It based this on the decisions already taken last week.Īrticle 10a of the Banking Act stipulates that the Federal Council shall impose remuneration-related measures if a systemically important bank is directly or indirectly granted state aid from federal funds. Moreover, the Federal Council has instructed the FDF to propose further measures on variable remuneration for the financial years up to 2022 and thereafter. This measure relates to already granted but deferred remuneration for the financial years up to 2022, for example in the form of share awards. We have underlined the sections deemed of relevance.īern, - The Federal Council has acknowledged that the Federal Department of Finance (FDF) is temporarily suspending certain forms of variable remuneration for Credit Suisse employees by means of an order to the bank. It's the doing of the Swiss government, which has just posted the following edict on its website. Later today we bring you the bad news that actually they're not. Earlier today we brought you the good news that Credit Suisse bonuses were still being paid.
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