PUK on Credit Suisse’s demise is approaching

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Now it seems clear: Parliament wants to scrutinize it. Precisely. Because in the all-time election year, no party wants to be accused of just watching the collapse of Credit Suisse. After all, the bank’s rescue operation could cost the taxpayer dear: with 259 billion francs, he is responsible for CS.

Have the Netherlands Authority for the Financial Markets (Finma), the Federal Council and the National Bank (SNB) been idle for too long? Did they respond correctly? A thorough explanation is required. This is the opinion of the Business Audit Committees (PUK) of the National Council and the Council of States. After several interrogations, they concluded on Monday that an in-depth investigation was needed. So they both support the use of a PUK.

Federal President Alain Berset (51), Finance Minister Karin Keller-Sutter (59) and the heads of the National Bank and Finma were heard.

Parliamentarians want extensive clarification

Based on the information received so far, the two GPKs determine that further in-depth investigation is required. The upcoming work-up should not start with the March events. The relevant developments in previous years should also be taken into account. “In accordance with its legal mandate, the question whether the actions of the federal authorities were legal, appropriate and effective is the most important question for parliamentary oversight”, explains Commission President and FDP member of the Council of States Matthias Michel (60) . in his press release.

After the business review committees of both chambers have given the green light, the way should finally be cleared for a PUK. (dba)

Source:Blick