The Federal Council (Executive) declared today in its weekly meeting that it takes note of the recent rejection of the national Parliament to its public aid to save Credit Suisse, but confirmed that this vote against the Legislative is merely symbolic and will not have practical consequences.
“The credits were debated (in the Legislature) under the premise that a possible rejection would not have legal effects on the emergency commitments made with the Swiss National Bank and UBS” (entity purchasing Credit Suisse), recalled the Federal Council in a statement.
The Government reiterated that the purchase of Credit Suisse by UBS was necessary to stabilize national finances, although it assured that “will take into high consideration, with a view to future actions and decisions, the position expressed by Parliament”.
In an extraordinary session on April 11 and 12 to discuss the banking crisis in Credit Suisse and the measures taken by Bern to solve it, state aid was approved by the upper house (Council of States) but rejected by the lower house (National Council), a result that led to the operation being reviewed again today by the Executive.
The AIDS “were necessary given the exceptional circumstances and the high degree of urgency to avoid a financial crisis that would severely damage the Swiss economy”, the Federal Council insisted today.
Berne endorsed the acquisition of Credit Suisse with more than 200,000 million francs (203,000 million euros) in financial guarantees, which included covering 9,000 million francs (9,100 million euros) of the losses that the purchase could entail for UBS.
Source: EFE
Source: Gestion
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