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Switzerland is close to releasing a highly anticipated report on the causes of Credit Suisse’s 2023 downfall, which is expected to assign blame for the crisis and shape the future regulation of UBS Group AG. The report, which is being prepared by a parliamentary investigation commission (PUK), is set to be published before the end of the year and will likely influence the country’s financial regulation.
The PUK, which has been working on the report for 18 months, has already questioned over 60 people, including top officials from both Credit Suisse and UBS. The report is expected to shed light on the actions of the authorities and the effectiveness of Swiss regulation in preventing the crisis. It may also reveal details about the government’s interventions before the emergency sale to UBS.
The report’s findings could have a significant impact on public opinion in Switzerland, as previous PUKs have not shied away from assigning blame. The report could also have implications for the competitiveness of Swiss banks, as the government has already proposed stricter regulations, including higher capital requirements for UBS.
The PUK’s report will be closely watched by the financial industry and could lead to further changes in Swiss banking regulation. It remains to be seen how the report will address the management failures that led to Credit Suisse’s downfall, but it is expected to provide valuable insights into the crisis and its aftermath.