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A parliamentary investigation into the collapse of Credit Suisse will keep its files closed for 50 years, according to a parliamentary committee document, a level of secrecy that has triggered concern among Swiss historians.
The document means the investigating commission would hand over its files to the Swiss Federal Archives after a longer gap than the usual 30 years to ensure high levels of confidentiality apply to the investigation, which has generated huge public interest. The investigation will focus on the activities of the Swiss government, financial regulator and central bank in the run up to the emergency takeover of Credit Suisse by UBS in March.
The investigation is only the fifth of its kind in the country's modern history and the committee of lawmakers conducting it has sweeping powers to call on the Swiss cabinet, finance ministry and other state bodies.
“After the completion of the investigation, the files shall be handed over to the Federal Archives and shall be subject to an extended protection period of 50 years,” the committee said in a strategy paper outlining its communication policy. The Swiss parliament declined to comment on Saturday after the 50-year requirement was first reported by newspaper Aargauer Zeitung.
The Swiss Society for History raised concerns about the length of time, with its president Sacha Zala writing to commission head, Isabelle Chassot, a law-maker from the Swiss upper house of parliament.
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He also stressed that it is important Credit Suisse opens its own archives for historians.
“Should researchers want to scientifically investigate the 2023 banking crisis, access to the CS files would be invaluable,” Zala wrote. “Ideally, it should be possible to secure and make accessible the archive after an appropriate protection period has expired and, if necessary, subject to historical research conditions,” he added. The committee held its first regular meeting in Bern on Thursday, where it stressed the confidentiality of its proceedings, which could include interviews with bankers.
Possible punishments for breaching that confidentiality ranged from being barred from speaking at the committee to being barred for six months to three years in prison and fines.
UBS to retain EY as auditor
UBS Group has decided to retain EY as its external auditor, enlarging its role to include Credit Suisse’s accounts from 2024, the Financial Times reported on Sunday, citing people with knowledge of the decision. The size of the contract will require the Big Four accounting firm to call in staff from other countries to work on the audit, two people told the FT.
PricewaterhouseCoopers (PwC), which has been Credit Suisse's auditor since 2020, will audit the acquired bank's accounts for 2023, according to the newspaper. UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.48 billion) in March after panicked customers withdrew cash from their accounts at the stricken lender. PwC in Credit Suisse’s 2022 annual report had included an “adverse opinion” on the effectiveness of the bank's internal controls over its reporting but said its statements present fairly, in all material respects” the financial position of the bank from 2020 through 2022. UBS and EY did not immediately respond to requests for comment on the FT report.
