As such, FINMA should be empowered to impose organizational changes on systemically important banks to make them more capable of restructuring at an early stage, according to a report published on Friday by experts.
Experts also recommend improving coordination between FINMA, the Swiss National Bank (SNB) and the Ministry of Finance. The SNB expressed criticism of some of the proposals.
Following the bank run, the Swiss government in March made an emergency takeover of Credit Suisse by larger UBS and secured the transaction with a government guarantee of 209 billion francs (218 billion euros). According to experts, the strict equity and liquidity requirements introduced in the wake of the financial crisis proved useful in recovering from the crisis. But it is also a fact that the authorities have not implemented the prescribed resolution plan for such cases. As a result, the government set up a group of experts to make reform proposals to improve the stability of the Swiss financial centre.