Nature and purpose of the SNB's assets	Breakdown of assets
The Swiss National Bank’s assets essentially consist of currency reserves (foreign exchange and gold reserves) as well as financial assets in Swiss francs (securities and claims from repo transactions). They represent a part of Switzerland’s national wealth and perform important monetary policy functions. Part of the SNB’s assets are used directly for the implementation of monetary policy.	In 2009, there was a change in the breakdown of assets. Compared to the previous year, foreign exchange reserves were higher, while outstanding repo s and foreign exchange swaps were lower.  The SNB loan to the special purpose vehicle set up to realise illiquid UBS assets is also an SNB asset, although it does not form part of the currency reserves.
Currency reserves	Asset management
Under art. 5 para. 2 of the National Bank Act (NBA), the SNB is responsible for managing the currency reserves. Currency reserves consist of foreign exchange reserves and gold. The National Bank holds currency reserves in order to have room for manoeuvre in monetary policy at any time. Currency reserves serve to prevent and overcome potential crises.	Asset management is governed by the primacy of monetary policy and is carried out in accordance with the criteria of security, liquidity and performance. The SNB manages its assets in accordance with the principles of modern investment policy. The foreign exchange reserves are mostly invested in secure and liquid securities.
Investment principles	Investment performance
The SNB’s own Investment Policy Guidelines define the scope for its investments and for the investment and risk management process.	Returns on currency reserves and Swiss franc bonds are published under investment performance and in the Annual Report of the Swiss National Bank.