Secrecy for 50 Years: A Break from Tradition
The Swiss parliamentary investigation into the downfall of Credit Suisse will withhold access to its investigative files for an extensive 50-year period, a startling departure from the usual 30-year time frame, according to Aargauer Zeitung newspaper. This report has provoked consternation among the Swiss historian community who view these files as essential to understanding the banking crisis of 2023.
Swiss Parliament's Silence Adds to the Mystery
As of Saturday, the Swiss parliament has not provided a comment in response to queries about the unusual time gap before the release of the Credit Suisse files. The absence of an explanation is only adding to the intrigue and speculation about the significant delay.
Historians Voice Concerns Over Lengthy Secrecy Period
The Swiss Society for History has expressed serious concerns about the extended withholding period. In a letter to the head of the commission, Isabelle Chassot, Society President Sacha Zala highlighted the potential value these files could offer to future research into the banking crisis. He wrote, "Should researchers want to scientifically investigate the 2023 banking crisis, access to the CS files would be invaluable."
Focus on Governmental Actions Before Bank's Takeover
The inquiry will concentrate primarily on the actions taken by the Swiss government, financial regulator, and central bank preceding the emergency acquisition of Credit Suisse by UBS in March 2023. The probe marks only the fifth of its kind in the country's modern history, indicating the seriousness of the situation.
Committee Asserts its Power and Upholds Confidentiality
The investigation committee, made up of lawmakers with the authority to summon the Swiss cabinet, finance ministry, and other state bodies, recently held its inaugural meeting in Bern. Here, it underscored the confidentiality of its proceedings. While the committee could interrogate the involved Credit Suisse bankers, they will not be the central focus of the inquiry.
