A parliamentary investigation into the collapse of Credit Suisse will keep its files closed for 50 years, according to a parliamentary committee document, a level of secrecy that has triggered concern among Swiss historians.
The document means the investigating commission will hand over its files to the Swiss Federal Archives after a much longer gap than the usual 30 years to ensure high levels of confidentiality apply to the investigation, which has generated huge public interest.
The investigation will focus on the activities of the Swiss government, financial regulator and central bank in the run up to the emergency takeover of Credit Suisse by UBS
in March.
The investigation is only the fifth of its kind in the country’s modern history and the committee of lawmakers conducting it has sweeping powers to call on the Swiss cabinet, finance ministry and other state bodies.
“After the completion of the investigation, the files shall be handed over to the Federal Archives and shall be subject to an extended protection period of 50 years,” the committee said in a strategy paper.
The Swiss Society for History raised concerns about the length of time.
Published in The Express Tribune, July 16th, 2023.
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