Timeline for the takeover of Credit Suisse by UBS

Chronological overview of events and measures from 15 March 2023 onwards.

15.03.2023 Statement by FINMA and the SNB on market uncertainty
19.03.2023

Press conference on the emergency ordinance and the takeover of Credit Suisse by UBS, following the Finance Delegation's approval of the urgent guarantee credits

Approval of the takeover by FINMA

Support from the SNB in the form of liquidity assistance

21.03.2023 Suspension of deferred variable remuneration at CS by the FDF
23.03.2023 Information from FINMA on the basis for writing down AT1 capital instruments
24.03.2023 Council of States Control Committee's decision on initial investigation into the authorities' conduct

Presentation of the situation before the National Council Legal Affairs Committee and the Council of States Finance Committee
27.03.2023 Office of the National Council requests establishment of a Parliamentary Investigation Committee, scheduling of extraordinary session
28.03.2023 Presentation of the situation before the Council of States Economic Affairs and Taxation Committee
29.03.2023 Publication of the special dispatch of the Federal Council on guarantee credits for the SNB and UBS
30.03.2023 Council of States Finance Committee's decision on the retroactive approval of the guarantee credit
31.03.2023 National Council Control Committee requests initial investigation into the authorities' conduct

Office of the Council of States resolves not to decide on establishment of a Parliamentary Investigation Committee until after Control Committee hearing

National Council Finance Committee approves guarantee credits
11.-13.04.2023 Extraordinary session of Parliament
09.06.2023 Signing of the loss protection agreement between the Confederation and UBS
11.08.2023 Credit Suisse/UBS: all federal guarantees terminated

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Last modification 28.02.2024

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