On 9 February 2014, Swiss voters decided on the federal decree governing the financing and expansion of the railway infrastructure — the FAIF project, which created the Railway Infrastructure Fund (RIF). Held on the same day as the «against mass immigration» initiative that dominated public attention, this technical project was overshadowed by the political earthquake of the migration vote.
FAIF was not a popular initiative but a constitutional revision driven by the Federal Council and Parliament, subject to a mandatory referendum. It served as an indirect counter-proposal to the «For public transport» initiative of the Transport and Environment Association (ATE), which was withdrawn in exchange. Its aim: to replace the temporary fund for major railway projects (FTP) with a permanent, open-ended fund.
The stakes were high: securing the long-term financing of operation, maintenance and expansion of the network, funded by the Confederation, the cantons, travellers, companies and taxpayers — notably through a cap on the tax deduction for commuting costs and a share of VAT. The fund was to finance the major expansion stages, including Léman 2030 and the Ceneri tunnel.
The verdict was clear: 62 % yes and every canton except one (Schwyz), with an exceptionally high turnout of 55.8 % — driven by the immigration vote. A broad success for a seemingly dry project.
▲ Cantons that accepted All cantons and half-cantons except one — that is, 25 out of 26 —, including Geneva (76.6 %), Vaud, Fribourg, Bern, Zurich, Basel-City and Ticino. | ▼ Cantons that rejected Schwyz, the only canton to reject the project. |
Actors and personalities
▲ Yes camp • Federal Council (Doris Leuthard, head of DETEC) • SP, FDP, CVP (the main governing parties) • Greens, GLP, BDP • LITRA, UTP, ATE (public-transport circles) • SBB and the majority of cantons | ▼ No camp • SVP (the only major party to recommend a «no») • Road and motoring circles • Opponents of the cap on the commuter deduction |
Arguments and verdicts
▲ Arguments FOR (Yes camp) Durable and guaranteed financing for the railways « The RIF will ensure secure and lasting financing of the railway infrastructure. » — Federal Council, official voting booklet 2014 ✓ Argument confirmed The Railway Infrastructure Fund came into force in 2016. Open-ended, it replaced the temporary FTP fund and now gathers around 6 billion francs per year from the Confederation, the cantons, travellers and taxpayers. Source: Federal Office of Transport (FOT), 10-year FAIF review, 2024. The major railway works will be carried out « Thanks to FAIF, projects like Léman 2030 are financially guaranteed. » — Métropole lémanique and Yes supporters ✓~ Partly confirmed The 2025 (6.4 bn) and 2035 (12.89 bn, adopted in 2019) expansion stages were indeed financed. But their delivery is running significantly late: Léman 2030 shows 5 to 10 years of delay and substantial cost overruns. Source: Le Temps, SBB (2024-2025). | ▼ Arguments AGAINST (No camp) The bill will fall on taxpayers and commuters « The project is financed by a VAT increase and a cap on tax deductions. » — Swiss People's Party (SVP) ✓ Argument confirmed From 2016, the deduction for commuting costs was capped at 3000 francs for the direct federal tax; the fund is also fed by a VAT share (2 ‰ from 2018). The announced burden on commuters and taxpayers materialised. Source: SRF, Federal Tax Administration. An open-ended fund, a blank cheque hard to control « An open-ended fund carries the risk of a financial runaway. » — Opponents of the project ✗~ Partly refuted The RIF held for a decade and financed the planned expansions. But the Federal Council's September 2025 planning anticipates durably negative equity from end-2028, which the Federal Audit Office deems contrary to the law: the fear was therefore not unfounded. Source: Swiss Federal Audit Office (SFAO), RIF planning, 2025. |
Affiches de campagne (21)
Factual record
2 Confirmed | 1 Partly confirmed | 1 Partly refuted | 0 Refuted |
| ✓ | A fund that secured railway financing Operational since 2016, the RIF has given Switzerland a stable, durable mechanism for railway financing, hailed as a model. The Yes camp's central promise was kept. Source: FOT, FAIF review 2024. |
| ~ | Financed but delayed expansions The 2025 and 2035 stages are budgeted, but the worksites — Léman 2030 foremost — accumulate delays and cost overruns. The network remains saturated in places. Source: Le Temps, SBB. |
| ~ | A financial balance under strain A decade on, the Federal Audit Office warns of durably negative RIF equity from 2028 — retrospectively lending weight to the opponents' concerns. Source: SFAO, 2025. |
Ten years on, FAIF stands out as one of the most accomplished financing projects in Swiss transport policy. Its central promise — a permanent, secured fund for the railways — was kept: the RIF has operated since 2016 and guarantees roughly 6 billion francs each year.
The major expansion stages were voted and budgeted, but their execution is another story: Léman 2030 and several worksites show multi-year delays and notable cost overruns. The Yes camp's timetable promises were too optimistic.
The opponents' warnings did not prove entirely false. Capping the commuting-cost deduction at 3000 francs did indeed increase commuters' bills, and the Audit Office's warning of negative equity from 2028 shows that keeping an open-ended fund under financial control remains a challenge.
FAIF illustrates a case where both camps were partly right: a solid, durable financing architecture, but an execution and a financial trajectory more fragile than the campaign suggested.