Swiss Finance Minister Karin Keller-Sutter said the multi-billion takeover of Credit Suisse by UBS should move forward smoothly without political hurdles.

It is scheduled that the Swiss Parliament will hold an extraordinary session in a few days to discuss the emergency merger process that was coordinated by the Swiss authorities, after Credit Suisse was close to collapse.

Nearly 260 billion Swiss francs ($287 billion) in cash support and state guarantees were provided to support the takeover and avert a financial meltdown that might have resulted from the bank’s out-of-control collapse.

“There is a merger agreement between UBS and Credit Suisse, and the government, on its part, pledged to the National Bank to provide liquidity to Credit Suisse in order to ensure stability,” Keller Souter said.

“The warranty agreement with UBS is still being discussed. In many of the committee meetings, I got the impression that the politicians certainly don’t want to spoil the acquisition,” she added. “I don’t see any stumbling blocks at the moment,” she added.

“The main objective of the Federal Council is to ensure the stability of the Swiss economy and the Swiss financial position and to prevent a global financial crisis,” she said. “Depending on the circumstances, it was and still is the best option, and also places the least burden on the state and taxpayers,” she added.

The new merged bank will have $1.6 trillion in assets, twice the size of the Swiss economy, and more than 120,000 employees. Claire Sutter said the UBS structure would have to be considered in the future.

“UPS will have to own more shares after the takeover. This will force them to scale back,” she added.