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The National Council has rejected a Socialist motion to ban political donations from public companies, including major banks like UBS, which contributed over one million francs in 2023. Cédric Wermuth criticized the influence of these firms on political decisions, while the government deemed new regulations premature, citing existing transparency measures. A similar proposal will be discussed in the Council of States.
Big banks will continue to donate to political parties despite efforts to prohibit public and systemically important companies from doing so. Cédric Wermuth criticized the influence of corporate donations on politics, noting that proposals for regulation have dissipated following the Credit Suisse crisis. Additionally, the National Council rejected a Green Party initiative urging the SNB and Finma to evaluate financial risks related to global warming.
The Swiss Socialist Party (SP) is advocating for urgent banking reforms to prevent future crises, following the Credit Suisse debacle. Key proposals include banning bonuses, increasing capital requirements, and halting political donations from banks. SP leaders emphasize the need for stronger regulations and a salary cap for bank CEOs to ensure accountability and transparency in the banking sector.
The Social Democrats (SP) are pushing for a ban on party donations from systemically important companies like UBS, arguing that such contributions risk influencing political decisions. Despite previously accepting donations from banks, the SP now criticizes UBS for favoring bourgeois parties, while asserting their commitment to ethical fundraising practices. SP leader Cédric Wermuth emphasizes the need for clear regulations to protect against banking crises, even if it means forgoing certain donations.
The Socialist Party (SP) seeks to ban donations from systemic banks to political parties, despite receiving funds themselves, including 43,000 francs from Raiffeisen. Co-chair Cédric Wermuth argues that avoiding a banking crisis is paramount, even if it means forgoing such donations. The SP's stance raises questions about ethical consistency, as other parties, particularly the UDC, have benefited significantly from these banks.
Cédric Wermuth, co-president of the Socialist Party, criticized the Swiss People's Party (SVP) for failing to act on banking reforms after the Credit Suisse collapse, claiming their initial outrage was merely electioneering. Despite the SVP's earlier demands to dismantle UBS and ensure no bank is "too big to fail," they have since postponed key decisions, leaving the risk of inaction high. Wermuth argues that the banking lobby continues to dominate Parliament, echoing concerns from the past financial crisis.
The SVP's initial outcry for stricter banking regulations following the Credit Suisse collapse in spring 2023 has faded, with the party now retracting proposals and delaying decisions. Critics, including SP leader Cédric Wermuth, argue that this reflects a return to prioritizing banking interests over necessary reforms, echoing past crises where outrage led to inaction. The Federal Council's new measures aim to enhance oversight, but skepticism remains about their effectiveness in preventing future banking failures.
The PUK report on Credit Suisse reveals persistent issues in Swiss banking, highlighting the self-serving behavior of bank executives and the failures of regulatory bodies like FINMA. Despite recommendations, no substantial changes have been made, leaving UBS, now larger and equally risky, unchecked and still influencing political decisions, threatening both democracy and the economy.
UBS CEO Sergio Ermotti defended his controversial 14.4 million franc salary for nine months of work, stating it reflects his performance and is comparable to industry standards. Despite facing criticism from political figures, he questioned why high salaries in business attract more scrutiny than those in sports and entertainment.
The Parliamentary Commission of Inquiry into the Credit Suisse crisis concluded that the situation was self-inflicted, while acknowledging that a global financial crisis was averted in 2023. Finance Minister Karin Keller-Sutter supports the PUK's recommendations for improved banking regulation but rejects calls to restrict capital and liquidity requirements. Political parties are divided on how to address the supervisory authority Finma, with some advocating for its strengthening and others calling for accountability for its past actions.
Cédric Wermuth
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