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Swiss Authorities

All articles tagged with #swiss authorities

finance2 years ago

Swiss Authorities' Oversight Failure: Unraveling Credit Suisse's Mishap

Swiss authorities, including the central bank and financial regulator FINMA, failed to effectively oversee Credit Suisse, leading to its collapse and subsequent sale to UBS. About six months before the sale, the head of the Swiss central bank wanted to inject 50 billion Swiss francs ($57.6 billion) into Credit Suisse and nationalize it, but this idea was opposed by FINMA, the finance ministry, and Credit Suisse's management. The lack of coordination and differing opinions among Swiss officials undermined their ability to properly regulate the bank, which faced a series of scandals and failed restructuring attempts. The collapse of Credit Suisse has damaged Switzerland's reputation as a financial center and highlighted the need for stronger global financial regulation.

via Reuters|
#credit-suisse#finance#nationalization
crime2 years ago

'Princess of Uzbekistan' Unmasked as Mastermind Behind Global Money Laundering Scheme

Gulnara Karimova, known as the "Princess of Uzbekistan," has been accused by Swiss authorities of leading an international crime organization that laundered hundreds of millions of dollars. She is accused of stealing money from Uzbekistan, bribing executives and government officials, and using various companies and bank accounts in Switzerland to launder the funds. Karimova, who had diplomatic immunity for years, is currently imprisoned in Uzbekistan and has been indicted in Switzerland on charges of heading the alleged crime syndicate. Her organization, known as "The Office," allegedly consisted of over 100 legitimate companies working to hide stolen money. Karimova denies the charges and her lawyers claim she has been held in arbitrary detention and deprived of basic rights.

via New York Post |
#crime#gulnara-karimova#international-crime-organization
finance2 years ago

Credit Suisse and UBS: The Mega Merger Rescue.

UBS Group's takeover of Credit Suisse, arranged by Swiss authorities to prevent a broader banking crisis, is set to become official as early as June 12. The closing of the deal marks the final chapter for the 167-year old institution after years of scandals and missteps eroded customer confidence and brought the lender to the brink of collapse. The deal faced several hurdles, including regulatory rebukes, postponement of annual reports, and political backlash. UBS CEO Sergio Ermotti warns of painful decisions about job cuts following the takeover of Credit Suisse, which he said should be finalized in a few days.

via Reuters.com|
#banking-crisis#credit-suisse#finance
finance2 years ago

European Banking Authorities Address Concerns Over Swiss Announcement and Bank Safety

The Single Resolution Board, European Banking Authority, and ECB Banking Supervision welcome the actions taken by Swiss authorities to ensure financial stability. The European banking sector is resilient with robust levels of capital and liquidity. The resolution framework in the EU establishes the order in which shareholders and creditors of a troubled bank should bear losses, with common equity instruments being the first to absorb losses. Additional Tier 1 is and will remain an important component of the capital structure of European banks.

via Single Resolution Board|
#ecb-banking-supervision#european-banking-authority#finance
finance2 years ago

Yellen's Statements on Liquidity, Banking System, and Chinese Investors Shake Up Financial World.

The Department of the Treasury and Federal Reserve have released a joint statement welcoming the Swiss authorities' efforts to support financial stability. They also reassured that the U.S. banking system's capital and liquidity positions are strong, and the financial system is resilient. The authorities have been in close contact with their international counterparts to support their implementation.

via Treasury|
#department-of-the-treasury#federal-reserve#finance