Former Swiss finance minister slams report on Credit Suisse collapse

Ueli Maurer: "It was already clear that I would be the scapegoat when the report was commissioned" Keystone-SDA

Former Swiss Finance Minister Ueli Maurer has criticised a parliamentary report on UBS's takeover of Credit Suisse, rejecting accusations that he had concealed the seriousness of the situation from the government.

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“It was already clear that I would be the scapegoat when the report was commissioned and also during the hearing,” Maurer said in an interview with Tamedia Newspapers.

The mandate of the parliamentary commission of inquiry “ignores the crucial period before the crisis peaked and the international dimension,” he continued. Maurer was speaking for the first time on the report made public on December 20.

+ Parliamentary inquiry on Credit Suisse collapse blames mismanagement

The commission examined only what could have been done differently at the national level in recent weeks, he added.

The pandemic had pushed the world to the brink of a financial crisis in the early 2020s. The situation was therefore extremely dangerous, he said. “We had to do everything possible to avoid an international financial crisis. If we focus only on Switzerland and the last weeks of Credit Suisse, it does not do it justice,” Maurer continued.

+ Dozens more investors sue over €17bn Credit Suisse debt wipeout

Maurer rejected accusations that he had concealed the seriousness of the situation from the government, and in particular from current finance minister, Karin Keller-Sutter, in the run-up to the crisis.

“I did not conceal anything, but I informed them only verbally. I would do exactly the same thing again, and I would gladly accept all reproaches from the parliamentary commission of inquiry. It was necessary. And it was the right thing to do. Because there was a risk that a collapse of Credit Suisse could trigger a global banking crisis like the one in 2008,” he said.

Maurer claimed he always informed the government of everything he knew, but only verbally because he did not trust the administration. The risk of Credit Suisse collapsing because of a leak was very high, he said. According to Maurer, this could have had consequences for the Swiss and foreign financial centres. This aspect was “simply ignored” in the report, he said.

What’s more, he added, the government would have had no legal basis to intervene without a request from the relevant bodies.

Translated from Italian by DeepL/ts

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