Switzerland’s financial regulator deflected blame for the collapse of the country’s second-biggest bank, Credit Suisse, saying it had been quick to respond, calling instead for more powers to take lenders to task. | Reuters
Chair of the Board of Swiss Financial Market Supervisory Authority Marlene Amstad attends a news conference on Credit Suisse after UBS takeover offer, in Bern, Switzerland, March 19, 2023. REUTERS/Denis Balibouse/File photo
That triggered a hastily arranged takeover by Zurich-based UBS, bankrolled with more than 200 billion Swiss francs of state support and guarantees, which all but wiped out shareholders, as well as swathes of bond holders. “Our instruments hit their limits … as seen in the case of Credit Suisse,” said Amstad, making a rare public appeal for more power.
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