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It was over at 1:15 am. The National Council spent hours on Wednesday night discussing the rescue of Credit Suisse and finally made a decision. The Grand Chamber rejected the loans by a vote of 102 to 71. SP, Groenen and SVP were against billions in loans.
Is Credit Suisse’s rescue now in jeopardy?
From a purely legal point of view, the no has no consequences. It is a rebuke to the Federal Council and the Federal Finance Delegation. They’ve already approved the loans. And since it happened with the emergency law, the agreement applies. The rescue of Credit Suisse will therefore not fail. But of course it remains a vote of no confidence – in the Federal Council, banks and the financial center.
Is the decision of the National Council final?
No. The Council of States approved the loans on Tuesday afternoon. So there is a difference between the two councils. These – and other detailed questions – now need to be clarified. Already today, Wednesday, the States and the National Council will advise alternately. It is quite possible that the ‘no’ is a means of putting pressure on further negotiations. The Financial Commission of the Council of States has already made a proposal that summarizes the individual demands of the National Council.
How are the financial markets reacting?
The share of UBS starts Wednesday 0.9 percent lower. The dividends are probably responsible for this. Credit Suisse shares are 1.5 percent higher. So far, international responses have been limited. Apparently most are aware that the decision can be reversed.
What does the decision mean for Federal Councilor Karin Keller-Sutter?
For Federal Councilor Karin Keller-Sutter (59), the decision is a defeat. She was “counted”, writes the “NZZ”. In fact, she had no choice in the CS rescue. This was hardly contested in the debate in the National Council. In addition, Keller-Sutter has only been working in the finance department since the beginning of the year. It should therefore survive a final “no”.
Source:Blick
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