SP advances are not on the table during the banking session

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“The common people are left with a good mood!” Scolds SP party leader Roger Nordmann (50). The subject of the extraordinary session, which will take place after Easter, is the acquisition of CS by UBS. But various advances from the SP are not on the agenda.

Nordmann is shocked that, according to him, the head of the National Council wants to prevent the postulate of “effective sanctions by Finma against offending financial institutions” from being dealt with. The initiative of SP economic politician Prisca Birrer-Heimo (64) aims to enable the financial market regulator to impose fines and other sanctions on offending banks and their directors in the future.

Finma don’t look at your fingers

In addition, the Board of Directors does not want to consider their motion on “higher capital requirements for globally active large banks”. The initiative requires global banks to have equity capital of at least 15 percent.

National Council President Martin Candinas (42) and his deputies, the vote counters and the faction leaders who make up the National Council Bureau, also do not want to scrap bonuses for top bosses at systemically important banks. The associated advance should also not be an issue in April – neither should an interpellation by Samuel Bendahan (42), whom Finma wants to keep a close eye on.

Despite 259 billion

From Nordmann’s point of view, the agency is drawing no lessons from the CS rescue. “And this despite the fact that Switzerland has to answer for the bank rescue with a total of 259 billion francs,” he emphasizes. As the media had announced, the rescue amount is 50 billion higher than the previously known 209 billion. The SP is now trying to get progress on the agenda with a regulation motion.

However, the party chairman of the SP is pleased that the bureau has voted unanimously in favor of the establishment of a parliamentary committee of inquiry (PUK). Former Swiss top financial controller Michel Huissoud (65) also applauds this: “That is now a priority.” The PUK must first see where any omissions were. “Once it is clear which improved tools, for example, Finma need, the time is right for a global package for improved banking regulation.”

Huissoud first wants PUK to work

Another issue to be addressed is whether Finma is as independent as it should be. “Ultimately, the Federal Council approves your objectives and can fire the members of the Board of Directors,” says Huissoud. And: “When former finance minister Ueli Maurer publicly warns of ‘controlitis’ of banks by the state and asks that the industry should not be trusted more than the controlling officials, Finma lacks the necessary support.”

However, you cannot come up with new sanction options overnight, for example for Finma. “The PUK must first investigate everything, after which parliament gives Finma the best possible instruments,” Huissoud suggests.

Source:Blick