Swiss government backs Credit Suisse parliamentary inquiry committee

A parliamentary enquiry committee is the Swiss parliament's most powerful investigative instrument. © Keystone / Alessandro Della Valle

Switzerland’s federal government has expressed support for a move by both houses of parliament to set up an inquiry committee on the emergency takeover of Credit Suisse by bigger rival UBS bank.

“The Federal Council considers it useful and necessary to examine in detail the events leading up to the acquisition of Credit Suisse by UBS,” the government said in a noticeExternal link issued on Friday.  “It believes that the proposed mandate will enable this examination to be carried out.”

The government is “therefore in favour of setting up a parliamentary committee of enquiry”, it continued, “and gives Parliament its full support”. Although it must be consulted, the government cannot actually oppose the parliamentary initiative.

+ Read our Explainer: What is a parliamentary enquiry committee?

This government opinion was in response to a May 30 report from the Bureau of the lower house on setting up a parliamentary enquiry committee “to determine the responsibilities of the authorities and bodies in the emergency merger of Credit Suisse with UBS”.

A parliamentary inquiry committee is the Swiss parliament’s most powerful investigative instrument. This will be only the fifth in history.

Several parliamentary committees and political parties have demanded answers about the near-collapse and emergency takeover of Switzerland’s second largest bank by rival UBS, which has shaken confidence in the Swiss banking system.  

+ Relive the drama of the Credit Suisse takeover

In order to establish a parliamentary inquiry committee, both chambers must adopt a federal decree. The decision will likely be formally taken soon, the earliest point possible is during the June session of parliament.