31.05.2010 Control committee report

31.05.2010: Control committee report
On May 31, 2010, the control committee of the Swiss National Council and the Council of States released its report, "The Authorities under Pressure from the Financial Crisis and the Hand-over of UBS Client Data to the USA". It focuses on the intervention of the Swiss Federation and the Swiss National Bank in October 2008 as a consequence of the collapse of the US investment bank Lehman Brothers and the developments that led to the hand-over of bank data concerning US offshore clients of UBS. Between March 2009 and the end of May 2010, the committee conducted a comprehensive investigation into the suitability and effectiveness of the actions taken by the Swiss authorities involved. The role that UBS played was described in the report but was not the focus of the investigation.