Credit Suisse inquiry to keep files secret for 50 years

A parliamentary inquiry into Credit Suisse's collapse has decided to keep its files sealed for five decades, stirring concern among Swiss historians due to the unusual level of secrecy.

This decision means the investigation's records will be handed over to the Swiss Federal Archives after a more extended period than the usual 30 years. The aim is to ensure strict confidentiality for the inquiry, which has piqued significant public interest. The investigation will primarily focus on the actions of the Swiss government, financial regulator, and central bank leading up to Credit Suisse's emergency takeover by UBS in March.

This is only the fifth investigation of its kind in the country's recent history, and the committee of lawmakers conducting it has extensive powers to call upon the Swiss cabinet, finance ministry, and other state institutions.

"After completing the investigation, the files will be handed over to the Federal Archives and protected for 50 years," the committee explained in a communication strategy paper. The Swiss parliament refrained from commenting on the 50-year requirement when the newspaper Aargauer Zeitung first reported it.

The Swiss Society for History expressed worries about the prolonged time frame. In a letter to the commission head, Isabelle Chassot, a parliament member from the Swiss upper house, the society's president, Sacha Zala, wrote, "Researchers would find the CS files invaluable for investigating the 2023 banking crisis. Ideally, we should be able to access and study the archive after an appropriate protection period, under historical research conditions."

During its first regular meeting in Bern, the committee stressed the confidentiality of its proceedings, which may include interviews with bankers. "Everyone involved, including the commission members and interviewees, must maintain secrecy. Leaks could complicate our work, damage our credibility, and harm the Swiss financial center," the committee emphasized.