ZURICH (Reuters) – Switzerland’s parliament announced on Wednesday the 14 members of a special commission that will look into Credit Suisse’s collapse and its subsequent rescue engineered by Swiss authorities.
The appointments, decided by the offices of the Swiss lower and upper houses of parliament, marked one of the final steps needed for the panel to start its probe, with its exact mandate also yet due to be determined.
This is only the fifth time such a commission has been established in Switzerland’s modern history.
It follows a decision of two sub-committees last month to launch a deeper investigation into how the government, Swiss central bank and financial market regulator acted in the run up to the emergency rescue of Credit Suisse.
Under the rescue deal, UBS, Switzerland’s number one bank, agreed to take over Credit Suisse, marking the first rescue of a global bank since the 2008 financial crisis.
The government has provided the banks with 109 billion Swiss francs ($120.32 billion) in financial guarantees to facilitate the deal, causing widespread uproar in Switzerland.
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The commission will be chaired by Isabelle Chassot from the centrist Mitte party, while two other members of her party will also take part.
The right-wing Swiss People’s Party (SVP) and the Liberal FDP will have three members each, the Social Democrats and Greens two members each and the Green Liberal Party one member.
The parliament did not say when the commission will start work.
($1 = 0.9059 Swiss francs)
(Writing by Tomasz Janowski, editing by John Revill)