“We are not a criminal authority, but we are exploring the corresponding possibilities,” said FINMA President Marlene Amstad on Sunday in an interview broadcast on Sunday by the NZZ on Sunday. The question of whether new procedures will be opened has not yet been decided, she said.
After the takeover of Credit Suisse by UBS, the focus will be on a transition phase aimed at integrating the number 2 Swiss bank into number 1, as well as on financial stability. Capital and liquidity requirements for the new giant bank UBS are expected to grow gradually. “We cannot demand it from Monday. Some transition times are necessary. But the requirements will increase, ”explains the president.
Other news from the weekend: Credit Suisse has already withdrawn several billion from the guarantee fund opened by the Confederation
Fines and responsibilities
FINMA also welcomes the discussion launched to give it new instruments of intervention. “The first concerns jurisdiction over fines, which most supervisors are familiar with. The second is what is called the senior managers regime, where it is a question of establishing responsibilities, ”notes Marlene Amstad. According to her, there was a problem with the corporate culture at Credit Suisse resulting in missing responsibilities. “Often it wasn’t clear who was responsible for what.”
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FINMA can already take tough action, notes the official, noting that the supervisory authority has conducted six enforcement proceedings once morest Credit Suisse in recent years. But they are usually not made public, she adds.
“Imagine if it had been known that we were already working on the Credit Suisse consolidation decision in November or that we had asked Credit Suisse to prepare alternative solutions for the case that has just occurred,” she concludes.
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