After Easter, the three parties SP, SVP and Greens said their conditions had not been met, which is why they said no to the 109 billion francs for the takeover of CS by UBS. Now it was up to the three parties to show how serious they are about adapting the rules for financial institutions.
“The whole thing repeats itself again and again”
The SP was concerned with a ban on bonuses for managers from systemically important banks and a higher equity ratio for globally active institutions. These regulations have been hotly debated since the bank takeover in March; SP National Councilor Prisca Birrer-Heimo submitted the two proposals around two years ago.
Legend:
Motionary Prisca Birrer-Heimo at the special session in Bern.
Keystone/Peter Klaunzer
She is not a clairvoyant because Credit Suisse has had massive problems for years: “The text of my advances could have been written yesterday or the day before. It’s tragic that the whole thing keeps repeating itself.”
No help from the SVP
Birrer-Heimo could count on SVP. For the SVP the concerns of the SP are pointless. They are too absolute, a general ban on bonuses goes much too far, said Thomas Matter, bank president and member of the party leadership: “A ban on bonuses only comes into play when the state has to intervene at a company. We are still a market economy.”
Legend:
For Matter and the SVP, a general ban on bonuses goes too far.
Keystone/Alessandro della Valle/Archiv
An increase in the equity ratio is also not indicated because Credit Suisse did not have problems with equity, but with the lack of liquidity.
The SVP prefers to start with the financial market supervisory authority (Finma), they want to know exactly how the supervisory authority has dealt with CS in the last six months. And if she made any mistakes. According to Thomas Matter, the SVP is working on a solution: “Hopefully, the proposal should ensure that a major bank can go bankrupt without the state having to intervene.”
We still see no willingness on the part of the citizens to seriously concern themselves with new banking regulations.
It was to be expected that the SVP would not want to take part in the SP’s advances to regulate the banks, said SP co-president Cédric Wermuth: “We still see no willingness on the part of the citizens to seriously concern themselves with new bank regulations. »
Center group votes in favor – motions accepted
In the end, the SP could count on the Greens. They supported the concerns of the SP. For the Greens, however, further regulations are needed in the long term; Group leader Aline Trede called for guidelines that oblige banks to promote climate protection: “We have to rely on a sustainable financial center. Otherwise we will be ready again in six months to a year and then it will be: ‘too big to safe’.”
Aline Trede had hoped for the help of the middle parties for the two regulatory initiatives. And also received. The majority of the middle faction voted in favor of the SP concerns, and the two proposals were thus accepted by the National Council. You are now going to the Council of States.
The National Council also approved two postulates from the Greens and the SP with audit orders for Finma. The Federal Council should show in a report how the financial market supervisory authority could be given new powers.