Swiss Lower House Censures UBS Guarantees in Symbolic Vote
- Lower and upper house couldn’t reach compromise on bank reform
- Government suffers embarassing yet inconsequential defeat
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Switzerland’s lower house made a symbolic vote against providing state guarantees for UBS Group AG’s takeover of Credit Suisse Group AG, reflecting a high degree of public discontent with the deal.
The lower house rejected a compromise offered by the upper house, leading to a failure of the bill and ending parliamentary proceedings. Irrespective of the vote, parliament can’t stop the takeover negotiated last month as a designated committee of lawmakers had already signed off on it.