Gov't-Parl't Rejection Of State Aid For CS Takeover Won't Harm Deal

Comments from the Swiss gov't hitting wires following the rejection by the National Council of a state aid package for the UBS takeover of stricken lender Credit Suisse. Says that the rejection "Won't derail the deal," and that "Funds have already been fully committed."

• The governing seven-member Federal Council says that "Although parliamentary decision has no influence, gov't will take the political signal into account in its negotiations with UBS, but at the same time will be very careful not to jeopardise the takeover."
• The lower house of the Federal Assembly, the National Council, voted against the plan in a highly-charged late-night vote by a margin of 102 to 71 and then again earlier this afternoon. The upper house, the Council of States (viewed as a more moderate chamber) approved the plan.
• The vote was largely symbolic as a parliamentary commission had already approved the rescue plan which involves guarantees from the SNB rather than the Federal Assembly.