Former Swiss finance minister defends role in Credit Suisse collapse

Ex-Swiss finance minister Ueli Maurer has defended his actions during the Credit Suisse crisis, stating that nationalization was unfeasible for the struggling bank.

In an interview with SonntagsZeitung, he questioned the practicality of the state operating a globally engaged bank with widespread issues and legal entanglements.

Maurer, criticized for a passive approach during the bank's troubles and suggesting it be left alone for one to two years, acknowledged that management bears primary responsibility for a bank's issues.

He maintained that Credit Suisse had a chance to resolve its problems independently, noting that its substantial equity made it attractive to potential buyers.

In June, Credit Suisse was acquired by UBS, creating a major Swiss banking entity with a $1.6 trillion balance sheet. Maurer, who retired at the end of 2022, expressed his preference for Switzerland to retain two major banks but admitted that the UBS takeover was the best outcome.

He questioned if maintaining Credit Suisse's independence would have been better, given the circumstances and its track record.