Former Swiss Finance Minister, Ueli Maurer, has defended his handling of the Credit Suisse collapse, dismissing the idea of nationalization as impractical. In an interview with Swiss newspaper SonntagsZeitung, Maurer argued against the viability of temporarily nationalizing Credit Suisse, stating, “The state would suddenly have to run a globally active bank that is dirty everywhere and involved in legal cases. How would that work?” The central bank was reportedly considering this option.
Maurer, who faced criticism for his hands-off approach leading up to the downfall of Credit Suisse, justified his stance by suggesting that the troubled bank could have resolved its issues independently. He emphasized that the primary responsibility lies with the management, followed by the board of directors, auditors, financial regulators, and the Swiss National Bank.
Despite acknowledging the chance for Credit Suisse to handle its problems autonomously, Maurer noted that the ultimate solution, the takeover by UBS last June, was the best option. He expressed doubt about the viability of keeping Credit Suisse as an independent entity given its situation and history, stating, “I doubt whether it would have been better to keep Credit Suisse as an independent bank in this situation and with this history.”
In defense of his perspective, Maurer highlighted the substantial equity of Credit Suisse, suggesting that there was sufficient interest from third parties, and asserted that UBS received a favorable deal in the takeover. Looking forward, Maurer expressed his preference for Switzerland to maintain two large banks, endorsing the UBS takeover as the most suitable resolution for the Credit Suisse crisis.
