How the billion-no came about

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It is a painful defeat for Finance Minister Karin Keller-Sutter (59) and the Federal Council. Parliament was unable to man itself during its extraordinary session. It refused to approve the deal orchestrated by Keller-Sutter to save Credit Suisse – but that doesn’t change anything after that. How the big no came about and what roles the parties played in it.

“The SVP faction clearly says no to the guarantee of 109 billion francs from the federal government,” said People’s Party leader Marco Chiesa (48) on Tuesday. The SVP maintained this attitude. “We don’t want such a debacle to happen again,” said alderman Lars Guggisberg (45) on Wednesday. The template as it was on the table was not a basis for this.

However, the negative attitude did not require any particular courage, because it did not endanger anything. The rescue loans have been approved and customers can continue to access their funds. In the near future, however, the SVP wants to ensure that the Bundesrat examines a separate banking system. The SVP also called for no more “too big to fail” companies in Switzerland. Companies must be able to go bankrupt without Switzerland being dragged into the abyss.

‘Keep it up’ is not an option for the SP. The party has emphasized this time and time again. Greed and irresponsibility of top bankers have been a thorn in her side for years. The decline of Credit Suisse is nothing short of grist to the socialists’ mill. Now they wanted to take the opportunity to regulate the Swiss banking center much more tightly.

Even before the fall of the CS, the SP had set a whole series of demands: a ban on bonuses for systemically important banks, effective sanctions by the financial market regulator or higher capital requirements. And she did not let go of her deep-seated mistrust of big capitalism to the end. It is about the principle! But because their demands fell through, the SP also rejected the CS loans.

FDP chairman and Council of States Thierry Burkart (47) warned against hasty decisions. Thorough analysis before taking action was his party’s motto during the extraordinary session on the CS debacle. There will be no new regulations for the time being. A thorough review is now required. With that, the Liberals have backed off a bit and dutifully stand behind their Treasury Secretary, Karin Keller-Sutter. The parliamentary group supported the billion-dollar loan.

Even before that, the FDP wanted to call those responsible for the downfall at CS to account and loudly demanded that the management of the once-proud big bank pay back their bonuses immediately. “Irresponsible managers are the gravediggers of the free market economy,” said Burkart.

“If the climate was a bank, the Federal Council would have saved it a long time ago,” says Greens president and national councilor Balthasar Glättli, 51, almost mantra-like into the microphones and notebooks of media professionals since the rescue of CS. He also said it on the first day of the extraordinary session. And, of course, the evergreen “sustainability” also came up.

During the bank rescue, the sustainability aspect was ‘criminally pushed into the background’. In time for the extraordinary session, Glättli and his Greens had already roughly outlined what the Federal Council would expect if their terms failed to find a majority. “Then we will reject the loans,” he threatened. The Greens fulfilled their threat – together with the SP and the SVP they lowered the billion-dollar loan twice.

The Green Liberals tried to keep a cool head in the heated debate. They demand a “careful reappraisal of the processes that led to the demise of the CS,” GLP chairman Jürg Grossen, 53, said in the National Council. However, everything should be fine. The parliamentary group opposed linking certain claims to the billions in guarantees. That’s not serious. GLP councilor Roland Fischer (58) warned that one should not just “shoot half-baked demands in the spice”. And colleague Melanie Mettler (45) criticized rightists and leftists who were only interested in smashing rhetorical pins.

Instead, the Bundesrat should now first examine which legislative changes are useful and which are not. However, the GLP also has clear requirements. For example, they believe supervision should be strengthened and bank executives should be held accountable for misconduct.

In addition to the exuberant pole parties from left and right, the center likes to see itself as the voice of reason. She also tried to play that role in the CS debate. She refrained from intrigue or rebellious reactions. “We agree to the loan because there is actually no alternative to parliament,” says party chairman Philipp Matthias Bregy (44).

But it cannot and must not continue like this for the middle. The “too big to fail” rules have failed. In the future, new rules are needed for more equity, a ban on bonuses for losses and more effective supervisory instruments. The center party wants to take action, but not immediately. For example, State Secretary Benedikt Würth (55) thought that it was first necessary to look carefully at which regulations were useful. “It’s not good if the shots are fired right away.”

Source:Blick