Left and Greens point out the risk of a “megabank”

The CEP report on the debacle of the private bank and the failings of the authorities provoked strong reactions from all political sides. Anthology.

After the CEP report on Credit Suisse, the Greens and the PS pointed out on Friday the risk posed by the “XXL bank” UBS, calling on the authorities to accelerate work on strengthening the “too big to fail” legislation. . The parties did not fail to criticize the greed of the managers of the institute taken over in disaster.

“Switzerland could not withstand a new collapse or a bank bailout,” said the environmentalist party, while the takeover of CS by UBS, guaranteed by the State, created a new megabank. For the Greens, Switzerland needs a “Lex UBS” to control the particular risks emanating from this bank.

Environmentalists are demanding strict rules for the company’s management, compensation for the implicit state guarantee and significantly greater equity and liquidity, according to a press release.

“Self-service mentality”

For the PS, the conclusions of the investigation into the Credit Suisse debacle show that UBS represents an “unbearable risk” for Switzerland.

The Socialist Party castigated the “self-service mentality” of the bank’s managers. Co-president Cédric Wermuth mentioned the 32 billion bonuses in ten years, while the two-veiled institute had lost the same amount during this period. Not to mention the 11 billion fines imposed by the regulatory authorities.

The party demands a ban on bonuses within the current UBS, a demand contained in a socialist motion adopted in May 2023 by the National Council. He calls on the Council of States to quickly adopt this text.

The Federal Council must also accelerate the review of the “Too big to fail” project on systemic banks. According to current plans, this legislation should not come into force before 2030, a timetable described as “irresponsible” by the PS.

“Never again”

The Green Liberals support the measures recommended by the CEP. PVL President Jürg Grossen, however, notes that “poor management cannot be corrected by regulation”.

The Center called on the Federal Council, the Swiss National Bank (SNB) and the Swiss Financial Market Supervisory Authority (FINMA) to take their roles in financial market supervision more seriously. The measures recommended by the CEP must be implemented without being watered down.

“This is the only way to guarantee that the Swiss population never has to bear the consequences of the irresponsible management of a major Swiss bank again,” declared Valais national councilor Philipp Matthias Bregy, president of the group. parliamentarian, quoted in a press release.

No regulatory zeal

The PLR ​​welcomed the fact that the CEP was not indiscriminately demanding higher capitalization of systemically important banks. “FINMA should not be strengthened as a regulator, but in the systematic application of existing supervisory instruments,” the party warned in a press release.

Along the same lines, Economiesuisse warned against any excess of regulatory zeal. The business umbrella called for not “unnecessarily” penalizing UBS, particularly due to its importance in supporting the Swiss export industry abroad.

The PLR ​​also took the opportunity to praise the work of its minister, Karin Keller-Sutter, during the CS debacle. His action made it possible to avoid an international financial crisis, the party stressed.

Ueli Maurer and UDC silent

In the decisive years which preceded the fall of Credit Suisse, the Federal Department of Finance (FDF), then headed by Federal Councilor Ueli Maurer, “slept”, attacked the PLR. He notes in particular the incomplete communication from the UDC minister. The CEP also noted that the DFF had failed to put in place a liquidity safety net.

Implicated, Ueli Maurer does not intend to comment on the report for the moment. The former elected official first wants to examine it himself, his party told Keystone-ATS. The UDC did not comment on the CEP report, preferring to focus on the European issue, said general secretary Henrique Schneider. (ats)

After the fall of dictator Bashar al-Assad, intense diplomatic traffic to Syria was established. Western states are seeking to establish contact with the transitional government. Switzerland also sent a representative to Damascus.

With the flight of Bashar al-Assad to Russia ten days ago, the dictatorial regime of the Assad clan, which had dominated Syria for 54 years, suddenly collapsed. The new leaders in Damascus are the victorious rebels, whose most powerful faction is the Hayat Tahrir al-Sham (HTS) group, considered by the UN to be a terrorist organization. In agreement with the UN, Switzerland has also sanctioned the HTS and its leader, known as Abu Mohammed al-Joulani (born Ahmed al-Chara), now the strong man of Damascus.