Swiss central bank urges review of ‘too big to fail’ bank safeguards after Credit Suisse debacle

By DAVID McHUGH
AP Business Writer

FRANKFURT, Germany (AP) — Switzerland’s central bank says it’s time to review rules aimed at preventing disastrous bank collapses. The Swiss National Bank on Thursday pointed to key guardrails that failed to prevent Credit Suisse from needing to be rescued by Swiss competitor UBS. Those safeguards were imposed in the wake of the 2008-2009 global financial crisis and aimed to avoid a repeat. But they didn’t stop the debacle at Credit Suisse when investors and depositors lost faith. The central bank said it would offer input as the government reviews the situation. The call for better rules came as the bank raised interest rates to fight inflation.