Credit Suisse Crisis – FINMA Report On Lessons Learned

The Swiss Financial Market Supervisory Authority (FINMA) has published a report on the Credit Suisse crisis, covering the disappearance of one of Switzerland's two largest banks and the lessons learned for FINMA's supervisory practice.

The report provides valuable insight into FINMA's assessment of the reasons for Credit Suisse's failure as well as its supervisory practice.

In March 2023, the Swiss Confederation, the Swiss National Bank and FINMA instituted measures to safeguard Credit Suisse's solvency and finally assisted with the subsequent takeover of Credit Suisse by UBS (announced on 19 March 2023 and put into effect on 12 June 2023) to stabilise the market.

On 19 December 2023, FINMA published a report on the Credit Suisse crisis. The report covers (i) the development of Credit Suisse between 2008 and 2023 (including its business performance, risk management and preparation for crises), and (ii) FINMA's supervisory work with the bank.