Lower house of Swiss parliament votes to reject the CHF109bn Credit Suisse rescue package

Swiss Lower House has voted to retrospectively reject the 109bn CHF CHF The Swiss franc or Confoederatio Helvetica (CHF) is the official currency of Switzerland and Liechtenstein. The CHF is currently the seventh most-traded currency in the world and is treated as a significant reserve currency.Unlike other currencies in the world’s leading economies, the CHF was notable for its currency peg with the euro (EUR). Started in 2011, the Swiss National Bank (SNB) pegged the CHF to the EUR at a minimum exchange of 1.2.At the time, the peg was justified due to the strong C The Swiss franc or Confoederatio Helvetica (CHF) is the official currency of Switzerland and Liechtenstein. The CHF is currently the seventh most-traded currency in the world and is treated as a significant reserve currency.Unlike other currencies in the world’s leading economies, the CHF was notable for its currency peg with the euro (EUR). Started in 2011, the Swiss National Bank (SNB) pegged the CHF to the EUR at a minimum exchange of 1.2.At the time, the peg was justified due to the strong C Read this Term rescue package for CS.

• On Tuesday the upper house approved the package

Uh -oh.

Given the divergent votes between the upper and lower houses the bill will now enter a period of negotiation in a joint conciliation committee (made up of members from both chambers) to try to reach an agreement on a compromise that would pass both houses. If an agreement cannot be reached, or votes on the compromise fail, the bill fails.

The long story short though is that the funds are already committed and MPs cannot overturn the decision.