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Post-financing should be allowed to develop into a full commercial bank. The Federal Council aims to privatize the Post Office subsidiary, as it announced on Wednesday. Specifically, Swiss Post should be able to assign its legal majority stake in the subsidiary.
Originally, the Federal Council had only planned to lift the loan and mortgage ban on Postfinance and partially privatize it so that the company could raise capital. After widespread criticism in the consultation on state control, the Federal Council is now significantly expanding the planned partial revision of the Postal Organization Law.
The Federal Council writes that Postfinance’s entry into the credit and mortgage market should be accompanied by the transfer of majority control of the Post and, therefore, indirectly of the federal government in the company. He wanted to take into account concerns about constitutionality, competitive neutrality, federalism, and financial market stability.
The Federal Council also wants to remove from the law the requirement that Swiss Post must have a majority of capital and vote in Postfinance. This would open the way for the further development of Postfinance into a fully nationally oriented commercial bank, he said.
Should go fast
The separation of Postfinance from the postal group requires a reorganization of the basic supply with postal and payment services. The Postal Law must be modified in advance. In the current year, the federal government intends to develop specific proposals for further development of the basic service in the area of postal and payment services.
The Federal Council also wants to support Swiss Post in implementing the too big to fail legislation. As the owner, the Swiss Confederation should ensure that, in the event of bankruptcy, it will cover the remaining capital shortfall. The guarantee will be limited in terms of time and amount and will be compensated.
As a systemically important bank, Postfinance has to meet higher capital adequacy requirements, writes the Federal Council. Due to their low profitability, Correos and Postfinanzas could not provide the capital stock required by the financial market supervisory authority in its entirety and in due time by themselves.
Criticisms of SP and unions
In view of the low interest rate environment, the SP does not believe in privatizing Postfinance. Rather, the bank should reorganize itself as guarantor of payment transactions. As a climate bank, it should serve the socially just energy transition and the common good.
In no way should Postfinance be rebuilt according to the Federal Council’s principle of competition at any price, the SP demanded in a statement Wednesday. For a solid public service, it should remain a 100% subsidiary of the Post. Switzerland does not need a new profit-maximizing banking giant.
The Swiss Federation of Trade Unions and Syndicom also spoke out clearly against privatization. It will be fought against with all available means.
