Swiss parliament to hold emergency meeting over Credit Suisse-UBS merger

The Swiss Parliament will hold an emergency meeting on Tuesday to discuss the collapse of Credit Suisse and the government’s subsequent response.

The government has come under fire from both pundits and opposition parliamentarians for facilitating the shotgun $3.3 billion takeover of Credit Suisse by UBS with over 250 billion Swiss Francs in guarantees and support.

The emergency meeting is only the third of its kind held by the Swiss parliament over the past 20 years. It will provide parliament with a chance to reject the loans given as part of the rescue package, though this is largely a symbolic vote as the state has already committed the funds.

The main point of contention for lawmakers was that the huge financial commitment was made by a sub-group of six MPs – leaving almost 250 without a say on the matter.

Lawmakers will also discuss whether conditions can be imposed on Credit Suisse, with the country’s Federal Council already telling the bank to either cut or reduce bonus payments to upper levels of management.

The mounting anger in Switzerland over how the government has handled this situation is reflected by a study from political research firm gfs.bern which found that a majority of the population do not support the deal.

    Share Story:

Recent Stories


Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.

Beyond compliance: Transforming document management into a strategic advantage for financial institutions
In this exclusive fireside chat, John Rockliffe, Pre-Sales Manager at d.velop, discusses the findings of Adapting to a Digital-Native World: Financial Services Document Management Beyond 2025 and explores how FSIs can turn document workflows into a competitive advantage.

Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.

Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.