The National Council gives the green light to the Axpo loan

The Grand Chamber approved the regular supplementary credit for the 2022 budget with 137 votes in favor, 46 against and one abstention. The new rules on the bailout package for systemically important electricity companies should come into force on Saturday and replace the emergency law currently in force.

Three UDC minority motions, which wanted to further strengthen the loan framework, did not stand a chance. Although they enjoyed cross-party sympathy here and there, they were all rejected in reference to the right of parliament to exert influence. The framework conditions for granting the credit should have been part of the law on the bailout package, which was changed on the same day, hence the content.

The UDC wanted the owners of the companies to participate equally in the loan. It also called for a full risk assessment and suspension of speculative proprietary trading for groups that benefited from the federal guarantee.

With the loan, the Federal Council and the overwhelming majority of the National Council wanted to prevent Axpo from encountering liquidity problems, which in the worst case could jeopardize Switzerland’s energy supply. Axpo has already had to provide several billion francs as collateral for the electricity trade. Many more billions could come.

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