UBS has decided to discontinue the political donations that Credit Suisse used to provide to Swiss political parties. This decision is expected to have a negative impact on several bourgeois parties, particularly the Swiss People's Party (SVP) and the Liberal-Radical Party (PLR).
Credit Suisse was known for its generous annual contributions of one million Swiss francs, but UBS has withdrawn this support without any plans for replacement. The decision comes at a time when political financing is facing increased scrutiny, with new transparency regulations requiring parties to disclose their annual budgets.
In 2023, Credit Suisse distributed 450,000 francs to political parties, but UBS has indicated that it will not continue this practice. This withdrawal of contributions is particularly concerning for bourgeois parties, as they rely more heavily on donations compared to left-leaning parties like the Social Democratic Party (SP) and the Greens. The SVP and PLR depend significantly on corporate and individual donations, and the absence of a major donor like Credit Suisse is expected to strain their financial resources, especially in an election year.
UBS has increased its own political donations, but this amount does not compensate for the loss of Credit Suisse's contributions. The bank has stated that its donations are allocated based on the number of seats held by parties in the Federal Assembly and cantonal parliaments, favoring those that align with its commitment to free competition and a market economy. However, the Greens and SP have been excluded from receiving UBS donations.
The impact of Credit Suisse's withdrawal extends beyond political parties to affiliated foundations, such as the Anny-Klawa-Morf Foundation established by the SP. This foundation has relied heavily on Credit Suisse's financial support, but with the cessation of these donations, it faces significant budgetary constraints. The loss of a substantial donor like Credit Suisse is particularly unfortunate for the foundation, which has been instrumental in producing studies and organizing debates aligned with social democratic values.
The future of political financing in Switzerland remains uncertain as UBS navigates its new role in the Swiss financial ecosystem. While UBS has expressed a long-term commitment to supporting political parties, the specifics of its future donations are unclear. The evolving landscape of political financing in Switzerland poses challenges for parties that rely on corporate donations, and the implications of these changes will likely influence campaign strategies and party dynamics in future elections.