Switzerland makes conditions for its help to Swiss. Now further specifications have become known – and also the first details of a savings program with the airline.
Switzerland doesn’t just help either. Swiss does get a loan of CHF 1.5 billion from banks. The state acts as guarantor for CHF 1.275 billion or the equivalent of EUR 1.2 billion. Two conditions for this were previously known: The airline may only use the money for investments that bring Switzerland something and it may not transfer money to mother Lufthansa.
Now another criterion has become known: A newly founded aviation foundation will ensure that Lufthansa starts up its Frankfurt, Munich and Zurich hubs evenly after the Corona crisis. The main focus is on long-haul flights. This was revealed by Serge Gaillard, head of the Aviation Task Force of the Swiss government, the Sunday newspaper.
Guarantee costs 2.5 percent
He also explained that Swiss pays the federal government around 2.5 percent interest on the guarantee. Added to this is the interest on the loan, for which “market conditions” apply, says Gaillard. The state also received Swiss shares as a deposit for the guarantee, as the head of the federal financial administration explains.
Gaillard also revealed something about the post-crisis business plan. “The credit alone does not yet secure the future of Swiss. The further development is in the hands of Swiss », said the official. A savings program is planned. The costs would be reduced by “a little less” than 20 percent. That probably means cutting more than 1000 of the 9500 jobs.
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