2023-09-17 10:02:15
Suisse
They want a vote to partially nationalize UBS
The aim of the initiative is not so much to nationalize the country’s largest bank as to learn lessons from past banking crises.
PublishedSeptember 17, 2023, 12:02
According to the group behind the project, UBS has become “too big to fail”.
Archyde.com
The project is called “BANKENINITIATIVE” (for banking initiative). He comes from a group of citizens who want to launch a popular vote to partially nationalize Switzerland’s largest bank, UBS. On its website, the group indicates that it wants to learn “the lessons of the banking crises” that affected UBS in 2008 and Credit Suisse in 2023 and better protect taxpayers as well as state finances. “Our banking initiative does not aim to nationalize the financial center, but rather to create a sustainable balance in the financial center thanks to a mixed economy model for large systemically important banks”, such as UBS, they indicate. .
The citizens’ group argues that UBS is not only a large systemically important bank, but has “de facto become a state bank”, believing that it has become too big to let it go under in a crisis. . Thus, their initiative calls for these banking giants to be “managed as mixed economy companies, with the Confederation being the majority shareholder with regard to the share capital”. The text also provides that Parliament guarantees through “preventive measures” that large banks cannot transfer their legal headquarters abroad. The man behind this project, Bernhard Schmidt, is, according to ATS-Keystone, without political affiliation and runs a private school.
Note that the Federal Chancellery will first have to carry out an examination of the text, before the collection of signatures can begin, explains the “Sonntagszeitung”.
(AFP)Show comments
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