 |
ZURICH, Switzerland (Reuters)—The Swiss government has commissioned two independent experts to investigate the failings of financial regulation during the recent crisis, it said Tuesday.
The Swiss Finance Ministry said it had asked retired Zurich University professor Hans Geiger and former British regulator David Green to investigate, adding that they should finish their work in the first quarter of 2010.
The move came after the Swiss parliament asked the government to submit a report on the deficiencies of financial market supervision.
The Swiss National Bank and financial watchdog Swiss Financial Market Supervisory Authority are working on tougher bank rules to curb risks to the broader economy, despite competition concerns among bankers.
Last week, the Swiss government asked separate experts to come up with solutions that would prevent big banks and insurers from sinking the whole economy if they fail.
Last year, the government bailout of banking giant UBS A.G. triggered discussions about how to limit the risks from large financial institutions for the Swiss economy.
UBS and Credit Suisse Group A.G. still have combined liabilities that are about six times the Swiss gross domestic product of around 540 billion Swiss francs ($530.8 billion).
Copyright 2009 Reuters Limited. Click for restrictions.
Tell us what you think. Log in below to weigh in on this story.
Copyright © 2010 Crain Communications, Inc.
