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It has been almost a year since the Federal Council had to bail out Credit Suisse in a matter of days. Now Finance Minister Karin Keller-Sutter (60) reveals in an interview with SRF under what circumstances the bank was rescued.
One crisis meeting followed another, under difficult circumstances. In March last year, the motto of the federal government was: save energy – also on federal sites. “I remember the heating being completely turned off overnight; that was unbearable for the people,” said the Minister of Finance. “They worked on the problems in down jackets and military blankets.”
Solving the problem was not easy. “I then ordered the heating to be turned back on. According to Keller-Sutter, the regulator said at the time that this required a decision by the Federal Council. “Then I replied, ‘Well, if that’s all, I can make a good decision.'”
On March 15, she realized that the bank would not survive: the CS had requested huge liquidity injections from the National Bank. An extraordinary meeting of the Federal Council followed on Thursday. “The intermediate goal was to win Credit Suisse last Friday.” Keller-Sutter tells SRF she was “very happy” when the markets closed Friday evening.
Work also took place during the weekends in the rooms of the Bernerhof, the headquarters of the Finance Department. “There were pizza boxes everywhere because people had to eat at some point,” Keller-Sutter told SRF. The tension was great. “I had the impression that the world was holding its breath until we had a solution.”
A solution only came on Sunday evening – just a few hours before the stock markets reopened. “Federal President Alain Berset and I informed the parties so that they would not find out through the media. There was a call that everyone was attuned to.” Only then did the federal councilors and bank representatives walk to the media conference. The end of Credit Suisse was sealed. (brother)
Source:Blick
I am Liam Livingstone and I work in a news website. My main job is to write articles for the 24 Instant News. My specialty is covering politics and current affairs, which I’m passionate about. I have worked in this field for more than 5 years now and it’s been an amazing journey. With each passing day, my knowledge increases as well as my experience of the world we live in today.
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