Switzerland's financial regulator deflected blame for the collapse of the country's second-biggest bank, Credit Suisse, saying it had been quick to respond, calling instead for more powers to take lenders to task.
, bankrolled with more than 200 billion Swiss francs of state support and guarantees, which all but wiped out shareholders, as well as swathes of bond holders.
FINMA's Amstad called for more power to penalise and name and shame banks that break the rules. Her agency is largely powerless to call banks to account, as Switzerland pursues a hands-off approach to industry, giving it free rein. "FINMA has no power to fine," she said, adding that she would welcome such clout. "It's an exception when compared with other regulators."
"FINMA is keen to ensure that we can make our work more visible to the public in future – as our supervisory colleagues in other countries are often allowed to do," she said.
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