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Credit Suisse crash investigated by Swiss lawmakers

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A rare Swiss parliamentary investigation due to start this week aims to establish what went wrong before the dramatic fall of Credit Suisse, once Switzerland's second biggest bank.

A pedestrian walks past a logo of Credit Suisse outside its office building in Hong Kong, China March 21, 2023. REUTERS/Lam Yik/File Photo

Here is what we know about the investigation and some of the questions that remain about its workings:The 14-member commission will focus on the authorities' actions before and during the emergency takeover of Credit Suisse rather than its management's role. These include lawsuits against FINMA over its decision to write down to zero 16 billion francs of AT1 bonds, and by Credit Suisse investorsA critical question will be whether FINMA, the finance ministry and the central bank should have intervened earlier.

Could the central bank have done more, for example by promising Credit Suisse unlimited liquidity to reassure customers and stem the outflow of funds?The inquiry is expected to summarize its findings in a report, making recommendations to the government and parliament, and likely suggesting specific remedies.

It is unclear whether Credit Suisse and UBS executives are obliged to appear if asked, but they are expected to do so due to intense political and public pressure.

 

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