[1/2]The Credit Suisse logo is pictured in front of the Swiss Parliament Building in Bern, Switzerland March 19, 2023. REUTERS/Denis Balibouse/File Photo
ZURICH, Jul 15 (Reuters) – A parliamentary inquiry into the collapse of Credit Suisse will keep its files closed for 50 years, according to a document from a parliamentary committee, a level of secrecy that has caused concern among Swiss historians.
The document means that the inquiry commission would hand over its files to the Swiss Federal Archives after a period longer than the usual 30 years to ensure a high degree of confidentiality applies to the investigation, which has generated huge public interest.
The investigation will focus on the activities of the Swiss government, financial regulator and central bank ahead of UBS’ emergency takeover of Credit Suisse in March.
The inquiry is only the fifth of its kind in the country’s modern history and the committee of legislators leading it has extensive powers to appeal to the Swiss cabinet, finance ministry and other government agencies.
“Upon completion of the investigation, the files will be transferred to the Federal Archives and will be subject to an extended protection period of 50 years,” the commission said in a strategy document outlining its communication policy.
The Swiss parliament declined to comment on Saturday after the newspaper Aargauer Zeitung first reported the 50-year demand.
The Swiss Association of History expressed concern over the length of time, with President Sacha Zala writing to the head of the commission, Isabelle Chassot, a legislator from the Swiss upper house of parliament.
He also stressed the importance of Credit Suisse opening up its own archives to historians.
“Should researchers wish to scientifically investigate the 2023 banking crisis, access to the CS files would be invaluable,” Zala wrote, according to the paper.
“Ideally, it should be possible to secure the archive and make it accessible after the expiry of an appropriate period of protection and, if necessary, subject to historical research,” he added.
The commission held its first regular meeting in Bern on Thursday, where it stressed the confidentiality of its work, which included interviews with bankers.
Possible penalties for violating that confidentiality ranged from being barred from speaking on the committee to imprisonment from six months to three years and fines.
“All persons participating in the meetings and questioning are subject to a duty of confidentiality, not only the members of the committee, but also the interviewees themselves,” it said.
“Indiscretions complicate the work or damage the credibility of the commission and could have negative consequences for the Swiss financial center,” the commission added.
Reporting by John Revill; edited by David Evans and Christina Fincher
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