“Redemption of shame”, “historic scandal”, “disastrous day”: Monday the press does not lack qualifiers to describe the takeover of Credit Suisse by UBS. The operation will not be without cost for the Swiss financial center, which takes a big hit to his pride.
Read our editorial: Credit Suisse, the redemption of shame
For Le Temps, the authorities, groggy of confidence, missed the boat when it came to an extraction of the Swiss entity, demanded by shareholders “as minority as minoritized” for a long time. “The wait-and-see attitude” shown by the authorities got the better of Credit Suisse, which “decidedly” should not fall, deplores the daily.
“Switzerland slept far too long as Credit Suisse slid with its eyes open towards its ruin”, abounds the Blick. The daily is surprised that the authorities, but also the other Swiss banks, did not act sooner, forcing the actors of this debacle to “tinker” with an emergency solution.
La Liberté is concerned about the consequences of this operation, certainly “indispensable”, on the employees. Whatever its leaders say, it will be “painful”. The maneuver will also leave a bitter taste for taxpayers, since, to carry it out, the Swiss National Bank (SNB) will advance funds up to 200 billion francs, underlines the Friborg newspaper.
Keystone
For the German-speaking titles of the Tamedia group, it is quite simply a question of a “historical scandal”. The Swiss Confederation, Finma and the SNB have let themselves be stepped on by UBS. This reaps all the benefits while customers and employees rack up, they comment. The measures taken by the Confederation pose a risk of 9 billion francs to taxpayers.
“Collateral damage” is to be expected, confirms the Neue Zürcher Zeitung (NZZ), which describes a dark day for the Swiss financial center and many employees. “Switzerland has certainly got rid of a zombie bank, continues the newspaper, but it wakes up Monday with a monster bank”. Monster because the total balance sheet of UBS is now almost twice as large as the economic performance of Switzerland. In turn, UBS is definitely too big to fail.
Keystone
In a vitriolic commentary by editor-in-chief Patrick Müller, the headlines of the CH Media Group speak of a “catastrophe” that should never have happened after the bailout of UBS in 2008. The editorial points in particular to former “incapable” CEOs and directors, who have led a 167-year-old bank into the abyss over the past ten years. A “legendary” institute which financed the construction of the railway in Switzerland and in which 40% of Swiss SMEs have an account.
Speaking of a “black Sunday”, the editorial demands that we analyze the role played by the SNB and Finma, which “reacted too late”. “If no consequences are drawn, the liberal economic center of Switzerland is in great danger,” warns the editorialist.
South of the Alps, the Corriere del Ticino speaks of a sequence of a film already seen, as 15 years ago with the UBS, where it is the public hand which must again intervene in a decisive way. The Lugano newspaper describes Credit Suisse as “radioactive waste” which could have caused even greater damage if it had been left to the vagaries of the markets.
In Bellinzona, the Regione is sorry that the bank which financed the construction of the Gotthard railway tunnel went bankrupt a century and a half later by dealing with hedge funds. And the newspaper is not sure that, despite all the assurances given, the situation will not repeat itself.
