ZBB 2024, 79

RWS Verlag Kommunikationsforum GmbH & Co. KG, Köln RWS Verlag Kommunikationsforum GmbH & Co. KG, Köln 2199-1715 Zeitschrift für Bankrecht und Bankwirtschaft ZBB 2024 ArticlesEva H. G. Hüpkes*

The failure of a global systemically important bank – Lessons for crisis management and resolution

The Credit Suisse (CS) failure in March 2023 was the first time that the crisis management and resolution framework put in place after the global financial crisis (GFC) was faced with a serious test. Long-standing problems with management, organisation and culture had led to a gradual erosion of confidence and eventually depositor flight. Despite advance planning for resolution in close cooperation with their foreign counterparts, the Swiss authorities chose not to execute their resolution plan for CS. Instead, the Swiss government issued emergency regulations to facilitate a takeover of Credit Suisse by UBS. The approach that was chosen departed from the pre-ordained one, but it addressed the bank’s failure in a manner that maintained financial stability and prevented contagion. The episode taught important lessons about the implementation of international resolution standards.


  • I. A state-supported takeover
  • II. Why not resolution?
  • III. The international resolution framework
  • IV. Initial lessons for the implementation of the Key Attributes
    • 1. Effective decision making and execution involving all financial safety net functions
    • 2. Effective recovery planning and structured early intervention
    • 3. Flexibility and optionality in resolution
    • 4. Liquidity in resolution
    • 5. Post-resolution restructuring
    • 6. Cross-border cooperation and communication
  • V. Conclusion
Secretary General of the International Association of Deposit Insurers and served as member of the Expert Group on Banking Stability appointed by the Swiss Federal Council in 2023, Basel

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