The package was initially approved by the Swiss upper house, but rejected by the lower house

Switzerland’s parliament rejected a multibillion dollar Credit Suisse rescue package.

The deal included close to $121 billion in financial guarantees.

The vote was largely symbolic as the government’s commitment to financial guarantees cannot be overturned.

Authorities used an emergency law to largely bypass the legislative body last month to rescue the lender.

The move angered politicians, and saw widespread criticism in Switzerland.

It was the focus of a strident debate between Swiss lawmakers on Tuesday, which ran into the early hours.

“A Credit Suisse bankruptcy would have had disastrous consequences for the country, for companies, for private clients, but also for the reputation of Switzerland,” Swiss President Alain Berset said.

“So, in this context, we had to act fast, the federal council had to use the emergency law,”

Lawmakers were recalled to the country’s capital Bern this week for the rare extraordinary session to discuss Credit Suisse’s rescue.

The lender was taken over by rival UBS for just over $3 billion last month.

It was also backed up by $277 billion in guarantees and support.