Is CSR lacking in banking around the world? This case puts the finger on the sore spot. A parliamentary inquiry into the Credit Suisse crisis will keep its files closed for 50 years, a level of secrecy that has sparked concern among Swiss historians, according to a parliamentary committee document. According to the report, the investigative commission will hand over its documents to the Swiss Federal Archives after a longer period than the usual 30 years, in order to guarantee the confidentiality of the investigation, which has aroused great public interest. Ahead of UBS's emergency takeover of Credit Suisse in March , the investigation will focus on the actions of the Swiss state, financial regulator and central bank. The investigation is the fifth in the country's modern history and the commission of legislators in charge of carrying it out has broad authorities to convene the Swiss cabinet, the Ministry of Finance and other state organizations.
In a strategic document detailing its communications policy, the commission establishes that the files will be delivered to the Federal Archives once the investigation is concluded and will be subject to an extended protection period of 50 years. On Saturday, the Swiss parliament refused to comment after the Aargauer Zeitung Greece Phone Number List newspaper first published the 50-year demand. The length of the deadline was a cause of concern for the Swiss Historical Society, whose president, Sacha Zala, wrote to the commission's director, Isabelle Chassot, a lawmaker in the Upper House of the Swiss Parliament. Additionally, he emphasized the importance of Credit Suisse providing access to its own records to historians. According to the newspaper, Zala wrote: "If researchers wanted to scientifically investigate the 2023 banking crisis, access to the CS files would be invaluable." The archive should be able to be secured and accessible once an appropriate protection period has been completed and, if necessary, subject to historical research conditions, he said.
On Thursday, the commission held its first regular meeting in Bern and stressed the importance of maintaining the confidentiality of its activities, which could include interviews with bankers. For violating confidentiality, punishments ranging from a ban on participation in the commission to imprisonment of between six months and three years, as well as fines, could be applied. It said that all participants in the meetings and interrogations are obliged to maintain secrecy, not only the members of the commission but also those interviewed. The commission added that the discrepancies hinder the work or affect the reputation of the commission and could have detrimental effects for the Swiss financial center. Where is the social responsibility of banks ? Is there a need for more responsible banking ? Whose side are they playing on? Is it just a reputational façade? Is there a lack of CSR in banking? What do you think?