Swiss Finance Minister Karin Keller-Sutter will face questions from the Parliamentary Commission of Inquiry into the debacle surrounding the big bank Credit Suisse.
Scheduled to get underway this Thursday, the Parliamentary Investigation Commission (PUK) starts with the first hearings, the «SonntagsBlick» (in German) reported over the weekend citing anonymous sources. According to the report, Finance Minister Karin Keller-Sutter will be the first to appear for questioning.
Waiting for the PUK
She'll have to answer questions about the circumstances of the collapse, the rescue, and the sale of Credit Suisse to UBS, with false statements potentially having criminal consequences. It marks the beginning of the political investigation into the forced takeover of the bank on March 19.
A great deal hangs on the findings of the PUK as politicians and the banking industry repeatedly hold back their assessments of the takeover, pending the investigation.
The commission, which includes parliamentarians from all major parties, will conduct its investigation in four main phases. The first covers the period from 2015 to the summer of last year, starting with the Federal Council's initial evaluation of systemically important banks.
Completion by Spring
Then there's the period up to mid-March 2023, which includes the desperate attempts by Credit Suisse management to turn the tide at the wounded bank with a new major shareholder from Saudi Arabia, a capital increase, and a restructuring plan. The hot phases then concern the five days leading up to the takeover by UBS on March 19 and, in the end, the implementation.
The conclusion of the investigations is expected by the beginning of the next spring session, which is around the beginning of March.
