The Swiss Financial Market Supervisory Authority FINMA takes note of the Federal Administrative Court’s partial decision concerning the write-down of AT1 capital instruments. FINMA will contest the judgment of 1 October 2025 and appeal to the Federal Supreme Court.
On 19 March 2023, FINMA ordered Credit Suisse to write down all Additional Tier 1 capital instruments, based in part on the Federal Council’s Emergency Ordinance (PLB-EO). The write-down was part of an overall package to stabilise Credit Suisse via a merger with UBS, for which extraordinary state support measures were necessary.
In its press release dated 14 October 2025, the Federal Administrative Court stated that it had overturned FINMA’s ruling in a partial decision on the first of a total of around 360 proceedings. In this judgment, however, it does not yet comment on the consequences of this annulment. The judgment is not final.
FINMA will appeal the decision to the Federal Supreme Court within the 30-day appeal period.
