{"id":4756,"date":"2023-03-25T12:44:04","date_gmt":"2023-03-25T12:44:04","guid":{"rendered":"https:\/\/jhcolorpowdercoating.com\/?p=4756"},"modified":"2023-03-31T15:51:13","modified_gmt":"2023-03-31T15:51:13","slug":"matter-credit-suisse-support-didn-t-cost-taxpayers","status":"publish","type":"post","link":"https:\/\/jhcolorpowdercoating.com\/matter-credit-suisse-support-didn-t-cost-taxpayers.html","title":{"rendered":"Matter: credit suisse support didn&#8217;t cost taxpayers anything"},"content":{"rendered":"<p>In the &quot;Arena&quot; the crisis of Credit Suisse was discussed. SP-Widmer wants more regulations, SVP-Matter more rights for owners.<\/p>\n<p><div style=\"text-align:center;\"><img decoding=\"async\" style=\"margin: 5px;\" src=\"https:\/\/jhcolorpowdercoating.com\/wp-content\/uploads\/sites\/672\/2023\/03\/matter-credit-suisse-unterstutzung-hat_1.jpg\" title=\"\" alt=\"Matter: Credit Suisse support didn't cost taxpayers anything\" \/><\/div>\n<\/p>\n<h2>The most important facts in brief<\/h2>\n<ul>\n<li>In the &quot;Arena&quot; it is discussed whether the CS support was a state bailout.<\/li>\n<li>SP-Widmer says yes, because the SNB has spent people&apos;s money on it.<\/li>\n<li>SVP Matter contradicts, it was just a loan that must be repaid.<\/li>\n<\/ul>\n<p>This week, Credit Suisse&apos;s share price took a real dive. With a market value of 1.56 francs, the security even reached a new low on Wednesday afternoon. Already in the night to Thursday the message followed: CS wants to borrow up to 50 billion francs from the Swiss National Bank. It&apos;s a news story that&apos;s making headlines abroad, too.<\/p>\n<p>In the &quot;Arena&quot; on Friday evening, terminology was discussed: For SP National Councilor Celine Widmer, it is clear that Credit Suisse has been saved by the state. SVP National Councilor Thomas Matter disagrees: It was not a government bailout, the SNB merely stabilized the financial market, which is also its mandate. National Bank had received collateral, the loan also cost CS. &quot;So far, it has not cost the taxpayer a single centime.&quot;<\/p>\n<p><div style=\"text-align:center;\"><img decoding=\"async\" style=\"margin: 5px;\" src=\"https:\/\/jhcolorpowdercoating.com\/wp-content\/uploads\/sites\/672\/2023\/03\/matter-credit-suisse-unterstutzung-hat_2.jpg\" title=\"\" alt=\"Matter: Credit Suisse support didn't cost taxpayers anything\" \/><\/div>\n<\/p>\n<p>The SNB has spent people&apos;s money on this, so it is a state bailout, Widmer said. At the moment it is a loan and she hopes that it will be paid back. &quot;But we do not know how the risk has been assessed.&quot;<\/p>\n<p>There is no unanimity in the terminology discussion. But when it came to naming the culprits, participants agree: the bank&apos;s former management.<\/p>\n<h2>Matter: &quot;It&apos;s unbelievable what Credit Suisse managers have been up to<\/h2>\n<p>&quot;What past CS managements have afforded themselves is unbelievable,&quot; says Matter. Managers would have helped themselves to cash registers that did not belong to them. In the last 20 years, Credit Suisse has paid out 42 billion Swiss francs in bonuses. &quot;This is a complete abuse of the free market.&quot;<\/p>\n<p>Widmer also wants to start with the bonuses, because the system is based on false incentives. That is why regulations are needed. But Matter doesn&apos;t think much of that, he wants to give the owners more rights, because they own the money, not the state.<\/p>\n<p><div style=\"text-align:center;\"><img decoding=\"async\" style=\"margin: 5px;\" src=\"https:\/\/jhcolorpowdercoating.com\/wp-content\/uploads\/sites\/672\/2023\/03\/matter-credit-suisse-unterstutzung-hat_3.jpg\" title=\"\" alt=\"Matter: Credit Suisse support didn't cost taxpayers anything\" \/><\/div>\n<\/p>\n<p>Widmer proposes to regulate then at least in the case of systemically important banks. Because here the SNB intervenes in case of emergency. Therefore, it is wrong that the bonus system is set up to incentivize high-risk strategies. &quot;Bonuses at systemically important banks must be regulated by law.&quot;<\/p>\n<p>Klaus Wellershoff, former chief economist of the Swiss Bankers Association and UBS, thinks little of the bonus discussion: All 300 banks in Switzerland have a bonus system, and nothing has happened at 299 of them. It is exaggerated to start here, especially when one has already identified mistakes in the management.<\/p>\n<h2>Economist in &quot;Arena&quot;: Banking crisis cannot be regulated away<\/h2>\n<p>Another proposal by Widmer to make the banking system more sustainable is fines. It requires that the financial market supervisory authority Finma could give fines. Banks that behaved like Credit Suisse should thus be able to be punished.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the &quot;Arena&quot; the crisis of Credit Suisse was discussed. SP-Widmer wants more regulations, SVP-Matter more rights for owners. The [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[13],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Matter: credit suisse support didn&#039;t cost taxpayers anything - Jhcolorpowdercoating<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/jhcolorpowdercoating.com\/matter-credit-suisse-support-didn-t-cost-taxpayers.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Matter: credit suisse support didn&#039;t cost taxpayers anything - Jhcolorpowdercoating\" \/>\n<meta property=\"og:description\" content=\"In the &quot;Arena&quot; the crisis of Credit Suisse was discussed. 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