In a comprehensive investigation into the collapse of Credit Suisse, Swiss lawmakers have released a 569-page report that highlights significant failings in the oversight of the bank, while primarily blaming its management for the crisis. The report, published on December 20, 2024, follows an 18-month inquiry by a parliamentary committee, which scrutinized the events leading to the bank's downfall in March 2023.

The inquiry found that years of mismanagement at Credit Suisse were the main cause of its collapse, a sentiment echoed in the opening lines of the committee's statement. The report criticized the lack of transparency and the secretive nature of Swiss regulators, who were accused of responding haphazardly to the crisis. Despite these criticisms, the inquiry did not find any causal misconduct by the authorities, noting that they managed to prevent a global financial crisis.

The collapse of Credit Suisse, a 167-year-old institution and Switzerland's second-largest lender, left the country with only one major international bank, UBS. In a government-orchestrated rescue, UBS acquired Credit Suisse for a fraction of its value. The report's findings are expected to influence future reforms in the Swiss banking sector, particularly concerning the "too-big-to-fail" rules.

The committee made 30 recommendations, including strengthening the financial regulator FINMA and ensuring that systemically important banks like UBS hold sufficient capital to withstand crises. It also suggested limiting bonus payments for bank executives during financial downturns and enhancing shareholder influence on stability issues.

The report criticized FINMA for allowing Credit Suisse to lower its capital requirements through an accounting procedure in 2017, and urged the government to limit such concessions in the future. It also called for improved information sharing and record-keeping among government officials and financial institutions.

The inquiry highlighted the chaotic final days of Credit Suisse, with many discussions among officials being informal and undocumented. Former Finance Minister Ueli Maurer was criticized for not adequately informing his successor about the bank's precarious situation.

Overall, the report paints a picture of a financial system in need of reform, with calls for stricter oversight and more robust regulatory frameworks to prevent similar crises in the future.