Swiss lawmakers agree to ban bonuses at too-big-to-fail banks
The proposal from the centre-left Social Democrats was supported by 101 lawmakers, with 70 against, and now goes to the Senate for approval, in which case it would become law.
Keystone / Peter Klaunzer
The House of Representatives passed a bill on Tuesday to ban systemically relevant banks from paying some bonuses, limiting payouts for top executives and risk managers.
This content was published on
1 minute
Bloomberg
Italiano
it
I legislatori svizzeri concordano nel vietare i bonus alle banche troppo grandi per fallire
The proposal from the Social Democrats was supported by 101 lawmakers, with 70 against, and now goes to the Senate for approval, in which case it would become law.
Switzerland has just weathered a crisis which forced the fusion of its two biggest financial institutions. Credit Suisse Group AG was taken over by UBS Group AG after becoming the first global systemic bank to near collapse since the 2008 market turmoil.
The implicit state guarantee received by large banks means that any risk such institutions take ultimately falls to taxpayers, said Prisca Birrer-Heimo of the Social Democrats, who submitted the proposal.
The government is itself mulling legal options to limit big bank bonuses, so the bill has been “surpassed by recent events,” Finance Minister Karin Keller-Sutter told lawmakers.
Aside from Credit Suisse and UBS, other institutions designated by the Swiss National Bank as systemically important are Raiffeisen Group, Zuercher Kantonalbank and PostFinance. That label means that they are already required to hold higher capital and liquidity buffers and maintain recovery and emergency plans.
Train vs plane: would you take a direct train between London and Geneva?
Eurostar is planning to run direct trains from Britain to Germany and Switzerland from the early 2030s. Would you favour the train over the plane? If not, why not?
Legal action filed against Swiss purchase of Israeli drones
This content was published on
Legal action aims to put an end to the delivery of the six Elbit reconnaissance drones already plagued by delays and setbacks.
Higher direct payments fail to curb scrub encroachment on alpine pastures
This content was published on
The scrub encroachment on Swiss alpine pastures leads to the loss of grassland and damages the typical landscape. It is also responsible for the decline in biodiversity. Despite higher direct payments, the bushes continue to spread.
Head of Swiss financial regulator’s Banks division quits
This content was published on
Thomas Hirschi, head of the Banks division of the Swiss Financial Market Supervisory Authority FINMA will leave at the end of August.
Swiss population satisfied with life according to survey
This content was published on
In a survey, the population of German-speaking and French-speaking Switzerland expressed general satisfaction with their lives. Respondents were less happy with politics and their personal finances, according to the online comparison service Moneyland.
WHO ‘extremely concerned’ about growing vaccination scepticism
This content was published on
According to the World Health Organisation (WHO), vaccination scepticism and a collapse in funding for vaccination campaigns pose a major threat to the health of the world's population.
High-net-worth individuals prioritise well-being over material possessions
This content was published on
The priorities of wealthy private individuals have shifted against the backdrop of ongoing geopolitical tensions and trade disputes. While spending on luxury goods is declining, demand for travel and experiences is unabated.
Swiss researchers sequence genome of 1918 Spanish flu virus
This content was published on
Researchers from the Universities of Basel and Zurich (UZH) have sequenced the genome of the Spanish flu virus, thanks to a sample taken from an 18-year-old Swiss boy who died in the city on the Limmat in 1918, when the pandemic spread around the world.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Swiss government orders freeze on Credit Suisse bonus payments
This content was published on
The Swiss government is ordering Credit Suisse to temporarily suspend certain forms of variable remuneration for its employees.
How the Swiss ‘trinity’ forced UBS to save Credit Suisse
This content was published on
The takeover of its local rival could end up being a generational boon for UBS. But the government-orchestrated deal has angered many investors.
Credit Suisse agrees to CHF3bn takeover by rival Swiss bank UBS
This content was published on
Ailing Swiss bank Credit Suisse will be taken over by its rival UBS after a frantic last-ditch deal to prevent a catastrophic banking collapse.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.