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The National Council has rejected a proposal to ban bank donations to political parties, a move criticized by the Socialist Party (PS) as indicative of the influence banks wield over politics. Despite the PS's efforts to highlight the issue following the Credit Suisse crisis, the debate was brief and largely dismissed by the bourgeois camp, which holds a majority. All Swiss parties, including the PS, have received funding from systemic banks, with the SVP and PLR receiving the most significant amounts.
The Greens and Socialist Party have raised concerns over the risks posed by UBS following the Credit Suisse debacle, urging faster implementation of "too big to fail" legislation. They criticized UBS's management for excessive bonuses amid significant losses and called for stricter regulations. Meanwhile, the Federal Council and financial authorities are urged to enhance supervision to prevent future banking crises.
The Parliamentary Commission of Inquiry's report on Credit Suisse's collapse highlights years of mismanagement and calls for stronger regulations for systemically important banks. Reactions from political and business leaders emphasize the need for effective oversight, with some advocating for a "Lex UBS" to manage the risks posed by the newly formed mega-bank. The Federal Council acknowledges the report's findings and plans to incorporate them into future regulatory frameworks.
The Greens and Socialist Party in Switzerland are urging authorities to expedite the strengthening of "too big to fail" legislation following concerns about the risks posed by UBS, the newly formed megabank after its takeover of Credit Suisse. They criticize the bank's management for excessive bonuses and call for strict regulations, including a ban on bonuses and improved liquidity requirements. Meanwhile, other parties emphasize the need for effective financial supervision without overregulation, highlighting the importance of UBS in supporting the Swiss economy.
The fallout from the Credit Suisse collapse has sparked intense political blame, particularly directed at former Finance Minister Ueli Maurer for his inaction during critical years. Calls for stricter regulations and oversight have emerged, with various parties advocating for measures such as banning bonuses for systemically important banks and increasing capital requirements. The Federal Council, while defending its actions, acknowledges the need for regulatory improvements in light of the crisis.
Gerhard Pfister, president of the Center Party, is reevaluating support for homeowners' association proposals after recent defeats in referendums. He warns that the upcoming initiatives could face rejection if they lack broad backing, signaling a potential shift in tenancy law dynamics. Discussions for compromise are anticipated as both sides seek to navigate the parliamentary process effectively.
Philipp Matthias Bregy
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Swiss National Council Rejects Ban on Bank Donations to Political Parties
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