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AP National Business

Credit Suisse rescue rebuked by half of Swiss parliament

KTVZ
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Published 4:13 am

By JAMEY KEATEN
Associated Press

GENEVA (AP) — Switzerland’s lower house of parliament has issued a searing — though symbolic — rebuke of an emergency plan spearheaded by the executive branch to prop up embattled Credit Suisse and shepherd it into a takeover by Swiss banking rival UBS. The National Council voted twice Wednesday to reject state guarantees authorized last month of 100 billion Swiss francs to help keep Credit Suisse afloat and 9 billion francs to help UBS mop up any losses it may incur in the takeover. The votes took place in a special parliamentary session to scrutinize long-running troubles at Credit Suisse and the plan to save it from collapse. For now, stricter legislative rules on Switzerland’s biggest banks is in limbo.

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