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Switzerland makes conditions for its aid to Switzerland. Now more specifications are known, and also the first details of a savings program with the airline.
Switzerland doesn’t just help either. Swiss gets a CHF 1.5 billion loan from banks. The state acts as guarantor of 1,275 million Swiss francs or the equivalent of 1,200 million euros. Two conditions for this were previously known: the airline can only use the money for investments that bring something to Switzerland and cannot transfer money to mother Lufthansa.
Another criterion is now known: a newly founded aviation foundation will ensure that Lufthansa runs its Frankfurt, Munich and Zurich hubs uniformly after the Corona crisis. The main focus is on long distance flights. This was revealed by Serge Gaillard, head of the Swiss government’s Aviation Task Force, Sunday’s newspaper.
Warranty costs 2.5 percent
He also explained that Switzerland pays the federal government about 2.5 percent interest on the guarantee. Added to this is the interest on the loan, for which “market conditions” apply, says Gaillard. The state also received Swiss shares as a deposit for the guarantee, as the head of the federal financial administration explains.
Gaillard also revealed something about the post-crisis business plan. “Credit alone does not yet secure Switzerland’s future. Further development is in the hands of the Swiss, “said the official. A savings program is planned. Costs would be reduced by “a little less” than 20 percent. That probably means cutting more than 1,000 of the 9,500 jobs.
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