Maurer: State rescue of CS would have been unrealistic
Published: Sunday, Feb 4th 2024, 01:40
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Former SVP Federal Councillor Ueli Maurer has defended his decision not to intervene in Credit Suisse (CS) at the end of 2022. In an interview with the SonntagsZeitung newspaper, he said that a rescue by the state was not realistic.
A bankruptcy of CS was very unlikely, Maurer said in an interview published on Sunday. "The bank had so much equity that it was clear that there was interest from third parties." This is what happened with the takeover by UBS. For Maurer, this was ultimately the best possible option.
In principle, the Federal Council only comes into play at the end of such a scenario, emphasized the former finance minister. "It doesn't even have the necessary information."
According to him, a state rescue of CS would have meant a very large loan in the billions. The bank's management would not have wanted this at all because they would have said that they would solve the problem themselves. This would have caused a stir in the public, but would have done the bank little good.
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