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The Federal Council vouches for Swiss …
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… and Edelweiss with a maximum of CHF 1.275 billion.
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AFP
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Easyjet Switzerland, on the other hand, goes empty-handed;
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Keystone
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… or SR Technics there should be guarantees. To do this, however, Parliament must first change the Aviation Act.
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This is a clever move by the Federal Council. The government guarantees up to CHF 1.9 billion for Swiss air carriers. This enables Swiss & Co. to take out loans from the banks when they run out of money. On the one hand, these loans are subject to strict conditions, on the other hand, Parliament still has to approve the package.
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Minister of Transport Simonetta Sommaruga (59) announced support for airlines three weeks ago. Now she has specified the measures at the media conference.
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No money for Easyjet and Helvetic
The airlines Swiss and Edelweiss are to be given guarantees in order to bridge liquidity bottlenecks. 85 percent of the funds used, up to a maximum of CHF 1.275 billion, are to be guaranteed by federal guarantees. A capital participation in Swiss or Edelweiss is not sought.
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Easyjet Switzerland is not entitled to this state aid. Here, the parent company of the Swiss subsidiary is supposed to reach under the army. Helvetic has also foregone state aid. “The liquidity of Helvetic Airways is guaranteed by our owner Martin Ebner,” it says on request.
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There is no profit distribution before repayment
The funds guaranteed by the Confederation may only be used for Swiss infrastructures. There must be no outflows to the parent companies abroad. Future funds are to be used primarily to repay liquidity aid. Dividends or intra-group transfers are prohibited until the loans are fully repaid. The airlines should also deposit their own shares as security.
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That means: Swiss must first repay its loans before it becomes a cash cow for the Lufthansa Group again. The airline can obviously live with that: “Swiss and Edelweiss are grateful for the decision of the Federal Council to provide Swiss aviation with the liquidity needed to survive the effects of the corona crisis,” says a media release.
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Operations near the national airports are also to receive support if required – up to CHF 600 million. The current corporate structures of Swissport and Gategroup do not yet allow financial support from the federal government under the specified conditions, but the Federal Council writes. This would require an adaptation of the aviation law.
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Parliament has to agree
The general rule is that the public sector only operates on a subsidiary basis. First and foremost, companies and their owners are required to implement all justifiable measures, as the Federal Council wrote in a statement.
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The Federal Council therefore does not directly vouch for the Swiss aviation industry. He applies to the parliament for approval of these so-called commitment loans in the amount of just under CHF 1.9 billion. This could agree to the aviation rescue package in the special session from May 4th to 8th. Only then can the loan agreements between banks and airlines be concluded. (SDA / koh)
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Corona virus—
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