The long-time president of the Swiss National Bank, Thomas Jordan, reportedly wanted to intervene at Credit Suisse much earlier than previously known. However, his concerns were not heeded. Months before the emergency takeover by UBS in March of last year, Jordan wanted to inject 50 billion Swiss francs of liquidity into the country’s second-largest bank and potentially nationalize it. However, this proposal was rejected by the government, the Swiss Financial Market Supervisory Authority (FINMA), and the leadership of Credit Suisse.

According to a recent report by Reuters, the Swiss authorities and FINMA were criticized for their hesitant and divided response to the Credit Suisse crisis. The events leading up to the bank’s near-collapse included the “Spygate” scandal and the challenges posed by the COVID-19 pandemic, as the bank struggled to provide funds to its large clients. As a result, the regulators demanded higher liquidity buffers from Credit Suisse, which were eventually utilized when the bank experienced a “bank run” in October 2022.

The report also highlights the concerns raised by SNB President Jordan in February 2020, prior to the unfolding crisis. It suggests that the Swiss authorities were ill-prepared for the bank’s downfall when it finally occurred in 2023. The Financial Market Supervisory Authority (FINMA) will release a report on the “Lessons learned from the Credit Suisse crisis” on Tuesday, providing their perspective on the events.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Europe
Countries	🇨🇭
Sentiment	neutral
Relevance Score	1
People	Tidjane Thiam, Thomas Jordan, Ueli Maurer
Companies	Eidgenössisch Finanzmarktaufsicht (Finma), Credit Suisse, Schweizerische Nationalbank (SNB), CS, UBS
Currencies	None
Securities	None