Former Swiss Finance Minister Ueli Maurer says he did everything he could to monitor the struggling Credit Suisse bank and prepare for its potential demise.
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Maurer, who headed the ministry from 2016 until his retirement at the end of 2022, told CH Media that he drew up emergency plans with regulators and the central bank in October.
But while he informed cabinet, he did not share detailed written plans because he feared a repeat of leaks that plagued him during the Covid-19 pandemic.
Maurer has been accused of falling asleep at the wheel as Switzerland’s second-largest bank lurched from one crisis to another.
“I am of the opinion that Credit Suisse will turn the corner. It is very important for Switzerland that we have two big banks for the Swiss financial centre and the Swiss business centre,” he told the media in December. “You just have to leave them alone for a year or two now.”
But Maurer now rejects accusations of blame for the Credit Suisse debacle from some political parties.
“All these people now throwing around criticism have no idea how financial policy and the banking business works,” he told TeleZüri on the fringes of the traditional Zurich Sechseläuten spring festival on Monday.
The former finance minister said he welcomed a parliamentary commission inquiry that will bring the truth to light.
The Swiss Office of the Attorney General has also opened a probe into the legality of the emergency bank takeover.
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Parliamentary probes to demand Credit Suisse clarity
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Parliamentary experts will scrutinise the roles of the finance ministry and financial regulator in the collapse of Credit Suisse.
Regulator looks at possible steps against Credit Suisse top brass
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Swiss financial market supervisory authority FINMA is investigating whether Credit Suisse top management can be held to account for the bank’s debacle.
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The Swiss Office of the Attorney General (OAG) has opened an investigation into the state-backed takeover of Credit Suisse by UBS Group.
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