The Swiss Council of States yesterday adopted a motion which requires all Swiss banks that are “too big to fail” to accept Swiss citizens living outside of Switzerland. The motion was submitted by Filippo Lombardi (CVP/Ticino) and adopted with 23 votes to 14 and 6 abstentions. The banks in question are UBS, Credit Suisse, Zuercher Kantonalbank, Raiffeisen and Postfinance.
After the positive decision of the National Council just a few days ago in a similar motion ("PostFinance" Motion, see our report), this is a historical step for a problem that did not seem to have a solution for almost a decade.
It is good to see that both the Council of States and the National Council took a decision in favour of the Swiss Abroad while discussing the banking problems for the Swiss abroad in the ongoing parliamentary autumn session.
Whilst both chambers were in favour of the Swiss Abroad, the federal council does not need to take action yet. This is due to the fact that the motions are two separate parliamentary proposals. Both the "Postfinance" and the "Banks to big to fail" motion will need to be discussed and adopted by the other chamber in the next session.