Swiss Parliament to Publish Credit Suisse Report in December

(Bloomberg) -- The Swiss parliament’s commission reviewing the collapse of Credit Suisse will publish its report in December, it said in a statement on Thursday.

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The commission has been investigating behind closed doors whether authorities acted properly during the crisis that led to the government-orchestrated takeover by UBS Group AG. It was the first such probe in almost 30 years.

Read more: Credit Suisse Deal Set to Face Historic Parliamentary Probe

While parliament can’t undo the deal, the commission’s report will likely to shed light on the decision-making process during the frenzied weeks that preceded the takeover. The group of lawmakers, which had judicial powers to subpoena witnesses and access minutes of government meetings, heard testimonies from more than 60 witnesses, including the responsible ministers and representatives of financial supervisor Finma, the central bank, Credit Suisse and UBS.

“A special focus was recently placed on the phase before the start of the actual crisis,” the commission said in the statement. “Among other things, this centered on the further development of too-big-to-fail legislation over the past few years, Finma’s supervisory activities over Credit Suisse in the pre-crisis years, early crisis detection and the Federal Council’s risk reporting.”

The report will be presented to lawmakers during the parliament’s winter session, according to the statement. The session is scheduled Dec. 2-20.

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