The National Council on Wednesday confirmed its negative decision on the emergency loans for the takeover of Credit Suisse by UBS in a second vote, ending the extraordinary session on the banking crisis without result.

However, the fact that the banking deal now lacks parliamentary blessing has no direct impact.

Equity Ratio

On Tuesday, there was a compromise proposal in the Council of States. As a bridge to overcome the reservations should serve the mandate to the Federal Council to consider bonus restrictions and stricter capital adequacy requirements. This was addressed in particular to the «no» members of the SP and the Green parties.

But it did not help. Together with the votes of the SVP parliamentary group, which once again almost unanimously rejected the loans, the result in the second vote was ultimately a «No» vote of 98 to 71 with 8 abstentions. This is somewhat closer than an earlier vote, but still a clear result.

One of the proponents' arguments, namely that a No vote by parliament on the retrospective approval could lead to uncertainty in the markets, did not prove true. The UBS share was even able to gain slightly despite it marking down its dividend.