Former Swiss Federal Councillor Ueli Maurer criticized the parliamentary investigation commission’s (PUK) report on the takeover of Credit Suisse (CS) by UBS in March 2023. In an interview with Tamedia newspapers, he said, “It was clear from the start that I would be the scapegoat, both during the PUK commissioning and the hearings.”
Overlooked Global and Key Phases
Maurer accused the PUK of ignoring essential aspects of the crisis. He said, “The commission disregarded the crucial period before the escalation and the international impact.” He added that the PUK focused only on actions Switzerland could have taken during the final weeks of the crisis.
He explained that the COVID-19 pandemic had already placed the global financial system under immense strain. “The situation was extremely dangerous,” he said. “We had to prevent an international financial crisis. A narrow focus on Switzerland and the final weeks of Credit Suisse misses the point.”
Rejection of Allegations
Maurer denied claims that he withheld vital information from the Federal Council or Finance Minister Karin Keller-Sutter. “I withheld nothing but communicated only verbally,” he stated. “I would make the same decisions again and gladly face all the PUK’s accusations once more. It was necessary and the right choice. A crash of CS could have sparked a global banking crisis similar to 2008.”
Maurer stated that he always shared everything he knew with the Federal Council. However, he avoided written reports because he distrusted the administration. “A leak could have caused the collapse of Credit Suisse,” he said, emphasizing the potential consequences for Swiss and global financial markets. He criticized the PUK for ignoring these risks in its report. Maurer also pointed out that the Federal Council lacked the legal authority to act without a formal request from relevant bodies.
First Public Remarks on the PUK Report
These comments mark Maurer’s first response to the PUK report, published on December 20 last year. He defended his actions, stating that his decisions were necessary in a highly volatile financial environment. Maurer expressed confidence in his approach during the crisis and stood by his choices.