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Swiss Parliament

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finance2 years ago

"Credit Suisse Inquiry: Files to Remain Secret for 50 Years, Swiss Parliament Investigates Collapse and Takeover"

A parliamentary investigation into the collapse of Credit Suisse will keep its files closed for 50 years, according to newspaper Aargauer Zeitung. This has raised concerns among Swiss historians who believe access to the files would be invaluable for scientific investigation of the 2023 banking crisis. The investigation will focus on the activities of the Swiss government, financial regulator, and central bank leading up to the emergency takeover of Credit Suisse by UBS in March. The committee conducting the investigation has sweeping powers but stressed the confidentiality of its proceedings during its first meeting.

via Reuters|
#credit-suisse#files#finance
finance2 years ago

Swiss parliament rejects Credit Suisse rescue plan.

Switzerland's parliament has rejected the government's 109 billion Swiss francs ($120.82 billion) aid for Credit Suisse's merger with UBS, leaving the fallen bank's hastily arranged rescue without a largely symbolic parliamentary blessing. While the upper house had approved the government's contribution to the rescue package, parliament's lower, and larger chamber, pushed back again on Wednesday. The government's commitment, made using emergency law, cannot be overturned, but the vote marks a symbolic rebuke for the authorities, whose decision to largely bypass the nation's legislative has angered many politicians.

via Reuters|
#credit-suisse#emergency-law#finance
finance2 years ago

Swiss Parliament Divided Over Credit Suisse Rescue Plan

Switzerland's lower house of parliament has rejected government guarantees of 100 billion Swiss francs to help keep Credit Suisse afloat and 9 billion francs to help UBS mop up any losses it may incur in the takeover. The vote, above all, amounted to a rebuke of the executive branch at a time when Switzerland is gearing up for crucial legislative elections this fall. The decision, which came after midnight, was largely symbolic because a parliamentary commission has already signed on to the rescue plan, which mostly involved guarantees through the Swiss central bank — not parliament.

via The Associated Press|
#credit-suisse#finance#financial-stability
finance2 years ago

Swiss parliament initially rejects Credit Suisse bailout plan.

Switzerland's parliament has failed to approve the 109 billion Swiss francs ($120.5 billion) of financial guarantees used to rescue Credit Suisse last month, in a first-round vote that was largely symbolic given the state had committed the funds. The lower house retrospectively rejected the rescue near midnight, with heated debates continuing into the early hours of Wednesday morning as members discussed other measures related to Credit Suisse. Earlier on Tuesday, Switzerland's upper house had approved the rescue, meaning the two chambers of the legislative body will vote again on Wednesday.

via Reuters|
#credit-suisse#emergency-law#finance
finance2 years ago

Credit Suisse collapse sparks outrage in Swiss parliament.

The Swiss parliament held an extraordinary session to discuss the collapse of Credit Suisse and the failure of rules intended to prevent such a major bank from getting into trouble. Lawmakers criticized the government's decision to orchestrate the merger with UBS behind closed doors, cutting out parliament and presenting lawmakers with a fait accompli. Despite criticism, the upper chamber voted for the government guarantees provided as part of the deal, while the lower house voted against them. The government has stripped Credit Suisse's executive board of their 2022 and 2023 bonuses.

via France 24|
#banking#credit-suisse#finance
finance2 years ago

"Swiss Parliament Convenes Emergency Session for Credit Suisse Bailout"

The Swiss parliament will hold an emergency session to discuss Credit Suisse's downfall and the government's response to it. Many parliamentarians have criticized the rescue package, which saw Credit Suisse taken over by rival UBS for $3.3 billion and propped up with over $250 billion in guarantees and support. The vote is largely symbolic as the state has already committed the funds and lawmakers cannot overturn that decision. There are also growing worries about a staff cull, and the Swiss Bank Employees' Association has called for Credit Suisse and UBS to freeze any job cuts.

via Yahoo Finance|
#credit-suisse#finance#job-cuts
finance2 years ago

Swiss Banks UBS and Credit Suisse Face Turmoil and Scrutiny.

Swiss Finance Minister Karin Keller-Sutter sees no obstacles to UBS's state-sponsored takeover of Credit Suisse, which will be discussed in an extraordinary session of the Swiss parliament next week. The minister defended the government's intervention, which critics have said came too late and promised too much taxpayer support for a bank that paid out billions in bonuses to executives. The new combined bank will have $1.6tn in assets and more than 120,000 staff, and Keller-Sutter said the structure of UBS would have to be considered in the future.

via Reuters|
#credit-suisse#finance#state-sponsored-takeover