The decision not to enter into the matter fell unanimously. The National has yet to decide. A systemically important bank with nearly 3 million customers and managed assets of 120 billion francs, PostFinance is one of Switzerland’s leading financial institutions.
But it is not authorized to grant loans and mortgages, which reduces its ability to build up equity. Its long-term profitability is threatened.
The government has therefore proposed to lift the ban on granting loans and mortgages and, in a second step, to privatize Postfinance, a subsidiary currently 100% of the Post Office – itself 100% owned by the Confederation. This solution was to enable him to achieve yields consistent with the branch. But the senators did not want it.
Universal postal service questioned
The draft revision of the law on the organization of the Post does not offer satisfactory solutions to deal with the evolution of the Post, indicated Hans Wicki (PLR / NW) on behalf of the committee. We must first get an overview and clarify the issue of universal postal service before we can settle its financing.
Because a privatization of PostFinance would imply its separation from the Post Office. This would call into question the close cooperation that currently exists between PostFinance and the other units of the yellow giant, in particular in the provision of universal service in the field of postal services and payment traffic.
A commission of experts which issued a report on universal service last February considers it “essential that universal service mandates be defined before the decision is taken to partially or totally privatize PostFinance”. Because cash transactions must continue to be part of the universal service as long as there is no digital means of payment with comparable characteristics.
Divergent reasons for not
Right and left have advanced divergent reasons for their opposition. Hansjörg Knecht (UDC/AG) does not want competition from Postfinance in public hands for private banks in the credit and mortgage market. Because privatization would only take place in a second stage, a stage that resembles a “Trojan horse”.
For Paul Rechsteiner (PS/SG), privatization has more disadvantages than advantages. Low interest rates were the starting point for this review. But inflation is back and rates are starting to rise once more. Postfinance does not need privatization, but a clear position from the Federal Council on its business.
Privatization would have effects on customers but also on the 50,000 employees of the Post Office, noted Stefan Engler (Center / GR). For him, it is up to Parliament to define the public service provided by La Poste. We must certainly take into account technological developments, but there are three criteria to remember: national coverage of services, the same quality for everyone and services at an affordable price.
Strewn with pitfalls
Federal Councilor Simonetta Sommaruga was aware from the start that it would be difficult to find a majority on this project in view of the opposition from all sides. It is now a question of reorienting the universal service, discussions which promise to be difficult. The Federal Council will decide on the experts’ report by the summer.
In the same context, the Federal Council would like the Confederation to grant Swiss Post a capitalization guarantee of CHF 1.7 billion on a transitional basis so that Postfinance can meet the capital requirements provided for by the “too big to fail”. With the non-entry into the matter, this component is also postponed indefinitely.