Credit Suisse Bank Investigation Files To Remain Confidential For 50 Years

Credit Suisse sign displayed on a building in Lugano, on June 9, 2023. The commission investigating the collapsed bank intends to submit its files, which contain witness statements and documents, to the Swiss Federal Archives after the usual 30 years.”FABRICE COFFRINI/AFP VIA GETTY IMAGES.

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

“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,” said the Swiss German-language daily newspaper Aargauer Zeitung.

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,” said the letter, 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,” said Zala reportedly.

 Isabelle Chassot during the 68th annual Cannes Film Festival in 2015 in France. The Swiss Society for History president, Sacha Zala, expressed apprehension about the extended time the commission would take to turn in its files in a letter to Chassot, who is the head of the commission. JACOPO RAULE/GETTY

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.

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