A parliamentary investigation in Switzerland into the collapse of Credit Suisse will maintain a high level of confidentiality by keeping its files closed for 50 years, according to a parliamentary committee document. The decision has caused concern among Swiss historians, who are worried about limited access to valuable information. The investigation will primarily focus on the activities of the Swiss government, financial regulator, and central bank leading up to the emergency takeover of Credit Suisse by UBS in March. This investigation is only the fifth of its kind in Switzerland’s modern history, and the committee of lawmakers conducting it has significant powers including the ability to call on the Swiss cabinet, finance ministry, and other state bodies.

The committee stated in a strategy paper that after the investigation is completed, the files will be handed over to the Swiss Federal Archives and be subject to an extended protection period of 50 years. The 50-year requirement has raised concerns from the Swiss Society for History, with its president Sacha Zala expressing the importance of having access to the Credit Suisse files for future scientific research on the banking crisis. Zala added that ideally, the archive should be made accessible after an appropriate protection period has expired, considering historical research conditions.

The first regular meeting of the committee was held in Bern, where confidentiality was emphasized. The committee has the power to conduct interviews with bankers and other relevant individuals. It stated that confidentiality is crucial to maintain the credibility of the commission and to avoid any negative consequences for the Swiss financial centre.

The decision to keep the files closed for 50 years has sparked debates about transparency and the availability of information for researchers. Historians are concerned that the prolonged protection period may hinder a comprehensive understanding of the 2023 banking crisis. While the intention is to ensure confidentiality and protect sensitive information, there are calls for reconsideration to balance the need for secrecy with the importance of making valuable records accessible for historical research purposes.

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