Swiss finance minister on banking regulation: ‘We must act’

The Swiss government intends to submit proposals to parliament in the spring to ensure that a Credit Suisse-style bank bailout will no longer be necessary in future.

“We must act – we have no other choice,” said Finance Minister Karin Keller-Sutter in an interview with the Neue Zürcher Zeitung (NZZ) newspaper on Wednesday.

“We must ensure that a major bank can go under without, in the worst case, dragging an entire country into the abyss,” she continued. She will endeavour to ensure that “all the unpleasant questions are really discussed now”. This has nothing to do with hostility towards systemically important banks, but with “our responsibility for the Swiss economy”.