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It is now up to parliament to deal with the CS debacle. Next week, the national and state councils will meet for an extraordinary session. Subject: What next after the rescue of Credit Suisse?
The politicians are currently outdoing each other with advance demands. The strongest comes from SVP party chairman Thomas Aeschi (44), writes the “Tages-Anzeiger”. He is therefore requesting a de facto ban on big banks, i.e. those that are “too big to fail”. A “nuclear bomb”, writes the newspaper. Systemically important banks should downsize, for example through sales.
Short term opportunities
And indeed, for a while it seemed that the proposal had a chance. In addition to the Greens, the SP also voted for Aeschi’s advance. But not for long. After some left-wing proposals were rejected, SP country council member Jacqueline Badran (61) submitted a so-called return motion – the committee must vote again on Aeschi’s proposal.
Not out of revenge, Badran told the Tages-Anzeiger. They only noticed later that Aeschi’s proposal affects not only UBS, but also the Zürcher Kantonalbank, Raiffeisen and Postfinance. Badran does not need to dismantle these banks.
That leaves only several trial orders – and the anger of the SP: the bourgeoisie would play time, was the accusation of SP co-chairman Cédric Wermuth (37). The Federal Council has several years to write the reports on the test orders.
Parliament can only say yes
In the extraordinary session, parliament can really only say yes to the loans. “A no would be a rebuke to the Bundesrat and the financial delegation,” says council member Johanna Gapany (34). A no would have an impact on the rescue of Credit Suisse, but only on the outside.
The various committees do want to change the rules for future rescues with adjustments, among other things. Parliament will probably have to deal with Credit Suisse more often. The decision on a parliamentary committee of inquiry (PUK) should not be made until the summer. (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.
