Her collapse Credit Suisse and its acquisition UBS will be investigated parliamentary committeeher office announced Swiss upper house.
The move comes after two subcommittees called for a deeper investigation into how the government, the Swiss central bank and the financial market regulator handled Credit Suisse’s bailout.
The exact terms of reference for the investigation, as well as the composition of the committee, have yet to be determined and will be decided by the two legislatures at their next meetings starting May 30.
“Given the magnitude of the events and the financial implications, the office concludes that the establishment of a parliamentary committee is justified,” the Upper House office said in a statement.
As part of a rescue deal devised by Swiss authorities last March, UBS agreed to buy Credit Suisse, marking the global bank’s first bailout since the 2008 financial crisis.
Reuters
Source: Kathimerini
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