Swiss lawmakers select apart Credit Suisse woes ahead of deal


(AP) Lawmakers also are considering accountability for Credit Suisse and concerns about thousands of expected job cuts and looking at state-backed guarantees of over $100 billion aimed at holding the bank together until the merger is completed and buttressing UBS against possible losses.

They also are debating what it will mean for Switzerland to have one giant bank.

Johanna Gapany, a centrist lawmaker and rapporteur for the upper chamber’s finance commission, said the parliamentary panel had made three main proposals: change competition rules in light of the emergence of megabank UBS, examine how Credit Suisse executives might be held accountable and block the executive branch from unilaterally releasing more emergency funds for the rescue plan. 

The proposals showed a “clear intention to not only prevent this situation from happening again, but to make sure that the solution protects the interests of citizens as much as possible — thus by taking the least risk with the guarantees that have been provided,” Gapany said.