ZURICH, July 15 – In a move that has raised concerns among Swiss historians, a parliamentary investigation into the collapse of Credit Suisse will keep its files closed for 50 years, according to newspaper Aargauer Zeitung.

The investigating commission, headed by Isabelle Chassot, a law-maker from the Swiss upper house of parliament, will hand over its files, including witness statements and documents, to the Swiss Federal Archives after an extended period of time, much longer than the usual 30 years.

Sacha Zala, the president of the Swiss Society for History, expressed concerns about the prolonged closure, emphasizing the value of access to the Credit Suisse (CS) files for scientific research on the 2023 banking crisis.

The investigation will primarily focus on the actions of the Swiss government, financial regulator, and central bank leading up to the emergency takeover of Credit Suisse by UBS in March. This investigation marks the fifth of its kind in the country’s modern history and grants the committee of lawmakers conducting it extensive powers to summon the Swiss cabinet, finance ministry, and other state bodies.

During its first regular meeting held in Bern on Thursday, the committee emphasized the confidentiality of its proceedings. While it has the authority to question the involved Credit Suisse bankers, they will not be the central focus of the inquiry.

The Swiss parliament did not respond to requests for comment at the time of reporting.

Background

The collapse of Credit Suisse and its subsequent emergency takeover by UBS has prompted significant scrutiny. The investigation aims to shed light on the role played by various institutions in the lead-up to the crisis. Swiss historians and researchers are concerned about the 50-year closure of the inquiry’s files, stressing the importance of preserving and accessing the archive for historical and scientific purposes.

Implications

The decision to keep the Credit Suisse inquiry files sealed for 50 years has sparked debate and controversy. Historians argue that these files hold crucial information that could contribute to a better understanding of the banking crisis in 2023. The lengthy closure period limits access to important historical records and impedes comprehensive research on the subject.

Disclaimer: This article is based on information from the Aargauer Zeitung newspaper and official sources. Further updates on the investigation may alter the context and understanding of the situation.