. “The Swiss political world has got the feeling ... that the oversight of Credit Suisse had not been applied in a sufficiently effective way,” liberal politician Olivier Feller told Reuters Breakingviews on the sidelines of an emergency parliament session to discuss the state rescue in Bern.
One key issue is whether local regulators are fit for purpose. In April 2019, FINMA proclaimed its first 10 years of oversight of the Swiss financial market a, even as the seeds of scandals including Archegos and Greensill that were to rock Credit Suisse had already been planted. Such criticism, unusual in Switzerland even behind closed doors, raises the question of whether FINMA Chair Marlene Amstad or even SNB Chairman of the Governing Board Thomas Jordan – who was already on the central bank’s governing board at the time of the 2008 UBS crisis – should move on. A proper post-mortem into what led to the country’s latest banking mess would project the image, at home and abroad, that Switzerland is serious about preventing a future one.
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