Despite the rebellion at the National, the senators still approve of the strategy of the Federal Council on the takeover of Credit Suisse by UBS. They reiterated their support for guarantees of 109 billion for the two banks, while tightening the conditions for granting.
The banking law will have to be reviewed to drastically reduce the risks that the big banks pose to federal finances and the Swiss economy. “It’s regarding building a bridge with the National”, pleaded Johanna Gapany (PLR) on behalf of the commission.
The concrete content of the revision has not been specified, but only sketched. An increase in the capital of establishments and a reduction in bonuses for executives will have to be examined in particular.
Review mandate
The members of the Council of States even failed to go further than the deputies: their committee proposed to integrate directly into the modification of the law new requirements in terms of capital and bonuses. The left, rallied by a few centrists, pleaded for this option.
But the bourgeois camp was successful in registering a simple examination mandate. Different variants can be analyzed, which will allow, according to the right, to extend the revision to other aspects than equity and bonuses.
A day before its collapse, Credit Suisse had 150% equity, recalled Martin Schmid (PLR / GR). And yet, that was not enough to maintain confidence.
A series of speakers also called for not hasty legislation and for the time being, to stick to the analyses.
Help from the States?
During the night of Tuesday to Wednesday, the National Council had rejected these credits granted by the government, thanks to the combined voices of the left and the UDC. The Conservative Party refused the amounts outright, saying too-big-to-fail banks should no longer exist, while the Left demanded tougher safeguards, themselves rejected by the Right-wing majority.
>> More detailed information: The National disavows the Federal Council on the takeover of Credit Suisse
The addition of the Council of States might thus reshuffle the cards and leave the UDC alone in the opposition in principle. The file has already been returned to the National.
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>> Debates at the National Council to follow live Wednesday followingnoon on the Parliament’s website