Global banking watchdog dismisses need for change after Credit Suisse debacle

A global body with banking oversight has played down the rescue of Credit Suisse, saying there was no need for an overhaul of international rules written after the global financial crash more than 15 years ago to prevent such a debacle. The Financial Stability Board, an influential group of central bankers, regulators and officials from the globe's top economic powers, issued its report of "lessons to be learnt" on Tuesday, concluding the framework was a success. In particular, it examined why Swiss authorities had chosen to back a takeover by larger rival UBS instead of winding up the bank under a "resolution" mechanism designed after the 2008 global financial crash.