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Top related persons:
Urban Angehrn - 2 Angehrn - 2 FINMA - 2 Ruben Sprich - 2 Stefan Walter - 1 Walter - 1 Mark Branson - 1 Marlene Amstad - 1
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UBS - 2 Credit Suisse - 2 Swiss Financial Market - 2 Authority - 2 REUTERS - 2 Thomson - 2 GENEVA - 1 Swiss - 1

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9 mentions found


☆ Swiss Financial Regulator Gets a New Leader as UBS-Credit Suisse Merger Sparks Calls for Reform
  + stars: | 2024-01-24 | by ( Associated Press | Jan. | At A.M. | ) www.usnews.com   time to read: +3 min
The Swiss government on Wednesday selected Stefan Walter, a 59-year-old German national who was director-general of the European Central Bank for the last decade, to head the Swiss financial authority known as FINMA. Swiss authorities feared the collapse of such a major lending institution could further roil global financial markets following the failure of two U.S. banks last year. The troubles at Credit Suisse threatened to unhinge Switzerland's position as a leading financial market, and the takeover left the country with only one internationally important bank: UBS. Political Cartoons View All 253 ImagesA parliamentary panel created after the government-orchestrated merger has been looking into the origins of the deal. Walter, who has a master's degree in international banking from Columbia University in New York, will start the job on April 1, the Swiss government said.
Persons: Stefan Walter, Walter, Urban Angehrn, Angehrn, Mark Branson, Marlene Amstad, ” Amstad, SRF, FINMA Organizations: GENEVA, UBS, Credit Suisse, Swiss, European Central Bank, Federal Council, Columbia University Locations: Swiss, U.S, British, New York
☆ Swiss financial watchdog to lose more staff
  + stars: | 2023-09-21 | by ( ) www.reuters.com   time to read: +1 min
The logo of Swiss Financial Market Supervisory Authority FINMA is seen outside their headquarters in Bern, Switzerland April 5, 2016. Preisig, who said she wants to take on a new role outside of FINMA, has headed the Strategic Services division since 2020. FINMA, the Swiss government and the Swiss National Bank have come under fire for their perceived late intervention following the collapse of Credit Suisse and its subsequent rescue by larger rival UBS (UBSG.S) in March. The regulator's secretary general, the head of international affairs and the head of communications have also recently resigned. Reporting by Oliver Hirt, Writing by Noele Illien; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.
Persons: Ruben Sprich, Johanna Preisig, Urban, Preisig, Angehrn, Oliver Hirt, Noele Illien, Sharon Singleton Organizations: Swiss Financial Market, Authority, REUTERS, UBS Group, Strategic Services, FINMA, Swiss National Bank, Credit Suisse, UBS, Thomson Locations: Bern, Switzerland, FINMA, Swiss
☆ Swiss, Italian financial authorities sign cooperation agreement
  + stars: | 2023-08-16 | by ( ) www.reuters.com   time to read: +1 min
The logo of Swiss Financial Market Supervisory Authority FINMA is seen outside their headquarters in Bern, Switzerland April 5, 2016. REUTERS/Ruben Sprich/File Photo Acquire Licensing RightsZURICH, Aug 16 (Reuters) - Switzerland's financial market supervisory authority FINMA on Wednesday said it had signed a cooperation agreement with Italian supervisory authority CONSOB and Italian national bank, Banca d'Italia, to intensify their cooperation. "Thanks to this agreement, the authorities involved can carry out their supervisory activities even more effectively across borders. This increases legal certainty for supervised institutions operating in Italy and Switzerland," FINMA head Urban Angehrn said in a statement. The agreement would help financial groups gain clearer legal certainty concerning their access to the Italian market, FINMA said.
Persons: Ruben Sprich, Urban Angehrn, FINMA, Brenna Hughes, Alexandra Hudson Organizations: Swiss Financial Market, Authority, REUTERS, Rights, Banca d'Italia, Alexandra Hudson Our, Thomson Locations: Bern, Switzerland, Italy
☆ Resolving Credit Suisse: an alternative history
  + stars: | 2023-04-27 | by ( Liam Proud | ) www.reuters.com   time to read: +8 min
Reuters GraphicsThe market shock will be all the more extreme because Credit Suisse doesn’t obviously need more capital. It seems perverse to put taxpayer money on the line while leaving the Credit Suisse bonds untouched. Of the 30 global lenders classed as systemically important by the Financial Stability Board, Credit Suisse is the third-smallest by total assets. It also enables the Swiss National Bank to offer Credit Suisse an open-ended credit line, hopefully ending the bank run. Credit Suisse is suffering from a crisis of confidence brought on by years of mismanagement, rather than a system-wide meltdown.
☆ Swiss regulator says two banks' crisis plans are insufficient
  + stars: | 2023-04-26 | by ( ) www.reuters.com   time to read: +1 min
ZURICH, April 26 (Reuters) - Swiss financial regulator FINMA has labelled the recovery and resolution plans of two of Switzerland's five systematically important banks as insufficient, it said on Wednesday. FINMA questioned the ability of Zuercher Kantonalbank (ZKB)[RIC:RIC:ZKB.UL] and PostFinance [RIC:RIC:PFAG.UL] to continue functioning in case they experienced a crisis. The assessment released by FINMA gauged the emergency plans of Switzerland's main banks as they stood at the end of 2022. It does not therefore take into account Credit Suisse's (CSGN.S) merger with UBS (UBSG.S). "It is clear that there are important lessons to be learned from the Credit Suisse crisis for future crisis preparations," FINMA'S Chief Executive Urban Angehrn said.
☆ Switzerland faced a full-scale bank run if Credit Suisse went bankrupt, Swiss regulator argues
  + stars: | 2023-04-05 | by ( Ruxandra Iordache | ) www.cnbc.com   time to read: +7 min
It would have erased the holding company Credit Suisse Group, along with the parent bank Credit Suisse AG and its branches, while retaining the Credit Suisse (Schewiz) AG entity because of its "systemic importance." "The parent bank Credit Suisse AG would have gone under – a Swiss bank with total assets of over CHF 350 billion and ongoing business also running into many billions," Angehrn warned. Many other Swiss banks would probably have faced a run on deposits, as Credit Suisse itself did in the fourth quarter of 2022." Angehrn said the regulator has been in recent dialogue with the U.S., but did not experience international pressure in its supervision of Credit Suisse. The authorities would have risked not stopping a looming financial crisis by using the tool of resolution, but rather triggering such a financial crisis."
☆ Swiss regulator defends its decision to write off AT1 bonds
  + stars: | 2023-03-23 | by ( ) www.reuters.com   time to read: +1 min
ZURICH, March 23 (Reuters) - Switzerland's financial market regulator FINMA defended its decision to impose steep losses on Credit Suisse (CSGN.S) bond holders on Thursday, saying the decision was legally watertight. On Sunday, Switzerland announced a multi-billion franc rescue of Credit Suisse, which will see it taken over by UBS. As part of that deal the Swiss regulator ordered 16 billion Swiss francs ($17.49 billion) of its Additional Tier 1 debt to be written down to zero, while shareholders received some compensation. "The AT1 instruments issued by Credit Suisse contractually provide that they will be completely written down in a 'viability event', in particular if extraordinary government support is granted," FINMA said. "As Credit Suisse received extraordinary liquidity assistance loans secured by a federal default guarantee on 19 March 2023, these contractual conditions were met for the AT1 instruments issued by the bank," it added.
☆ Swiss regulator says central bank loan to Credit Suisse justified AT1 bond writedown
  + stars: | 2023-03-23 | by ( Elliot Smith | ) www.cnbc.com   time to read: +2 min
Swiss regulator FINMA on Thursday defended its decision to instruct Credit Suisse to write down its AT1 bonds — a controversial part of the lender's emergency sale to UBS — saying it was a "viability event." The regulator said the loan Credit Suisse received from the Swiss National Bank last week, backed by the federal government, meant the conditions for a writedown had been met. The regulator instructed Credit Suisse to write down 16 billion Swiss francs of AT1 bonds, widely regarded as relatively risky investments, to zero, while equity shareholders will receive payouts at the stock's takeover value. "As Credit Suisse received extraordinary liquidity assistance loans secured by a federal default guarantee on 19 March 2023, these contractual conditions were met for the AT1 instruments issued by the bank." The Swiss federal government enacted an emergency ordinance to guarantee the additional liquidity assistance from the SNB to Credit Suisse, in order to ensure the successful implementation of the UBS takeover.
☆ Swiss CoCo litigation may have a broader payoff
  + stars: | 2023-03-23 | by ( Neil Unmack | ) www.reuters.com   time to read: +4 min
LONDON, March 23 (Reuters Breakingviews) - Credit Suisse’s (CSGN.S) CoCos are shaping up to be the bondholder litigation case of the century. Investors are in uproar over the government’s decision to wipe out Credit Suisse’s Additional Tier 1 securities over the weekend, while preserving 3 billion Swiss francs for shareholders. They can argue that state support for Credit Suisse did not represent a viability event because the authorities injected liquidity but not capital. Credit Suisse’s AT1 bonds are currently trading at around 6% of par value, rather than the zero the Swiss authorities declared them to be worth. Some Credit Suisse AT1 bondholders are seeking legal advice.
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