Swiss Expert Group Says Finma Should Be Able to Fine Banks
- Government must decide what reforms to pursue in coming months
- Switzerland should close gaps in emergency liquidity provision
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Switzerland should give its financial supervisor Finma the power to fine banks and make it easier for troubled lenders to receive emergency liquidity, an expert panel said on Friday.
The group was convened in May to draw up ideas for bolstering the stability of Switzerland’s banks, after the emergency takeover of Credit Suisse by UBS Group AG led to the creation of a lender twice the size of the Swiss economy. The government must now decide which, if any, of the panel’s suggestions it wants to pursue.