The question of whether new procedures will be opened has not yet been decided, she said in an interview broadcast on Sunday by the NZZ am Sonntag. After the takeover of Credit Suisse by UBS, the focus will be on a transition phase aimed at integrating the number 2 Swiss bank into number 1 and on financial stability, she adds.
Capital and liquidity requirements for the new giant bank UBS are expected to grow gradually, says Marlene Amstad. “We cannot demand it from Monday. Some transition times are necessary. But the demands will increase.”
Fines and responsibilities
FINMA also welcomes the discussion launched to give it new instruments of intervention. “The first is the jurisdiction over fines, which most supervisors are familiar with. The second is what’s called the senior manager regime, where it’s about establishing accountability,” notes Marlene Amsterdam. According to her, there was a problem with the corporate culture at Credit Suisse resulting in lack of responsibilities. “Often it was not clear who was responsible for what.”
We are not a criminal authority, but we are exploring the corresponding possibilities
FINMA can already take tough action, notes the official, noting that the supervisory authority has conducted six enforcement proceedings against Credit Suisse in recent years. But they are usually not made public, she adds.
“Imagine if it had been known that we were already working on the Credit Suisse consolidation decision in November or that we had asked Credit Suisse to prepare alternative solutions for the case that just occurred,” she says.
>> Read also:
FINMA, a banking supervisor with limited powers
What autonomy for Credit Suisse?
While many politicians and experts are calling to separate the Swiss entity of Credit Suisse from the rest of the group and to leave it its autonomy, the management of UBS does not intend to let its conduct be dictated by the political world, indicates the SonntagsBlick .
She does not want to get rid of the Swiss activities of Credit Suisse. “Much of what has been said is electioneering from politicians who have no idea about banking,” a senior UBS executive told the newspaper.
>> Read also:
The parties very critical after the takeover of Credit Suisse by UBS
ats/hkr