After UBS acquired Credit Suisse, the balance sheet was huge, and the Swiss people proposed a spin-off.
[Compilation of Wei Guojin/Comprehensive Report] GfsBern, the largest polling company in Switzerland, released a survey on the evening of the 24th, showing that more than 3/4 of Swiss voters want to pass legislation to break up the UBS emergency acquisition of Credit Suisse (Credit Suisse). Big Mac bank.
The outcome adds to calls for a review, and possibly even reversal, of the deal, as well as legislation to permanently roll back Credit Suisse employee bonuses.
The three major political parties in Switzerland have deep reservations about the rescue of Credit Suisse promoted by the Swiss Federal Council.
The Swiss parliament, which normally meets every few months, is scheduled to hold an emergency session in April, when the committee is expected to face a political storm.
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The Financial Times reported that Switzerland's largest political party, the right-wing populist Swiss People's Party (SVP), has said that if the government does not commit to splitting up and recovering Credit Suisse bankers' dividends, it will veto the Swiss National Bank's expansion of the liquidity provided by UBS and Credit Suisse support.
The party holds a quarter of the seats in the Swiss parliament.
The second-largest party, the left-wing Social Democrats, said it would demand new banking laws and that "strict measures will be taken into account; the law must end the culture of irresponsibility".
According to the report, the third largest party, the pro-business conservative Free Democratic Party (FDP), pointed out that once the merger of UBS and Credit Suisse is settled and the market returns to calm, Credit Suisse's Swiss bank should immediately leave UBS.
"UBS, whose total assets and liabilities represent 1.5 trillion Swiss francs (49.45 trillion Taiwan dollars), is too large for Switzerland," the party said.
The poll showed that 83 percent of Swiss voters "strongly" agreed that Credit Suisse's management should "take responsibility" and 71 percent strongly agreed that profits should not be hidden when taxpayers' money is involved.
Regarding the argument that “Credit Suisse is too big now and should be split up to avoid risks”, 47% of the respondents strongly agree, and 32% agree.
A similar proportion of respondents said that investment banking should be permanently separated from the business of taking deposits: 47% strongly agree that the new law will push this forward, while another 31% agree.
Most respondents also felt the Swiss government had gone too far in using emergency powers to unwind some bondholders.
In the process of UBS's acquisition of Credit Suisse, 16 billion Swiss francs of Credit Suisse's additional tier 1 capital (AT1) bonds were all canceled, sparking investor anger.
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