Investigation results on collapsed bank to stay confidential for half a century.
The Inner Happenings of Credit Suisse’s Collapse to Remain Confidential for 50 Years
The world eagerly awaits insight into the mysterious collapse of Credit Suisse, but unfortunately, immediate transparency is not on the horizon.
A recent report from Reuters reveals that the parliamentary investigation into the Swiss investment bank’s downfall will keep its files under lock and key for half a century.
This unprecedented level of secrecy has raised concerns among Swiss historians, as the standard period of confidentiality in such cases is typically 30 years.
“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 document reads.
Notably, the Swiss parliament declined to comment when approached by German-Swiss newspaper Aargauer Zeitung regarding this extended time frame.
Sacha Zala, the president of the Swiss Society for History, expressed dismay over these actions, emphasizing the importance of access to the Credit Suisse files for future research.
“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.”
Reuters also reports that breaching this confidentiality could result in being barred from speaking at the committee, and even facing up to three years in prison and fines.
While the lack of transparency may frustrate some, the magnitude of the investigation and its far-reaching implications may justify the initial secrecy.
The Investigation’s Scope
The comprehensive investigation will delve into the actions of the Swiss government, the financial regulator, and the central bank, all in relation to the emergency takeover of Credit Suisse by fellow bank UBS in March.
Credit Suisse’s collapse occurred during a tumultuous period in banking history, following the collapses of major cryptocurrency firm
While answers are being sought for the events surrounding FTX and Silicon Valley Bank, the truth behind Credit Suisse’s downfall will remain shrouded in secrecy for the next five decades.
Read more: Findings of Investigation Into Collapsed Bank to Remain Confidential for 50 Years
Source: The Western Journal
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