Date	Text
20.02.1980	Repeal of the ban on the payment of interest on foreign savings deposits and easing of the ban with regard to time deposits by foreign central banks; ceiling for forward sales of Swiss francs to foreigners raised. RO 1980 213, 214.
10.03.1980	Repeal of the ban on the payment of interest on all foreign time deposits with terms of at least three months (including fiduciary business); ceiling for forward sales of Swiss francs to foreigners removed. RO 1980 268, 269.
01.05.1980	Following banknotes withdrawn: CHF 5 (William Tell) issued in 1914; CHF 10 (Gottfried Keller) and CHF 20 (General Dufour), both issued in 1956; CHF 50 (apple harvest), CHF 100 (St Martin), CHF 500 (fountain of youth) and CHF 1,000 (danse macabre), all issued in 1957.
20.06.1980	Federal Act on economic monitoring and economic data collection. RS 951.95. RO 1981 14. Federal Council Message of 21 November 1979. FF 1980 I 281. Comes into effect 1 January 1981.
27.08.1980	As of 31 August 1980, total repeal of the ban on paying interest and of the commission charge on foreign Swiss franc balances, which until then had only been suspended (modification of the Ordinance of 11 July 1979 on funds from abroad: RO 1980 1110; repeal of the Ordinance of 11 July 1979 on foreign bank balances and forward foreign exchange transactions with foreigners: RO 1980 1111).
01.09.1980	The SNB issues new capital export regulations (total revision of the instruction sheet on article 8 of the Banking Act).
19.12.1980	In agreement with the Federal Council, the SNB Governing Board envisages for 1981 an average increase in the monetary base (banknote circulation and banks’ sight deposits with the SNB) of 4%.
01.04.1981	Swiss federal cash office is closed. Its functions are taken over by the SNB. Ordinance of 1 April 1971 on the Federal Coinage Act. Modification of 11 February 1981. RS 941.101. RO 1981 153.
25.11.1981	The Currency Treaty between the Swiss Confederation and the Principality of Liechtenstein of 19 June 1980 comes into effect. RS 0.951.951.4. RO 1981 1714. Federal Council Message of 12 November 1980. FF 1980 III 1261.
21.12.1981	In agreement with the Federal Council, the SNB Governing Board envisages for 1982 an average increase in the monetary base (banknote circulation and banks’ sight deposits with the SNB) of 3%.
08.03.1982	The SNB begins regular open market purchases in the bond market. The operation is a trial with the objective of establishing whether a securities portfolio can be built up to diversify the SNB’s assets, without any resultant negative effects on the market.
01.07.1982	The SNB revises a number of provisions of its capital export instruction sheet relating to article 8 Banking Act. A particular feature of the revision is a simplification of trading in medium-term debt securities issued by foreign borrowers (notes). The SNB and the Swiss Bankers Association extend by five years the agreement on the duty of care when accepting funds and the handling of bank secrecy. Based on experience to date, a number of adjustments are made. The new agreement enters into force on 1 October 1982.
20.08.1982	The Governing Board approves an SNB guarantee undertaking for a USD 25 million share of a USD 1.85 billion bridging loan to Mexico coordinated by the BIS.
16.09.1982	The Governing Board approves an SNB guarantee undertaking for a USD 50 million share of a USD 300 million bridging loan to the Central Bank of Hungary coordinated by the BIS.
27.10.1982	On the proposal of the SNB, the Federal Council decides to repeal the Ordinance of 11 July 1979 on the monitoring of securities issues with effect from 31 December 1982. RO 1982 2064.
11.11.1982	The SNB slightly modifies the capital export regulations. The conditions under which foreign banks may participate in syndicated Swiss franc transactions are reformulated.
17.12.1982	In agreement with the Federal Council, the SNB Governing Board envisages for 1983 an average increase in the adjusted monetary base of 3%.
22.12.1982	The Governing Board approves an SNB guarantee undertaking for a USD 30 million share of a USD 1.2 billion bridging loan to Brazil coordinated by the BIS.
13.01.1983	The Governing Board approves an SNB substitution undertaking for a USD 20 million share of a USD 500 million bridging loan to Argentina coordinated by the BIS.
18.01.1983	The ministers and central bank governors of the G10 countries approve, in principle, Swiss accession to the IMF’s expanded General Arrangements to Borrow (GAB).
24.02.1983	The Governing Board approves a substitution undertaking for a USD 40 million share of a USD 500 million bridging loan to Yugoslavia coordinated by the BIS.
07.04.1983	The Governing Board approves a substitution undertaking for a USD 20 million share of a USD 100 million follow-up loan to the Central Bank of Hungary coordinated by the BIS.
Early August 1983	In order to counter the rise in the value of the US dollar and in particular the excessive weakness of the German mark against the Swiss franc, the SNB intervenes in the foreign exchange market simultaneously with other central banks. It buys German marks in return for US dollars and Swiss francs. This operation is combined with a somewhat more generous provision of liquidity.
15.08.1983	The SNB participation in the BIS-coordinated bridging loan to Yugoslavia is replaced by a medium-term SNB currency loan amounting to USD 40 million. It is based on an agreement between the Confederation and Yugoslavia, and the Confederation guarantees the loan.
05.10.1983	Based on this agreement with the Confederation, the SNB grants Yugoslavia another medium-term currency loan for USD 40 million.
01./14.12.1983	The two chambers of Parliament approve a Federal Decree on Swiss accession to the IMF’s General Arrangements to Borrow (GAB). The SNB is designated the participating institution in the GAB.
16.12.1983	In agreement with the Federal Council, the Governing Board envisages for 1984 an average increase in the adjusted monetary base of 3%.
01.01.1984	The issuance schedule for public bond issues by foreign borrowers is abolished. Upon request, the SNB will provide information to lead-managing issue banks about the number, volume and timing of issues that have already been approved. The maximum amount per bond (incl. dual currency bonds) is raised from CHF 100 million to CHF 200 million.
20.01.1984	For capital exports subject to approval, the safe custody requirement for notes is modified. Under the new requirement, notes issued by foreign borrowers can also be held in safe custody at Switzerland’s central securities depositary, SEGA.
10.04.1984	Based on a Federal Decree of December 1983 and the associated Federal Council Decree, Switzerland becomes a member of the IMF’s General Arrangements to Borrow (GAB), thereby also joining the G10. The Swiss share of commitments totalling 17 billion special drawing rights (SDRs) amounts to 1.020 billion SDRs. This is taken on by the SNB without a federal guarantee.
30.04.1984	The SNB participates in a 180 million SDR loan undertaking for a bridging loan in favour of the IMF. The total loan amounting to 6 billion SDRs is raised by 20 countries and the BIS.
23.08.1984	The SNB Governing Board decides to allow the issue of two-year medium-term notes.
26.09.1984	Portugal repays a currency loan in full.
20.11.1984	The Governing Board decides that it will only record notifications of interest rate changes for medium-term notes from individual banks. It will no longer inform all banks of major interest rate increases by major institutions.
23.11.1984	The final outstanding tranche of the 1981 central bank advance to the IMF is paid back in full.
14.12.1984	In agreement with the Federal Council, the SNB Governing Board again sets the money supply target for 1985 at 3%.
15.05.1985	The previous maximum limit of CHF 200 million for public bond issues by foreign borrowers is abolished. As regards the issue amount, they are now on the same footing as note issues.
16.07.1985	The Federal Decree on Swiss participation in international currency measures (modification of 22 March 1985) comes into effect for a period of 10 years.
20.12.1985	In agreement with the Federal Council, the SNB Governing Board sets the money supply target for 1986 at 2%.
29.05.1986	The regulations on terms and premature repayment of bond and note issues are abolished. In the case of note issues, the provisions on minimum share size and the safe custody requirement are lifted. In addition, Swiss franc placings with foreign banks and currency authorities no longer need to be reported.
25.08.1986	The SNB contributes to a BIS-coordinated bridging loan for Mexico with a substitution undertaking amounting to USD 30 million.
18.12.1986	In agreement with the Federal Council, the SNB Governing Board sets the money supply target for 1987 at 2%.
23.01.1987	The SNB lowers the discount rate and the lombard rate by 0.5% each, to 3.5% and 5% respectively.
13.02.1987	The Mexican central bank repays the last tranche of the bridging loan it was granted in August 1986.
09.03.1987	With a substitution undertaking amounting to USD 20 million, the SNB contributes to a bridging loan for Argentina coordinated by the BIS.
10.04.1987	A new convention of the Swiss Bankers Association which formalls enters into force in early May governs investor information in connection with foreign note transactions.
April/May 1987	The SNB terminates its Agreement with the Swiss banks on the duty of care, with effect from the current contractual period (30 September 1987). The agreement is replaced by a follow-up regulation in the form of an agreement among the banks.
25.05.1987	The SNB reduces the waiting period for interest rate increases on medium-term notes.
05.06.1987	The SNB changes the requirements which finance companies subject to articles 7 and 8 of the Banking Act have to meet to prove bank-like business activity.
10.06.1987	The Swiss Interbank Clearing (SIC) electronic payment system is put into operation.
15.07.1987	Argentina repays the loan it was granted in March 1987 within the stipulated time limit.
17.08.1987	Yugoslavia repays part of the bilateral loan it was granted in 1982.
05.10.1987	Yugoslavia repays part of the bilateral loan it was granted in 1982.
30.10.1987	With a substitution undertaking amounting to USD 14.25 million, the SNB contributes to a bridging loan for Argentina coordinated by the BIS.
06.11.1987	The SNB lowers the discount rate and the lombard rate by 0.5% each, to 3% and 4.5% respectively.
25.11.1987	On the proposal of Swiss Federal Banking Commission and the SNB, the Federal Council decides to modify the liquidity requirements set out in the Banking Ordinance with effect from 1 January 1988.
04.12.1987	The SNB lowers the discount rate and the lombard rate by 0.5% each, to 2.5% and 4% respectively.
18.12.1987	In agreement with the Federal Council, the SNB Governing Board sets the money supply target for 1988 at 3%.
23.12.1987	Turkey repays the bilateral loan it was granted in 1980 within the stipulated time limit.
30.12.1987	Argentina repays the bridging loan it was granted in October 1987 within the stipulated time limit.
01.01.1988	The modified liquidity requirements set out in the Banking Ordinance come into effect.
19.05.1988	The registration system for the use of month-end central bank credits is abolished. The requirement to use lombard loans for a minimum period of five days is abolished.
Early June 1988	With a substitution undertaking amounting to USD 10 million, the SNB contributes to a bridging loan for Yugoslavia coordinated by the BIS.
01.07.1988	The SNB raises the lombard rate by half a percentage point to 4.5%.
Mid-July 1988	With a substitution undertaking amounting to USD 12 million, the SNB contributes to a bridging loan for Brazil coordinated by the BIS.
26.08.1988	The SNB raises the lombard rate from 4.5% to 5% and the discount rate from 2.5% to 3%.
Late August 1988	Brazil repays the bridging loan it was granted in mid-July. The SNB’s substitution undertaking thus expires.
Late September 1988	Yugoslavia repays the bridging loan it was granted in early June. The SNB’s substitution undertaking thus expires.
03.10.1988	On the proposal of the SNB, the Federal Council decides to repeal the Ordinance on bank minimum reserves and the Ordinance on funds from abroad.
Mid-October 1988	With a substitution undertaking amounting to USD 12.5 million, the SNB contributes to a bridging loan for Argentina coordinated by the BIS.
27.10.1988	The SNB modifies the implementation provisions on capital exports subject to approval.
19.12.1988	In agreement with the Federal Council, the SNB Governing Board sets the money supply target for 1989 at 2%. The SNB raises the lombard rate and the discount rate by half a percentage point each, to 5.5% and 3.5% respectively.
23.12.1988	The SNB requests the Board of Governors of the European Monetary Cooperation Fund (EMCF) to grant it the status of ’other holder’ of ECU.
13.01.1989	The SNB is granted the status of ’other holder’ of ECU by the Board of Governors of the European Monetary Cooperation Fund (EMCF).
20.01.1989	The SNB raises the discount rate and the lombard rate by half a percentage point each, to 4% and 6% respectively.
Late February 1989	Argentina repays the bridging loan it was granted in mid-October 1988. The SNB’s substitution undertaking thus expires.
14.04.1989	The SNB raises the discount rate by half a percentage point to 4.5% and the lombard rate by a full percentage point to 7%.
24.04.1989	The SNB terminates the agreement on the admission of foreign securities to official trading on the stock exchange.
26.05.1989	The SNB decides to introduce a flexible lombard rate, which exceeds the average call money rate calculated by the SNB by one percentage point.
29.06.1989	The SNB terminates the Agreement with the Confederation on the financing of obligatory stocks with effect from 31 December 1989.
30.06.1989	The SNB raises the discount rate by one percentage point to 5.5%.
23.08.1989	The Federal Council expands the scope of the National Bank Act by ordinance, with the aim of subjecting financial intermediaries and issuing houses to banking supervision with effect from 1 January 1990.
Mid-September 1989	With a substitution undertaking amounting to USD 20.2 million, the SNB contributes to the USD 1.7 billion tranche of a bridging loan for Mexico which is coordinated by the BIS.
26.09.1989	The Confederation, the SNB and the Swiss Bankers Association conclude a new agreement on the financing of obligatory stocks for the period between 1 January 1990 and 31 December 1991.
06.10.1989	The SNB raises the discount rate by half a percentage point to 6%.
04.12.1989	The Federal Council modifies the capital adequacy requirements set out in the Banking Ordinance; as of 1 January 1990, capital backing is required for all off-balance-sheet operations.
14.12.1989	The SNB raises the flexible lombard rate: it now exceeds the average call money rate calculated by the SNB by two percentage points.
15.12.1989	In agreement with the Federal Council, the SNB Governing Board sets the money supply target for 1990 at 2%.
Late December 1989	With a substitution undertaking amounting to USD 7.5 million, the SNB contributes to the USD 500 million tranche of a bridging loan for Poland which is coordinated by the BIS.