The world will get a glimpse into the inner happenings of Credit Suisse’s collapse — but not anytime soon.
And that lack of immediate transparency is concerning some, according to a new report from Reuters.
The outlet reports that a parliamentary investigation into the collapse of Credit Suisse, the Swiss investment bank, will keep its files closed for 50 years.
Reuters described the decision as “a level of secrecy that has triggered concern among Swiss historians.”
This 50-year period was noted in a parliamentary committee document, and is a stark two decades longer than the standard 30 years of secrecy maintained in cases like these.
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The moratorium on discoveries is meant to “ensure high levels of confidentiality apply to the investigation.”
“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 document reads.
Not helping matters, Reuters points out that after German-Swiss newspaper Aargauer Zeitung first discovered this peculiar extended time period, the Swiss parliament declined to comment.
The president of the Swiss Society for History, Sacha Zala, wrote to the commission head to voice consternation over these moves.
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“Should researchers want to scientifically investigate the 2023 banking crisis, access to the CS files would be invaluable,” Zala wrote, per Zeitung.
Zala also said that, “[i]deally, it should be possible to secure and make accessible the archive after an appropriate protection period has expired and, if necessary, subject to historical research conditions.”
Additionally, Reuters reports that breaching this confidentiality could be punishable by being barred from speaking at the committee.
Disconcertingly, breaching that confidentiality is also reportedly punishable with up to three years in prison and fines.
Given all that, it’s evident the Swiss parliament is trying to shore up as many leaks as possible.
While the lack of transparency appears to be irking some, the massive and sweeping implications of the investigation do appear to lend themselves to at least some initial secrecy.
The encompassing investigation will look at all of the Swiss government, the financial regulator and the central bank — all in connection with the emergency takeover of Credit Suisse by fellow bank UBS in March.
The collapse of Credit Suisse came during one of the more tumultuous times in banking history.
Going back to November 2022, Credit Suisse’s collapse completed a triumvirate of financial calamities that rocked the global economy.
In November, major cryptocurrency firm FTX all but appeared to collapse on itself.
Just a few months later, right around the end of February and beginning of March, Silicon Valley Bank also collapsed — necessitating a highly divisive response from President Joe Biden’s administration.
And while countless people and businesses may be looking into answers for what exactly happened at FTX and SVB, as for what happened with Credit Suisse, those answers will have to wait.
