Dom. Dic 22nd, 2024

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Switzerland has released a parliamentary report on the collapse of Credit Suisse, which has raised concerns about the country’s financial stability and sparked questions about what went wrong. The report, which took 18 months to complete, has made 30 recommendations and requests to prevent a similar crisis in the future. Some of the key recommendations include:

1. UBS and Too-Big-To-Fail: The report suggests that the government should take into account the size of UBS in relation to the Swiss economy when developing its “too-big-to-fail” rules. This is to ensure that the Swiss financial system is viable and can prevent international financial crises. However, the report does not provide any specific suggestions on how much more capital banks like UBS should hold.

2. Rein in Bosses: The committee has concluded that Credit Suisse’s management was primarily responsible for the crisis and has recommended that the government consider imposing measures on systemically relevant banks. These measures include limiting bonus payments when business is going badly, giving shareholders more say on stability issues, and introducing a compulsory 10-year residence requirement for a majority of board members.

3. Financial Regulation: The report has criticized the financial regulator FINMA for being too lenient on Credit Suisse. It has recommended that the government introduce measures to prevent banks from easing capital and liquidity requirements in the future. It has also suggested giving FINMA more powers, such as the ability to fine managers and order temporary restrictions on dividends and share buybacks. The report also proposes empowering the Swiss National Bank to force systemically important banks to prepare for extraordinary liquidity assistance.

4. Audit Oversight: The report has proposed leaving audit oversight for systemically important banks solely in the hands of FINMA, instead of the current arrangement where it is shared with another body known as RAB.

The report has highlighted the need for stricter regulations and oversight in the Swiss financial system to prevent a similar crisis in the future. It also raises questions about the effectiveness of FINMA and the need for more powers to regulate banks. The recommendations, if implemented, could have a significant impact on the banking sector in Switzerland. 

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Update

Title: “Preserving the Everglades: The Miccosukee Tribe’s Battle Against Climate Change” The Miccosukee Tribe, a Native American community residing in the Florida Everglades, has been at the forefront of the fight to protect this unique ecosystem from the impacts of climate change. With rising sea levels, increased frequency of extreme weather events, and other environmental challenges, the Everglades face an uncertain future. However, the Miccosukee Tribe has taken a proactive approach, implementing sustainable practices and advocating for policies that prioritize the preservation of this vital ecosystem. One of the key strategies employed by the Miccosukee Tribe is the restoration of the natural flow of water in the Everglades. This involves removing man-made structures and redirecting water to its original path, which not only helps to mitigate the effects of climate change but also restores the delicate balance of the ecosystem. Additionally, the tribe has implemented sustainable farming practices, such as using traditional methods and native plants, to reduce the impact of agriculture on the environment. The Miccosukee Tribe has also been actively involved in advocating for policies that address the root causes of climate change. They have partnered with other organizations and government agencies to raise awareness and push for legislation that promotes renewable energy and reduces carbon emissions. Through their efforts, the tribe has been able to influence decision-making processes and ensure that the Everglades remain a top priority in the face of climate change. Despite facing numerous challenges, the Miccosukee Tribe remains resilient and determined in their fight to protect the Everglades. Their efforts not only benefit their own community but also have a positive impact on the entire region. By preserving this unique ecosystem, the tribe is not only safeguarding their cultural heritage but also ensuring a sustainable future for generations to come. In conclusion, the Miccosukee Tribe’s fight to protect the Everglades in the face of climate change serves as a powerful example of the importance of preserving our natural resources. Through their actions, they have shown that with determination and collaboration, it is possible to mitigate the effects of climate change and safeguard our planet for future generations. Let us all join hands in this crucial battle to