The National Council rejects federal financial guarantees in connection with the CS takeover. Mitte and FDP fear destabilization as a result of the decision.
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the essentials in brief
- The grand chamber voted no to Credit Suisse loans from the federal government.
- The SP, the SVP and the Greens were responsible for this decision.
- Mitte and FDP are not satisfied with the result of the session.
Two attempts, two nos: The Grand Chamber rejects the federal financial guarantees in connection with the takeover of Credit Suisse. As early as Tuesday, the request was surprisingly clearly rejected with 102 to 71 votes.
After the no on Wednesday morning, the Council of States worked out a compromise that also didn’t happen. SVP, SP and Greens wore the no slogan. The other parties sometimes meet with a lack of understanding.
Decision is “primarily as criticism of the Federal Council”
For FDP party president Thierry Burkart it is clear: “It is difficult to explain why the SVP, SP and the Greens were not willing to back our country.” Burkart is convinced that the decision should be understood primarily as criticism of the finance delegation and the Federal Council. But it is precisely these three parties that make up the majority in the Bundesrat. They also made up half of the parliamentary finance delegation, explains Burkart.
As a result, SVP and SP primarily criticized themselves: “This shows that they are not ready to take responsibility. That’s how you might win elections, but you’re hurting the country!” Burkart regrets that this important business in particular was misused to campaign for elections. The FDP would have tried to build bridges – without success.
The signal is clear: Parliament does not stand behind the government, not behind the financial delegation and also not behind this rescue operation. “That’s actually a rejection of the stability of our country, which of course has a certain signal effect.”
“Very bad sign”
Middle group president Philipp Matthias Bregy agrees on similar tones: “It’s a very bad sign!” The decision had a negative signal effect, both for the international financial markets and for Swiss politics. The Valaisian is convinced that the roles of opposition and government would be reversed here. “Two parties, SVP and SP, who have a majority in the Federal Council, are now trying to overturn a Federal Council decision.”
Bregy believes that such decisions would damage the credibility of the entire parliament. In the Council of States, the representatives of the Social Democrats had clearly signaled that the compromise would be enough to change the party. The same applies to the Finance Committee of the National Council. Nevertheless, the SP sunk the template in the National Council: “It is difficult to find a solution with a partner who changes his mind from minute to minute.”
Economiesuisse warns of uncertainty
The economic umbrella organization Economiesuisse also criticized the uncompromising attitude between the SVP and the SP. The association said there would be no Swiss economy without a stable financial system.
Instead of taking responsibility and creating calm, the National Council increased the uncertainty for Switzerland as a location on Wednesday. Switzerland will be confronted with considerable economic uncertainties in the coming months.
SP disappointed, shares rise
SP co-party president Cédric Wermuth is “very disappointed” after two days of special session, as he explains in an interview with Nau.ch. “We have formulated a very simple condition: there must be a guarantee that it will no longer be ‘business as usual’.”
“I would have really liked to find a solution,” says the Aargauer. But apparently the “orders from the parade ground” are still more important to the commoners than the well-being of the population. “We can’t support that, that would be irresponsible!”
The National Council’s “no” to the CHF 109 billion loan in connection with the merger of Credit Suisse and UBS is not causing any major waves on the stock exchange. The shares of the two big banks rose on Wednesday.
