The SVP has made a yes to the loans for the takeover of Credit Suisse by UBS subject to conditions. Among other things, she calls for a special session.
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the essentials in brief
- The SVP parliamentary group makes demands for a yes to the CS loans.
- She only wants to agree to the federal guarantees for the CS takeover under certain conditions.
- Among other things, she calls for an assurance that the “too big to fail” rule will be improved.
The SVP parliamentary group only wants to agree to the federal financial guarantees totaling CHF 109 billion in connection with Credit Suisse under certain conditions. She is demanding a binding commitment from the Federal Council to improve the “too big to fail” rule.
If this is not possible, “too big to fail” banks would have to sell or shut down their foreign business or relevant parts of the business. According to the will of the SVP, the Federal Council must also assure Parliament when approving the loans that it will clarify the competitive situation for the new UBS in relation to Switzerland. Despite the merger of UBS and Credit Suisse, competition must be guaranteed.
Thirdly, the Federal Council must declare in a declaration that it is examining the actions, responsibility, liability conditions and in particular the remuneration of the CS board of directors and management. The Federal Council also has to explain how managers can be held accountable.
The Federal Council should withdraw bonuses retrospectively
The SVP also wants to have explained how “unjustified” bonus payments can be reclaimed. The suspension of part of the bonuses by the Federal Council is to be welcomed, but the parliamentary group expects that the Federal Council will also have bonuses recalled retrospectively.
Like the Greens, the SVP also insists on a separate banking system. Following the rescue of UBS in 2008, such a proposal did not find a majority in parliament. The SVP now hopes “that the other parties will now lend a hand with the conditions for the billion-euro guarantee from the federal government”.
Should there be an extraordinary session on the subject of CS?
81%
Yes, that needs to be discussed.
1
Yes, that needs to be discussed.
19%
No, that’s not necessary.
2
No, that’s not necessary.
The SVP also supports the demand for an extraordinary session. However, it was already certain that the members of parliament would meet after Easter for debates about CS. The necessary quorum for holding a session has already been reached, as reported by the parliamentary services on Tuesday.
The SVP is open to the demand for a parliamentary commission of inquiry (PUK). In particular, the role of the financial market regulator Finma must be reviewed, she wrote. The SP had brought a PUK into play on Sunday, the Greens joined on Monday.
