Swiss emergency law was used last month to approve the financial commitment

 
Switzerland’s upper house of parliament has voted to retrospectively approve the 109 billion Swiss francs used to rescue Credit Suisse last month.

UBS agreed to take over Credit Suisse for three billion Swiss francs, as well as receive financial guarantees from the Swiss government.

Swiss emergency law was used, so that a sub-group of six members of parliament approved the financial commitment, on behalf of the legislative body.

UBS boss Colm Kelleher told investors it was the right thing to do for his organisation to step in.

“Whilst we did not initiate the discussions, we believe the transaction is financially attractive,” Kelleher said.

“This means it is a new beginning with huge opportunities ahead, for the combined bank and the Swiss financial centre.

“It provides a stable and sensible solution.

“Credit Suisse clients will benefit…from a combination with UBS.”