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The National Council has rejected a motion from the Swiss Socialist Party to freeze UBS payments to political parties, allowing the bank to continue influencing bourgeois parties, including the Greens and SVP. Critics argue this undermines democracy and hinders necessary banking regulations, as UBS's donations are tied to political support. The Council of States will soon discuss the implications of such donations on parliamentary independence.
Swiss parliament is grappling with the implications of UBS's acquisition of Credit Suisse, as the Socialist Party pushes for stricter banking regulations and a ban on political donations from major banks. They argue that current proposals from the parliamentary commission of inquiry fall short in addressing systemic risks posed by "too big to fail" banks. Meanwhile, right-wing parties caution against over-regulation, emphasizing the importance of maintaining Switzerland's financial center competitiveness.
The Swiss Socialist Party has announced a press conference on March 3, 2025, to unveil an action plan aimed at mitigating the risks posed by the newly formed megabank UBS. This follows the collapse of Credit Suisse, which was attributed to lax banking regulations and has raised concerns about UBS's profitability at taxpayers' expense. Key speakers will include National Councillors Samuel Bendahan, Roger Nordmann, and Céline Widmer.
SP Switzerland invites media to a conference on March 3, 2025, to discuss an action plan addressing the risks posed by XXL UBS, following the fallout from Credit Suisse's collapse. Key speakers include Samuel Bendahan, Roger Nordmann, and Céline Widmer, with discussions on banking regulation and taxpayer implications. Registration is required by February 28.
The PUK report on Credit Suisse's downfall has sparked a political debate in Switzerland over the need for stricter banking regulations versus reliance on responsible management. While left-wing parties advocate for tighter rules, particularly regarding UBS's influence in politics, right-wing factions blame regulatory failures on FINMA. The Federal Council is expected to propose new legislation incorporating the report's findings.
The Swiss Socialist Party demands urgent measures to mitigate the risks posed by the oversized UBS, including a ban on bonuses for executives and party financing by the bank. They argue that the current Too Big to Fail regulations are inadequate and call for increased capital requirements and a faster revision timetable to protect taxpayers from potential financial crises.
The SP Switzerland demands urgent measures to mitigate the risks posed by the oversized UBS, calling for a ban on bonuses for systemically important banks and an end to party financing by UBS. They criticize the slow revision of too-big-to-fail regulations and highlight the need for higher capital requirements and stronger oversight of financial institutions to protect taxpayers from potential crises.
The Socialist Party has proposed the nationalization of Sandoz, advocating for its purchase by the Confederation to ensure a stable supply of essential medicines amid a growing shortage. Additionally, the party aims to abolish the debt brake, arguing it exacerbates societal divisions, and has called for increased support for victims of gender-based violence. Co-president Cédric Wermuth emphasized solidarity with all victims of the Middle East conflict, advocating for peace and coexistence.
Samuel Bendahan
People
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UBS payments to political parties threaten Swiss democracy and regulation efforts
10:47 19.03.2025
Swiss parliament debates banking regulation amid concerns over UBS's systemic risk
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16:57 03.03.2025
Swiss socialists unveil action plan to mitigate UBS risks at press conference
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action plan unveiled to manage risks of oversized UBS bank
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swift action demanded to control risks posed by mega bank ubs
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CHE
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swift action needed to mitigate risks posed by oversized UBS bank
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CHE
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12:43 20.12.2024
socialist party advocates nationalization of sandoz and removal of debt brake
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