On May 17, 2023, the Head of the Federal Department of Finance (FDF), Karin Keller-Sutter, informed the Federal Council that the group of experts on banking stability had been convened. By mid-August 2023, the group of experts, led by Jean Studer, former President of the Bank Council of the Swiss National Bank (SNB), will present the FDF with independent strategic considerations on the role of banks and the framework conditions at federal level with regard to the stability of the Swiss financial centre.
At the end of March 2023, the Federal Council decided to review the takeover of Credit Suisse by UBS and assess the too-big-to-fail regulatory framework. The Federal Council based its decision on Article 52 of the Banking Act, according to which it is required to report regularly on systemically important banks. The next such report is due to be presented by the beginning of April 2024. As part of that report, the Federal Council will also complete various audit tasks in connection with the events surrounding the takeover of Credit Suisse, which Parliament assigned to the Federal Council by means of postulates. The convening of the external group of experts is a result of these decisions.
The objective of the group of experts on banking stability is to evaluate strategic considerations on the role of banks and the framework conditions at federal level with regard to the stability of the Swiss financial centre, and to present the FDF with a report containing its findings by mid-August 2023. This report will form the basis for the report on systemically important banks in accordance with Article 52 of the Banking Act, and for the postulates mentioned. The group of experts is free to set its own priorities, while taking into account any clarifications and investigations by the overall parliamentary supervisory bodies.
The group of experts, led by the former President of the SNB Bank Council and former member of the cantonal government and city parliament of Neuchâtel, Jean Studer, has a broad-based membership. It is comprised of representatives from academia, banking and economics. Moreover, the membership includes former employees of the SNB and FINMA. The specific composition of the group of experts is as follows:
- Jean Studer (president) – Chairman of the Board of Directors at Banque Cantonale Neuchâteloise and former President of the SNB Bank Council
- Mirjam Eggen – Professor for Private Law at the University of Bern and expert in financial market law
- Eva Hüpkes – Head of Regulatory and Supervisory Policies at the Financial Stability Board and lecturer in international business law at the University of Zurich
- Eva Jaisli – CEO of PB Swiss Tools AG and member of the Executive Committee at Swissmem
- Beatrice Weder di Mauro – Professor of International Economics at the University of Geneva and former member of the UBS Board of Directors
- Hans Gersbach – Professor of Macroeconomics at the ETH Zurich and former Head of the Board of Academic Advisors to Germany’s Federal Ministry for Economic Affairs and Climate Action
- Yvan Lengwiler – Professor of National Economy at the University of Basel, specialising in financial market regulation and monetary policy, and former member of the FINMA Board of Directors
- Renaud de Planta – Senior Partner at Pictet Group
The group of experts will consult further experts and business representatives. The group will also be able to refer to Professor Manuel Ammann’s expert report, which was commissioned by the FDF at the end of March 2023.