In the event of bank failure: The Council of States wants to better protect pension funds

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With 37 votes in favor and 0 abstentions, the small chamber adopted a motion by the Zug Center Council of States Peter Hegglin (62) on Monday. The proposal goes to the National Council.

Hegglin would like to see balances above R100,000 receive preferential treatment under bankruptcy law in the future. He also wants the money to be paid out more quickly to the foundations and therefore to the policyholders.

Many would have lost their money in the CS crash

If Credit Suisse had gone bankrupt, countless people would have been robbed of their pension funds, Hegglin said. SVP State Councilor Alex Kuprecht (65, SZ) also emphasized that it is not just about normal money in a bank account. In addition, given the current legal situation, there is also a risk of financial consequences for the state, as it would have to intervene with additional benefits if necessary.

The current situation also leads to liquidity problems for pension funds, Hegglin criticizes in the motivation of the motion. What is needed here is a mechanism for sharing any restructuring or liquidation costs.

The Federal Council wanted to wait until the CS had been processed

The Federal Council opposed the motion and first wanted to wait until the emergency takeover of Credit Suisse by UBS had been processed and the ‘too big to fail’ regulations had been evaluated. Deposit protection will also be a topic in the state government’s report. The Federal Council therefore requested that the motion be rejected.

Center councilor Andrea Gmür-Schönenberger (59, LU) wanted to transfer the proposal to the provisional advisory committee for preliminary consultation. However, their motion for regulation did not find a majority. (SDA)

Source:Blick