Swiss parliament gives green light to Credit Suisse commission of enquiry
On Thursday, senators approved the decision to set up a Credit Suisse parliamentary enquiry committee by 37 votes against 5. This follows a unanimous vote by the House of Representatives the day before.
Keystone / Anthony Anex
Switzerland’s two chambers of parliament have now formally approved the setting up of a parliamentary enquiry committee, a powerful political instrument to investigate the emergency takeover of Credit Suisse by its rival UBS.
This content was published on
2 minutes
Keystone-SDA/RTS/sb
Español
es
El Parlamento suizo da luz verde a la comisión de investigación sobre Credit Suisse
After support from the government last week, the Senate on Thursday followed the House of Representatives in backing a move to set up an enquiry committee to shed light on the circumstances that led to the takeover of Credit Suisse by UBS and to clarify responsibilities.
Senators approved the decision by 37 votes against 5. This follows a unanimous vote by the House of Representatives on Wednesday.
A parliamentary enquiry 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.
The enquiry committee, which will have a CHF5 million budget, will be composed of seven members from each chamber to ensure each parliamentary group is represented. It will have a wide remit to decide on the extent of the investigations and duration, possibly at least 12 months. The government says it will cooperate fully with the committee.
Switzerland’s biggest bank agreed on March 19 to pay CHF3 billion ($3.37 billion) and assume up to CHF5 billion in losses for its smaller Swiss rival after a collapse in customer confidence brought it to the brink of collapse, prompting the Swiss authorities to act to stave off a broader banking crisis.
Swiss invention: 90-year anniversary of first T-bar ski lift
This content was published on
On Monday it will be 90 years since the world’s first T-bar ski lift went into service in Davos. This Swiss invention was an instant success.
Iran summons Swiss ambassador over US and Italy arrests
This content was published on
Iran has summoned the Swiss ambassador, who represents US interests, to protest against the arrest in the US and Italy of two Iranians.
Swisscom receives greenlight for acquisition of Vodafone Italia
This content was published on
The takeover of Vodafone Italia by Swisscom is nearing completion. All relevant authorities have now approved the €8 billion (CHF7.45 billion) deal.
Novo Nordisk stock market plunge drags down Swiss device maker Ypsomed
This content was published on
The Danish pharmaceutical giant, Novo Nordisk, faced setbacks on Friday that weighed on the share price of Swiss injection device manufacturer Ypsomed.
Swiss press react to EU deal with mix of euphoria and scepticism
This content was published on
Swiss media reaction to the agreement between Switzerland and the EU varies widely. Some are celebrating, while others worry about what is to come.
Swiss Solidarity donations to tackle child abuse top CHF4 million
This content was published on
Swiss Solidarity, the humanitarian arm of the Swiss Broadcasting Corporation (SBC), has raised over CHF4 million ($4.3 million) to tackle child abuse.
Swiss government backs Credit Suisse parliamentary inquiry committee
This content was published on
Switzerland’s federal government has expressed support for a move to set up a parliamentary enquiry committee on the Credit Suisse debacle.
How the Swiss ‘trinity’ forced UBS to save Credit Suisse
This content was published on
The takeover of its local rival could end up being a generational boon for UBS. But the government-orchestrated deal has angered many investors.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.