon questions. There are still many open points about the end of Credit Suisse (CS) and the takeover by UBS. The Audit Committee of the Council of States (GPK-S) discussed in particular the actions of the authorities on Friday. “Various questions arise for parliamentary supervision, namely the supervision and implementation of existing legislation,” says GPK chairman and FDP member of the Council of State Matthias Michel (60).

For example, questions remained unanswered about the implementation of the existing legislation, the previous supervision of the banks involved, the investigation of alternative solutions, the application of the emergency law and the federal government’s risk management.

Two federal councilors must answer questions

Because of all the unanswered questions, she directed two of her subcommittees to clear up the matter in early May. In addition, she and her sister committee of the National Council want to hear the key players at the federal level by mid-May and make a decision on how to proceed. Finance Minister Karin Keller-Sutter (59), Justice Minister Elisabeth Baume-Schneider (59), Finma President Marlene Amstad and Thomas Jordan, Director of the Swiss National Bank, must answer questions.

The National Council’s Legal Commission also dealt with the bank quake on Thursday and Friday. The need for explanation should also be great. Numerous administrative representatives should therefore trot. Justice Minister Baume-Schneider, on the other hand, failed to show up on either day, leading to grumbling, according to the commission.

Finma’s role is questioned

As early as next week, the GPK-N will consider the subject of CS. At the end of May, a decision must be made by both GPKs on how to proceed. A decision must also be taken on the “position on a possible parliamentary committee of inquiry (PUK)”.

Party responses to the CS debacle so far show that the SVP, SP and Greens are open to demanding a PUK. In particular, the role of the financial market regulator Finma needs to be reviewed.

“Too big to fail” regulations could be reviewed

Parliament will hold an extraordinary session from April 11 to 13 on the acquisition of CS by UBS and the federal government’s financial guarantees. There is also a call for a review of the “too big to fail” rule.

Several cantons and business associations have expressed concern in recent days about the possible impact on jobs, tax revenues and cultural sponsorship. On Monday, the Swiss trade association reiterated the demands of the Swiss trade union federation (SGB) and the bank employees’ association for the involvement of the social partners in the merger of the two major banks. The takeover must be as socially acceptable as possible and as many jobs as possible must be retained. (dba)

Source:Blick