What is actually decided?

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In the week after Easter, parliament meets for an extraordinary session to discuss the Credit Suisse (CS) debacle. Three whole days are reserved for the discussion about the bank quake. But what exactly are these days about? Here are some answers to the extraordinary session of the Federal Parliament.

The focus of the session will be on the CHF 109 billion commitments already made by the federal government in connection with the acquisition of CS by UBS. The financial delegation of the councils (Findel) approved these loans on March 19, the day on which it was decided to merge the two major banks and thus end CS.

According to the provisional meeting programme, the two chambers will not hold their sessions from 11 to 13 April at the same time as usual, but will alternate.

Since both the Bundesrat and the financial delegation have already taken a decision on the loans, parliament can only say yes. “A no would be a rebuke to the Bundesrat and the finance delegation,” said State Councilor Johanna Gapany (34), chair of the Finance Committee of the Council of States (FK-S), after submitting a yes request. to the undisputed warranties.

Even if the loans themselves are untouchable, Parliament wants to define certain rules of the game. The FK-S therefore proposes changes. If more resources from the federal government are required in connection with the takeover of CS, the FK-S wants this to be decided not through the emergency law, but in the normal way. Other proposals from the Finance Committee relate to the investigation of liability claims and competition issues.

In addition, the majority would like an additional seven million francs for the Federal Public Service Finance (FDF). The Bundesrat is only asking for five million francs in connection with the acquisition of CS and the processing of the events.

It also becomes a kind of «Chropfleerete». Even if the loans can no longer be questioned, the debate over them is likely to last longer. The parliamentarians can make their views known and say what they think of the decisions.

The forced merger and its further consequences have been discussed for hours in the relevant parliamentary committees. It wasn’t just about Credit Suisse, Gapany said.

Extraordinary sessions are reactions to special events. Convening such a session requires the consent of a quarter of the members of a chamber, for example 50 members of the National Council.

The Bundesrat, which will open the extraordinary session with a statement in both councils, will probably have to ask itself many critical questions. Finance Minister Karin Keller-Sutter (59) is the strictest; it must be present at all debates in the Council.

Various committee postulates are also being discussed in the National Council, which, in addition to Keller-Sutter’s financial department, also wants to give the justice of Elisabeth Baume-Schneider (59) the task of scrutinizing various legal bases. In particular, the application of the emergency law, the investigation of a possible lawsuit against the CS leadership and a review of the “too big to fail” rules should be scrutinized by the government.

No, that will not happen in the special session. After the so-called Landsraadsbureau had already unanimously agreed to the deployment of a Parliamentary Commission of Inquiry (PUK), the Bureau of the Council of States put the brakes on it. It wants to hold hearings first and not make a decision until mid-May, it said on Friday. If the Bureau of the Council of States agrees, the Bureau of the National Council can formulate the mandate for the PUK. Ultimately, however, Parliament will make a decision on the nomination, probably only during the summer session. (SDA/h)

Source:Blick