Swiss Senate backs EU package after 24-hour debate

Switzerland’s Council of States has backed the EU treaty package in principle after 24 hours of debate, while adding conditions to the agreement, SRF reports. The chamber also made decisions on UBS regulation and the Epidemics Act.

EU package wins backing with added hurdles

The Council of States had set aside three days to debate the EU package, but the discussions lasted four. The opening debate alone took six hours, with more than half of the chamber’s 46 members speaking. Beat Rieder of the Centre party, from Valais, gave the longest speech, speaking for 32 minutes against the agreements.

The chamber backed a proposal by Esther Friedli of the Swiss People’s Party, from St Gallen, that EU citizens moving to Switzerland must provide a criminal-record extract under a safeguard clause. On wage protection, it supported the Federal Council’s position, including the contested protection against dismissal.

The Council of States also decided that the package should require approval by both voters and the cantons. That would make approval at the ballot box more difficult and could be read as a sign of mistrust towards the package. The debate exposed divisions within the Liberal Democrats and the Centre party: four members of each party wanted the chamber not to consider the proposal at all.

The National Council will debate the EU package in December.

UBS faces a 16 billion dollar estimate

The Council of States voted 43 to 1 to require UBS to back its foreign subsidiaries with 90 percent hard equity capital. The proposal is close to Finance Minister Karin Keller-Sutter’s call for 100 percent coverage. UBS currently has to cover the subsidiaries with core capital at a rate of 45 percent.

UBS said the proposal approved by the Council of States would cost it about 16 billion US dollars. The National Council will consider the measure next.

Epidemics Act passes 43 to 1

The Council of States approved the revised Epidemics Act by 43 votes to one. Pirmin Schwander of the Swiss People’s Party, from Schwyz, was the sole member to vote against it.

The revised law aims to clarify the division of responsibilities between the federal government and cantons during a future pandemic. It would require both levels of government to prepare for health emergencies through a national pandemic plan. The chamber also added limits on government action, calling for restraint on school closures, working from home requirements and compulsory vaccination.

The National Council will consider the act next and is expected to give it similarly strong support.

Parmelin announces resignation

After the parliamentary session had officially ended, Federal Council member Guy Parmelin announced to the media in Bern that he would leave office at the end of the year. He had served for 11 years.