In an unexpected move, the parliamentary committee investigating the high-profile downfall of Credit Suisse announced that its investigative records would remain confidential for the next 50 years.
This move has alarmed Swiss historians and academics, as this surpasses the usual 30-year duration for maintaining confidentiality.
Credit Suisse securing confidentiality or veiling transparency?
The decision implies that the handover of the inquiry’s findings to the Swiss Federal Archives will happen after a significantly extended period. This stringent measure aims to maintain utmost secrecy surrounding the investigation, which has piqued massive public curiosity.
The probe into Credit Suisse’s activities, especially leading up to its rescue takeover by UBS this past March, serves as the investigation’s focal point.
The Swiss government, central bank, and financial regulator’s actions during the period preceding the takeover will also be under the microscope.
The high-stakes investigation, only the fifth of its kind in Swiss modern history, has empowered the legislator committee overseeing the investigation with broad authority to scrutinize the Swiss cabinet, finance ministry, and other state bodies.
The furore among historians
The lengthy withholding of files has not gone unnoticed, sparking unease among Swiss historians. Sacha Zala, the Swiss Society for History’s president, voiced his concerns in a letter to the commission’s head, Isabelle Chassot, a lawmaker from the Swiss upper house of parliament.
Zala noted the paramount importance of these files for academic researchers aiming to study the 2023 banking crisis, the epicenter of which was Credit Suisse’s collapse.
He stressed that the safeguarding and eventual release of the archive after an acceptable period should be permissible, subject to the necessary restrictions on historical research.
This move by the parliamentary committee raises questions about the balance between ensuring privacy and upholding transparency in financial investigations, particularly when public interest is high.
The committee convened its inaugural regular meeting in Bern this past Thursday, emphasizing the secrecy of its operations. The proceedings could potentially include interviewing bankers and other individuals associated with the Credit Suisse collapse.
The committee stressed that all parties involved in the meetings and the interviews have an obligation to maintain confidentiality. This confidentiality extends not only to the commission members but also to the individuals being interviewed.
The committee stated that any breach of secrecy could hinder the investigation, compromise the committee’s credibility, and negatively impact the Swiss financial center.
The extended confidentiality period set for Credit Suisse’s investigative files illustrates the seriousness and magnitude of the probe.
As the investigation unfolds and the fallout from Credit Suisse’s collapse continues to reverberate through the financial world, the world watches with bated breath for any tidbit of information that may escape the 50-year vault of secrecy.
