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The logo of Swiss Financial Market Supervisory Authority FINMA is seen outside their headquarters in Bern, Switzerland April 5, 2016. We want reform so that we don't end up in the same mess again as we had with Credit Suisse." Earlier this year, Switzerland's financial regulator deflected blame for the collapse of the country's second-biggest bank saying it had been quick to respond, calling instead for more powers to take lenders to task. The regulator, however, has enjoyed little support among Swiss politicians, many of whom long sought to keep it weak. In the run up to the collapse of Credit Suisse, FINMA saw a string of key departures.

Persons: Ruben Sprich, Eva Herzog, Herzog, FINMA, Noele Illien, Sharon Singleton Organizations: Swiss Financial Market, Authority, REUTERS, UBS Group, Credit Suisse, Swiss, UBS, International Monetary Fund, Thomson Locations: Bern, Switzerland, Europe, Swiss

☆ Swiss parliament seeks elusive compromise over Credit Suisse rescue
▼ + stars: | 2023-04-12 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

While the upper house approved the government's 109 billion Swiss franc ($120.82 billion) contribution to the rescue package, parliament's lower, and larger chamber, later rejected it. Seeking a compromise, the upper house passed changes to the measure on Wednesday morning, which the lower house will vote on later in the day. As they returned on Wednesday, the upper house passed changes, which include a proposal for Switzerland's federal government to draft an amendment to the country's Banking Act. Its aim would be to reduce the risks posed by systemically relevant banks, such as Credit Suisse and UBS for Switzerland, by, for example, raising capital requirements and restricting bonuses. A shotgun marriage which saw Credit Suisse taken over by rival UBS (UBSG.S) for 3 billion Swiss francs and propped up with more than 250 billion Swiss francs in guarantees and support has drawn widespread criticism.

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. A poll of Swiss economists found that nearly half thought the takeover of Credit Suisse by UBS was not the best solution, warning the saga had dented Switzerland's reputation. Politicians also questioned why the Swiss financial regulator was unable to prevent Credit Suisse's failure. There are also growing worries about jobs and in an open letter to parliament, the Swiss Bank Employees' Association said that Credit Suisse and UBS must freeze any cuts.

SummarySummary Companies Swiss upper house approved Credit Suisse rescueFrustration in Switzerland over use of state fundsLawmakers have protested, but cannot overturn dealBERN, April 11 (Reuters) - Switzerland's upper house of parliament voted on Tuesday after a heated debate to approve retrospectively the 109 billion Swiss francs ($120.5 billion) in financial guarantees used to rescue Credit Suisse (CSGN.S) last month. But 29 of Switzerland's 46-member Council of States upper house approved the measure. "The use of emergency law has reached a level in the last three years that is beginning to annoy me," Hansjoerg Knecht, a member of Parliament's upper house, said. Politicians also questioned why the Swiss financial regulator was unable to prevent Credit Suisse's failure. Eva Herzog asked during a speech to the upper house.

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