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Swiss airlines Swiss and Edelweiss urgently need money due to the Corona crisis. The Federal Council estimates the liquidity needs of the two airlines at 1.5 billion Swiss francs for the end of the year alone. The government is ready to take aviation under the military, but under strict conditions, and certainly not for nothing.
A smart move. Switzerland guarantees the two Swiss airlines with up to CHF 1,275 million. This allows Swiss and Edelweiss to obtain loans from banks if they run out of money.
Helvetic doesn’t need money
That means: right now there is no taxpayer money flowing to the airlines. These would only have to intervene if the two airlines were unable to repay the loans. And even then, part of the risk would remain with the banks. The distribution is the same as for SME guarantees: 15 percent is guaranteed by banks, the rest by the federal government.
On the other hand, Easyjet Switzerland is empty. Here, the parent company of the Swiss subsidiary is supposed to expand under the military. And Helvetic has given up on state aid. “Helvetic Airways’ liquidity is guaranteed by our owner Martin Ebner,” CEO Tobias Pogorevc (49) tells BLICK.
The federal government makes sure
So continue to be Swiss and Edelweiss, who apparently struggled in difficult negotiations with the Federal Council because of the conditions of support, as revealed by Transport Minister Simonetta Sommaruga (59) at the press conference. “Yes, we have made sure,” explains Sommaruga.
Among other things, this means that the federal government has requested location guarantees. He insists that the money from the loans should not flow abroad, that is, to mother Lufthansa. Loans must be paid off of future earnings first. The loans also earn interest.
Passengers and travel agencies receive nothing.
Airlines can live with it: “Swiss and Edelweiss are grateful for the Federal Council’s decision to provide Swiss aviation with the liquidity it needs to survive the effects of the crown crisis,” says a press release.
The full package, as well as another 600 million francs in credit guarantees for flight-related companies like Swissport, Gategroup and SR Technics have yet to be approved by Parliament. Switzerland assists the aviation industry with guarantees totaling CHF 1.9 billion.
On the other hand, passengers go empty-handed, who now have to wait longer for reimbursement. “This package is a disappointment for consumers and the travel industry,” says Globetrotter chief André Lüthi (59). “Today, a great opportunity to help everyone affected equally was lost. Because travel agencies also run out of money, ”explains Lüthi, who also sits on the board of directors of the Swiss Travel Association.
