The 109 billion Swiss francs in financial guarantees that the government provided to Credit Suisse (CSGN.S) as part of a hastily put together rescue package were retroactively rejected by the lower chamber of Switzerland’s parliament on Tuesday night.
102 lawmakers opposed the proposal during a special government meeting held to discuss the demise of Credit Suisse. Switzerland’s upper chamber approved the government guarantees earlier on Tuesday.
However, because the state has already committed the funds and lawmakers are unable to reverse that decision, the votes are essentially symbolic.