瑞士：金融部门评估方案关于金融安全网和危机管理安排的技术说明

IMF Country Report No.25/297 SWITZERLAND FINANCIAL SECTOR ASSESSMENT PROGRAMTECHNICAL NOTE ONFINANCIAL SAFETY NET ANDCRISIS MANAGEMENT ARRANGEMENTS November2025 This paperonSwitzerlandwas prepared by a staff team of the International MonetaryFund as background documentation for the periodic consultation with the member Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary Fund SWITZERLAND FINANCIAL SECTOR ASSESSMENT PROGRAM October 24, 2025 TECHNICAL NOTE FINANCIAL SAFETY NET AND CRISIS MANAGEMENTARRANGEMENTS This Technical Note was prepared by IMF staff in thecontext of the Financial Sector Assessment Programin Switzerland. It contains technical analysis anddetailed information underpinning the FSAP’sfindings and recommendations. Further information Prepared ByMonetary and Capital MarketsDepartment SWITZERLAND CONTENTS Glossary __________________________________________________________________________________________3 EXECUTIVE SUMMARY __________________________________________________________________________5 INTRODUCTION ________________________________________________________________________________10 A. Early Intervention _____________________________________________________________________________14B. Recovery Planning ____________________________________________________________________________15 RESOLUTION PLANNING AND RESOLVABILITY ASSESSMENT_______________________________18 A. Emergency Plans and Resolution Planning____________________________________________________18B. Resolvability Assessment______________________________________________________________________21C. Cantonal Banks _______________________________________________________________________________24 RESOLUTION POWERS AND CRISIS PREPAREDNESS _________________________________________26 A. Resolution Powers ____________________________________________________________________________26B. Crisis Preparedness ___________________________________________________________________________29C. Domestic and Cross-Border Arrangements and Cooperation _________________________________30 DEPOSITOR INSURANCE AND RESOLUTION FINANCING ____________________________________32 A. Deposit Insurance_____________________________________________________________________________32B. Resolution Financing__________________________________________________________________________37 SNB BILATERAL LIQUIDITY SUPPORT _________________________________________________________38 A. Emergency Liquidity Assistance _______________________________________________________________38B. Collateral Policy _______________________________________________________________________________45 BOXES 1. Credit Suisse Failure and Actions Taken by the Authorities____________________________________122. Recognition of Bail-In Decisions by the U.S. Authorities_______________________________________223. Recent Changes to the Legal and Regulatory Framework of Depositor Insurance_____________34 TABLES 1. Main Recommendations_______________________________________________________________________72. Collateral Policy—Monetary Policy Instruments Versus ELA ___________________________________49 Glossary Additional Tier 1Federal Act on Banks and Savings BanksFINMA Ordinance on the Insolvency of Banks and Securities DealersOrdinance on Banks and Savings BanksCapital Adequacy OrdinanceCore Equity Tier 1Credit SuisseCrisis Management GroupCross-border Cooperation Agreement AT1BABIO-FINMABOCAOCET1CSCMGCOAG RWASIB EXECUTIVE SUMMARY A strong legal framework and a well-coordinated financial safety net are of criticalimportance for the stability of the Swiss financial system. The Swiss National Bank (SNB), theSwiss Financial Market Supervisory Authority (FINMA), and the Federal Department of Finance (FDF)play vital roles in overseeing monetary policy, supervising financial markets, and implementing The Credit Suisse (CS) crisis surfaced critical areas of improvement.The events surrounding theCS crisis in 2023 revealed vulnerabilities in the Swiss financial safety net that merit attention. Whileauthorities took decisive measures to preserve financial stability, the authorities decided not toimplement a resolution of CS based on the TBTF framework. The crisis exposed significant gaps in Early intervention and recovery planning have substantial gaps.The existing legal earlyintervention powers of FINMA are severely constrained and hinder timely supervisory actions.Furthermore, a well-defined early intervention framework is necessary to empower the authorities toact decisively. Mandating all banks in the system to prepare proportionate recovery plans will also Increasing the scope of resolution planning and resolvability assessments and furtherimproving resolution tools are imp