Commission Investigating Credit Suisse Collapse Will Keep Files Secret For 50 Years

Files about the parliamentary investigation into the collapse of Credit Suisse bank will remain confidential for 50 years.

What Happened: According to Swiss German-language daily newspaper Aargauer Zeitung, the commission responsible for investigating the collapse intends to submit its files, which contain witness statements and documents, to the Swiss Federal Archives after the usual 30 years.

The decision has raised concerns among Swiss historians. The Swiss Society for History, led by its president, Sacha Zala, expressed apprehension about the extended time the commission would take to turn in its files. Zala reportedly wrote a letter to Isabelle Chassot, the head of the commission and a legislator from the Swiss upper house of parliament.

"Should researchers want to investigate the 2023 banking crisis scientifically, access to the CS files would be invaluable," the letter read, 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," Zala reportedly wrote.

Also Read: UBS CEO Says Credit Suisse Already Had Problems in 2015: "Something Wasn't Going Well"

According to the report, the investigation will center on the actions taken by the Swiss government, financial regulator and central bank leading up to UBS's emergency takeover of Credit Suisse in March.

The investigation is only the fifth of its kind in the country's modern history, Reuters reported. The committee of lawmakers overseeing the investigation possesses extensive authority, allowing them to summon members of the Swiss cabinet, finance ministry and other governmental bodies.

The committee held its inaugural regular meeting in Bern on Thursday, emphasizing the importance of maintaining confidentiality throughout the investigation, Reuters reported.

While the committee has the power to question the Credit Suisse bankers involved, they will not be the primary focus of the inquiry, the report added.

Now Read: UBS Acquisition of Credit Suisse: Bye Bye AT1 Investors, Anxiety Builds Among Banks' Subordinated Bondholders

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