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In short, the Federal Council presented Parliament with a fait accompli. Switzerland must provide up to 109 billion francs to save Credit Suisse from collapse and transfer it to UBS. Parliament cannot approve the billion-dollar deal until April.
But the SVP does not want to make it so easy for the top bankers. At an extraordinary meeting on Wednesday, it unanimously decided that it will only agree to the $109 billion guarantee if three conditions are met:
1
Improve “Too big to fail”.
In the case of CS, the “too big to fail” rule completely failed. The Federal Council must therefore improve it so that it works in any case – regardless of the cause of a bank crash. If that is not possible, “too big to fail” banks should be obliged to sell or close down their foreign activities, or at least significant parts of them.
2
Ensuring competition despite mega-UBS
Even with only one large bank, competition in Switzerland must be safeguarded. The Federal Council must take the necessary measures. However, the SVP leaves open what these should look like.
3
Hold CS leadership accountable
The Federal Council must clarify how to hold the CS leadership responsible for the crash accountable and recover undue bonus payments.
Until the extraordinary session, the SVP group wants to see whether it wants to set further conditions.
Collect bonuses retroactively
The SVP parliamentary group welcomes the fact that the Federal Council has already intervened for the first time and announced on Tuesday that it would cut part of the bonuses for top managers at Credit Suisse. But it’s not enough for her. She expects state governments to take additional measures to collect bonuses retroactively.
“The cadres responsible for decades of mismanagement must be held accountable,” the SVP demanded in a statement. The party is also open to the establishment of a Parliamentary Commission of Inquiry (PUK). However, it has also set its sights on the role of supervisor of the financial markets. The question arises for the SVP whether it has actually fulfilled its supervisory task.
Source:Blick
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