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The Swiss financial market regulator (Finma) withdraws: The supervisory authority had actually scheduled its traditional annual media conference for Tuesday, at which the Finma leadership will provide information on its activities and analyze the current situation.
But now she has canceled it, as Finma spokesperson Tobias Lux confirmed to Blick. He justifies the rejection with the “currently strong focus on the work related to the merger of UBS and CS”. However, the annual media conference will take place later and information about the new date will be announced in due time. Lux does not mention a specific time horizon.
On Tuesday, however, the annual report for 2022 will be published together with a press release.
rejection surprised
The cancellation is surprising. After all, Finma president Marlene Amstad (54) had enough time last week for an interview with the “NZZ am Sonntag”, in which she commented on the bank earthquake. At the annual media conference, however, they had expected many more questions – especially about their own omissions.
The question hangs in the audience: has Finma sufficiently fulfilled its task? Politicians want to know that too. There will probably be a parliamentary committee of inquiry (PUK) that will examine Finma’s role.
GLP giants: “Doesn’t give confidence”
The cancellation also caused frowns in the Federal Palace. “The interest in Finma’s activities is of course enormous and the pressure on it is correspondingly high,” says GLP boss Jürg Grossen (53). Of course the past few days have been hectic for Finma, he says. The authorities are under immense pressure “because they may have looked the other way for too long”.
It is certainly important that FINMA is well prepared for its annual media conference, says Grossen. “But it does not show much confidence and certainty that Finma does not want to face the critical questions.”
While authorities can’t say much more about the CS case at this point, Grossen believes there are plenty of other topics they can provide information on. “She should be accountable for her activities over the past year. In addition to CS and UBS, there are numerous other banks and insurance companies that it has to regulate.”
Grossen: “Wrong signal”
There are even other topics that Finma could shed light on. For example, last year director Urban Angehrn spoke about Finma’s activities in the context of the war in Ukraine. He also discussed the risks in the Swiss property and mortgage market. Areas that have not lost their explosiveness by a long shot.
At the time, President Amstad rated the stability of Swiss financial institutions as “fundamentally good” and Switzerland as “well positioned”. In particular, the accumulated capital and liquidity cushions had a “clearly stabilizing effect”.
A statement that seems strange from today’s perspective – and calls for clarification. Grossen regrets that Finma has decided not to do this for the time being. “Communication is particularly important in this delicate phase,” says the GLP National Council. “The cancellation can cause uncertainty.”
Source:Blick
I am Liam Livingstone and I work in a news website. My main job is to write articles for the 24 Instant News. My specialty is covering politics and current affairs, which I’m passionate about. I have worked in this field for more than 5 years now and it’s been an amazing journey. With each passing day, my knowledge increases as well as my experience of the world we live in today.
