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Swiss Parliament Rejects Credit Suisse Rescue Package

 |  April 13, 2023

The Swiss lower house of parliament voted overwhelmingly on Wednesday against the 100 billion Swiss francs (roughly $110 billion or €100 billion) rescue package that saw banking giant UBS taking over its rival Credit Suisse.

The rebuke is, however, only symbolic, with the money already having been signed off by the Swiss government via an emergency law.

Read more: EU Commission Grants Temporary Approval To UBS/Credit Suisse

“This decision has no impact on the takeover of Credit Suisse decided on March 19,” the Swiss Finance Ministry said after the vote.

“On March 19, 2023, the Finance Delegation of the Swiss Parliament had already given its binding approval to the commitment credits on behalf of Parliament due to the urgency of the matter,” it said.

Wednesday’s vote came after the upper house offered amendments to sweeten the deal following previous failed votes.