Young liberals threaten managers’ initiative

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Bonus ban, personal liability and criminal prosecution: Following the Federal Council-orchestrated rescue of Credit Suisse, the Young Liberals are calling for a tougher approach to irresponsible bank bosses. On Monday, they presented their plans for a “Manager Responsibility Initiative” at a media conference.

This serves as a means of putting pressure on Parliament. If politicians do not take their responsibility and decide on stricter rules, the citizens’ initiative will be launched, said the chairman of the Young Liberals, Matthias Müller (30).

Today’s law is “unsuitable”

“We need tight but strict banking regulation,” Müller summarizes the young party’s demands. “Anyone who drives a systemically important bank against the wall should be held more accountable under criminal and civil law.”

The current too-big-to-fail regulations have proved “unsuitable” and must be replaced, the young liberals write. It should be laid down in law that the payment of bonuses in the event of a rescue by the state is prohibited and that bonuses already paid out can be reclaimed. Persons at management level should be held criminally and civilly liable. Higher equity requirements should also be discussed.

The financial market regulator (Finma) must also be “professionalised” and given more powers. The Young Liberals accuse the regulator of inactivity. The party suspects that things could have turned out differently if Finma had taken a closer look last autumn. It was “inexplicable” that she did not intervene forcefully.

Special session next week

The College of the Young Liberals is now submitting the demands to the grassroots. The members can decide on this at an extraordinary general meeting. Depending on the outcome of the parliamentary debates, the initiative text would then be formulated on that basis, the young party writes in a statement.

Parliament will consider the CS rescue in an extraordinary session next week. (lha)

Source:Blick