According to the report published on Monday, the federal authority for the supervision of financial markets (Finma), the Swiss National Bank (SNB) and the Federal Council (Executive) made ‘terrible mistakes’, which led to the collapse.

The parliamentary inquiry group, formed in June 2023, found that the responsible institutions lacked the capacity to prevent or halt the failure of the large bank, although its problems had been evident for many months.

Finma was unable to prevail and intervene in favor of Credit Suisse in 2022, a pre-crisis moment when the bank was already in a turbulent situation, according to the provisional document.

The text also took into account elements of the Ministry of Finance’s judgment regarding the role of the SNB, in order to question both the issuer and the portfolio in question.

The investigative team is expected to present its final report to the Swiss Parliament during the winter session.

The collapse of Credit Suisse had wide international repercussions because of its potential domino effect, which was the subject of several pronouncements, including one issued at the time by the Organization for Economic Cooperation and Development (OECD).

In 2023, the Swiss authorities argued that the rescue of Credit Suisse through its merger with UBS bank was the decision with the lowest risk and greatest prospects of success.

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