How Swiss authorities bungled Credit Suisse oversight


Business & Finance

Reuters exclusively reported that about six months before Credit Suisse was sold to rival UBS in a weekend rescue, the head of the Swiss central bank wanted to inject 50 billion Swiss francs ($57.6 billion) into the lender and nationalise it. But Switzerland’s financial regulator FINMA and the finance ministry opposed the idea, as did Credit Suisse’s management, the sources said. Unable to agree, Swiss authorities decided the best solution was to let the company find its own way.

Market Impact

Credit Suisse’s demise tainted Switzerland’s reputation as a major center of world finance and a safe haven, and debunked the belief that global banks are safer now. 

Article Tags

Topics of Interest: Business & Finance

Type: Reuters Best

Sectors: Business & Finance

Regions: Europe

Countries: Switzerland

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Significant National Story

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