Swiss Government Affirms Financial Involvement in Credit Suisse Agreement
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The Swiss cabinet declared at its meeting on Wednesday that its commitments to the Swiss National Bank and UBS to facilitate the takeover of Credit Suisse would remain unaffected despite the lower house of parliament having twice rejected a proposal for 109 billion Swiss francs ($121 billion) in emergency credits and guarantees.
Despite the two rejections, which were largely symbolic, the Federal Council maintains that their commitments have binding approval via the emergency law.
The government’s statement declared that the “debate over the credits was based on the premise that a rejection would have no legal effect on the Confederation’s emergency commitments made to the SNB and UBS,” and that the Federal Council shares this opinion.
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