What happened on day 1 of the CS session

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How could that happen? Credit Suisse (CS), a Swiss institution, has recently gone through crisis after crisis, was on the brink, went bust and eventually had to be taken over by its closest competitor, UBS. The CS rescue operation has been topic number one for weeks. Now finally in parliament.

The councils met on Tuesday for the extraordinary session. Parliament must then approve emergency credits for federal guarantees amounting to CHF 109 billion. Since Parliament’s financial delegation has already approved the loans, saying no would not change anything. But it would be a political sign.

In addition to the loans, Parliament wants to give the Bundesrat various tasks. The government should show in which areas action is required in view of the CS debacle.

Council of States passes loans

The Council of States opened the special session on Tuesday morning. After a four-hour debate, he supported the billions in loans. By 29 votes to 6 with 7 abstentions.

Four SVP members, an SP politician and a representative of the Greens said no. Other members of these factions abstained. Mitte and FDP agreed to the additional credits.

Seven million francs for the finance department

And yet the Council of States decided to make changes to the Bundesrat’s proposal. If more resources from the federal government are needed in the context of the CS takeover, the small chamber wants this to be decided not through the emergency law, but in the normal way. But the same applies here: it is nothing more than a call. The Bundesrat could lift the clause by emergency law.

The debate in the National Council started two hours late at 7:15 pm – and lasted for hours. Wednesday and Thursday are reserved for settling disputes between the National Council and the Council of States. On Wednesday morning it will be the turn of the Council of States again. But sleeping in is not an option for the national councilors. The first sessions start before 6am.

Source:Blick