Bern has proposed giving the financial regulator stronger powers, including fines, a freeze on bonuses and early intervention when trouble is suspected, Le Monde reported on Thursday: the government's answer to Credit Suisse's collapse three years ago.
Switzerland is reworking the rules governing its banks after Credit Suisse collapsed and rival UBS was forced to absorb it, leaving the country with one dominant global bank. The question since then is how much power the financial regulator should hold over institutions too big to fail.
The Swiss government wants to give the financial regulator stronger powers, including fines, a freeze on bonuses and early intervention when trouble is suspected, Le Monde reported on Thursday. The package is Bern's answer to the collapse of Credit Suisse three years ago, which forced UBS to absorb its rival.