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It’s golden to hear: 2073 is the earliest we know what caused the collapse of Credit Suisse

It’s golden to hear: 2073 is the earliest we know what caused the collapse of Credit Suisse

Materials and reports related to the investigation into the largest Swiss bank will be handed over to the Swiss Federal Archives for safekeeping for 50 years, longer than the usual 30 years. Reuters.

Once the investigation is complete, the files must be turned over to the Federal Archives and an extended protection period of 50 years will apply

says the commission’s report.

the Swiss Historical Society expressed concern about the length of time, President Sasha Zala And turned on writing To Isabelle Chassot, Chair of the Committee, Representative of the upper house in the Swiss Parliament. He emphasized that it should be possible for historians to access the documents.

If researchers scientifically investigate the banking crisis of 2023, access to the CS files will be invaluable.

Zala Books.

He added that it should be possible to make the archive secure and accessible after the appropriate protection period has expired, depending on the research subjects.

The financial world is reeling from the latest bank bailout

According to the signs, the Swiss authorities managed to save the world from the spillover effects of the bank’s failure with the dramatic rescue of Credit Suisse over the weekend. However, the implemented solution has created serious taboos in the financial world, many lawsuits are expected, and many people have vowed not to follow the Swiss example anywhere else. Read more —>

The committee held its first regular meeting in Berne on Thursday, where it was confirmed that in addition to the employees of the Ministry of Finance and the Central Bank, financial experts will be heard and that the penalties that can be imposed for breach of confidentiality. Scope of obligation from being prevented from speaking before the commission, f Through a prison sentence of six months to three yearsthey extend to fines.

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The Swiss bank came to the brink of bankruptcy this spring, and another banking giant, UBS, finally bought it out and laid off more than half of its staff.

Credit Suisse’s rescuer footed the bill

The most dangerous applicant is UBS AG, but it has asked the Swiss government for $6 billion in the event of a buyout of its troubled competitor. Read more >>>

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