Switzerland’s parliament has launched a government-backed investigation into the collapse and emergency rescue of Credit Suisse by UBS, which will last between 12 and 15 months, commission president Isabelle Chassault said on Thursday. , reports Reuters.

UBS agreed to buy Credit Suisse for 3 billion Swiss francs in March after panicked clients withdrew cash from their accounts at the vulnerable bank.

The case has proved controversial, with Swiss political parties expressing concern over the huge amount of state aid, possible job losses and the recently increased size of UBS, already Switzerland’s largest bank.

The inquiry is only the fifth in the country’s modern history, and the parliamentary committee leading it has broad powers to question the Swiss government, the finance ministry and other government agencies. According to the statement, the parliamentary committee will investigate “the legality, appropriateness and effectiveness of the conduct of the competent authorities and authorities in the context of the Credit Suisse crisis and report to the Swiss parliament.”

After the first meeting on June 16, the commission held its first regular meeting in Bern on Thursday. He decided to act in conditions of strict confidentiality regarding the members of the commissions and persons summoned to the hearing, referring to the secrecy of the information subject to disclosure.

The inquiry, led by 14 parliamentarians from the country’s upper and lower houses, will examine how the Swiss government and finance ministry acted in the run-up to the crash.

It will also analyze the role played by the financial regulatory body FINMA, as well as the Swiss National Bank.

Commission president Isabelle Chassault, an MP from the Die Mitte party, told a briefing in Bern that the investigation is expected to take 12 to 15 months.

Chasot said that this commission can invite anyone to its hearings, but declined to provide details.

In Switzerland, there is a debate over whether parliamentarians will question Credit Suisse bankers who are not under investigation.

“I cannot say who will be invited, but bankers can be invited. The status of the invited person depends on whether he should come or not. “If they are witnesses, they must come, if they are here to give information, they can refuse to testify,” Chasso told Reuters.

According to her, the commission does not have judicial powers, but conducts a political investigation, the results of which will be summarized in a report.

“It will highlight the shortcomings, if any,” Chassot said, adding that he would make recommendations to the relevant authorities.