50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

Credit Suisse inquiry will keep files secret for 50 years

Published 07/15/2023, 04:27 AM
Updated 07/16/2023, 05:11 AM
© Reuters. FILE PHOTO: The logo of Credit Suisse is pictured in front of the Swiss Parliament Building, in Bern, Switzerland, March 19, 2023. REUTERS/Denis Balibouse/File Photo

By John Revill

ZURICH (Reuters) -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.

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, according to the newspaper.

"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.

© Reuters. FILE PHOTO: The logo of Credit Suisse is pictured in front of the Swiss Parliament Building, in Bern, Switzerland, March 19, 2023. REUTERS/Denis Balibouse/File Photo

"All persons participating in the meetings and the questioning are subject to the duty of secrecy, not only the members of the commission, but also the interviewees themselves," it said.

"Indiscretions complicate the work or damage the credibility of the commission and can have negative consequences for the Swiss financial centre," the committee added.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.