The Swiss parliament will be gathering today (11 April) in an extraordinary session to scrutinise the state-imposed takeover of Credit Suisse by UBS.
Over three weeks since the Swiss government orchestrated the "shotgun marriage" that saw the Swiss bank taken over by its rival for $3.3bn, lawmakers will get the chance to challenge the rescue package and discuss potential conditions for Credit Suisse, Reuters reported.
Members of the Swiss parliament are expected to express concern about the thousands of job losses that the deal may cause, and discuss the possibility of tightening banking regulations, as well as holding Credit Suisse accountable to its own demise.
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Lawmakers may also examine state-backed guarantees, totalling more than $100bn, that were intended to support UBS against potential losses as it merged with Credit Suisse and hold the bank together until the merger was completed.
Celine Widmer, a member of the Swiss National Council, told Reuters: "It is the responsibility of politics to have a say especially when such a big contribution is being made by the state and emergency law is being used. We have lots of questions that need to be answered."
The unusual gathering, which would mark the third such session in over twenty years, provides parliament with the opportunity to reject the hefty loans given as part of the rescue package.
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However, given the government has already committed the funds, lawmakers are unable to reverse that decision, which makes the vote largely symbolic.
The Swiss attorney general's office has already launched an investigation into the events leading up to the takeover of Credit Suisse. The executive branch also ordered slashing the bonuses of top Credit Suisse executives by tens of millions of dollars.
