July 16th, 2023
ZURICH: In a move that has raised eyebrows among Swiss historians, a parliamentary committee document revealed that the investigation into the collapse of Credit Suisse will keep its files under wraps for an extended period of 50 years. The decision to maintain such a high level of secrecy has triggered concerns within the Swiss Society for History.
The investigation is set to shed light on the actions of the Swiss government, financial regulator, and central bank leading up to the emergency takeover of Credit Suisse by UBS in March, a matter that has piqued immense public interest.
This marks only the fifth time in the country’s modern history that such an investigation has taken place, and the committee overseeing the process holds significant authority, with the power to bring the Swiss bureau, finance service, and other state bodies for request.
The committee outlined its approach in a strategy paper, stating, “Upon completion of the investigation, the files will be transferred to the Federal Archives, and an extended protection period of 50 years will be imposed.” The Swiss Society for History has expressed apprehension about the lengthy duration of confidentiality, raising questions about the potential implications of keeping vital information away from public scrutiny for such an extended period.