According to the European governor, Credit Suisse may be subject to disciplinary action.

After UBS had to save Switzerland’s second-largest bank last week, European commercial regulator FINMA said it was debating whether to discipline Credit Suisse managers.

The regulator’s main priorities were” the transitional phase of integration” and” preserving financial stability ,” according to FINMA President Marlene Amstad, who told the Swiss newspaper NZZ am Sonntag that it was” still open” whether new proceedings would be started.

UBS consented to purchase Credit Suisse for 3 billion Swiss franc($ 3.26 billion ) in stock a week ago and to bear losses of up to 5 billion in the merger, which was facilitated by Swiss authorities during tumultuous times in global finance.

When Reuters asked Credit Suisse for a comment on Sunday, the company declined to respond to the FINMA President’s remarks.

Amstad responded that it is” exploring the methods” when asked if FINMA is considering holding current Credit Suisse managers responsible for the failure of Switzerland’s second-largest bank.

Amstad was cited by NZZ as saying,” CS had a cultural problem that translated into lack of responsibilities ,” and” Numerous mistakes were made over several years.”

According to Amstad, FINMA had recently conducted six people” police proceedings” against Credit Suisse.

Regarding its earlier actions, she said,” We have intervened and used our strongest instruments.”

As part of the forced rescue merger, Amstad also defended Switzerland’s decision to reduce its Credit Suisse Additional Tier 1 ( AT1 ) debt by 16 billion Swiss francs to zero.

According to Amstad,” The AT1 instruments lawfully stipulate that they will be completely written off in the event of a button party, particularly the granting of great government support.”

” The bonds were specifically designed for for circumstances.”

CEO of FINMA, Urban Angehrn, defended its factor in dealing with Credit Suisse prior to the invasion in a separate meeting with the European newspapers SonntagsZeitung.

He claimed that” we generally intervened in these situations and used our tools, and they had an impact.” The board of directors and the management of the bank are in charge of running the institution; we do not operate it.

Despite having” sharp instruments ,” FINMA currently lacks the ability to issue fines, which is one of the open debate, according to Angehrn.

” FINMA is limited in communicating cases, and we do not have a senior managers regime ,” which could help with the issue of manager responsibility.

Swiss francs( 1 = 0.9199 )

( Editing by Alexander Smith, reporting by Noele Illien )

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