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The UBS rescue of Credit Suisse - at an enormous cost of the AT 1 Bondholders:
Normally, shareholders lose their money first and only then the various categories of debt securities. But Swiss regulator Finma is actually sparing shareholders and largely shifting the cost of the bailout to a special category of bondholders: the holders of Contingent convertibles (cocos) which were created as extra buffer capital for banks so that the state would not have to step in. Cocos are counted as part of the bank's core capital, which means that in case of bankruptcy, first the shareholders and then the coco holders lose their money. However, Finma is passing on the cost of rescuing Credit Suisse to the bank's bondholders who lost more than EUR 16 bilion.
Normally, shareholders lose their money first and only then the various categories of debt securities. But Swiss regulator Finma is actually sparing shareholders and largely shifting the cost of the bailout to a special category of bondholders: the holders of Contingent convertibles (cocos) which were created as extra buffer capital for banks so that the state would not have to step in. Cocos are counted as part of the bank's core capital, which means that in case of bankruptcy, first the shareholders and then the coco holders lose their money. However, Finma is passing on the cost of rescuing Credit Suisse to the bank's bondholders who lost more than EUR 16 bilion.
Mobility of work and working from anywhere - it's pretty complicated!
The Supreme Court (Hoge Raad) ruled on 17 March that the determination of the usual country of work is decisive for truck drivers - it is determined by the employee's work performance and not the location of the employer - even if the employee is constantly on the road. This also has implications for all other employees when it comes to the desire to work from anywhere - this may have unwanted and unknown consequences for employers!
The Supreme Court (Hoge Raad) ruled on 17 March that the determination of the usual country of work is decisive for truck drivers - it is determined by the employee's work performance and not the location of the employer - even if the employee is constantly on the road. This also has implications for all other employees when it comes to the desire to work from anywhere - this may have unwanted and unknown consequences for employers!
Future Pensions Act passed: per 1 July 2023 the start of the transition
Following the House of Representatives, the Senate also approved the Future Pennsions Act. The Act has 3 goals: supplementary pension that increases faster, a more personal and clearer pension accrual and a pension system that better reflects the fact that people no longer work for 1 boss all their working life.
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