Date	Text
February 1990	Poland repays the bridging loan it was granted in late December 1989. The SNB’s substitution undertaking thus expires.
Mid-February 1990	Mexico repays the bridging loan it was granted in mid-September 1989. The SNB’s substitution undertaking thus expires.
01.03.1990	The SNB enables financial institutions to participate in Swiss franc denominated issues even if they do not meet the requirements laid down in the instruction sheet on capital exports for members of syndicates, provided that their participation serves an international debt restructuring agreement and the bond issues are not public. At the same time, the SNB decides to allow issues denominated in ECU or linked to the ECU.
Early June 1990	The Federal Council applies for membership of the International Monetary Fund (IMF) and the World Bank group.
Mid-June 1990	With a substitution undertaking amounting to USD 5 million, the SNB contributes to the USD 280 million tranche of a bridging loan for Hungary which is coordinated by the BIS.
September 1990	Hungary repays the bridging loan it was granted in mid-June 1990. The SNB’s substitution undertaking thus expires.
October 1990	Yugoslavia repays the last tranche of a medium-term loan that it was granted by the SNB in June 1983 on behalf of the Swiss Confederation. The SNB’s financial commitment in the amount of USD 80 million (with federal guarantee) is thus concluded.
14.12.1990	In agreement with the Federal Council, the Governing Board decides to adhere to its restrictive monetary policy for 1991. It regards a medium-term expansion of money supply by approximately 1% per year as an effective measure to stabilise the level of prices in Switzerland. Moreover, it continues to use the seasonally adjusted monetary base as the main indicator for monetary policy decisions. It does not, however, determine an annual target for the growth of the monetary base for 1991.
December 1990	The IMF repays 31.6 million Special Drawing Rights (SDRs) outstanding from a loan amounting to 650 million SDRs granted by Switzerland in 1979 as part of the Witteveen Facility. Switzerland’s involvement in this temporary special facility thus ends.
01.01.1991	The modification of the National Bank Act, which subjects financial intermediaries and issuing houses to the Banking Act, formally enters into force.
March 1991	With effect from 7 March 1991, the requirements which bank-like finance companies subject to articles 7 and 8 of the Banking Act have to meet are modified to the extent that these companies are no longer subject to minimum investment requirements. With a substitution undertaking amounting to USD 10 million, the SNB contributes to the USD 300 million tranche of a bridging loan for Romania which is coordinated by the BIS. In a circular to banks and statutory banking auditors, the Swiss Federal Banking Commission and the SNB highlight the requirement to report data on cash liquidity and its calculation. At the same time, they remind the banks of the minimum requirements which have to be met at all times. Romania repays the bridging loan it was granted in early March. The SNB’s substitution undertaking thus expires.
April 1991	The Board of Governors of the IMF approves the application for membership that Switzerland submitted in early June 1990 and allocates it a quota (capital subscription) in the amount of 1.7 billion SDRs.
May 1991	The Federal Council issues a Message on Switzerland’s accession to the Bretton Woods institutions.
11.07.1991	In agreement with the responsible departments of the Confederation, the SNB abolishes capital export restrictions for South Africa.
16.08.1991	In line with similar measures by other central banks, the SNB raises the discount rate by one percentage point to 7%.
21.08.1991	The Federal Council approves the issuance of a CHF 200 banknote in place of the CHF 500 note. This new denomination forms part of the future series of banknotes which will be issued from the mid-1990s.
September 1991	Switzerland grants Hungary a medium-term loan in the amount of USD 30 million. The loan is financed by the SNB and guaranteed by the Confederation.
October 1991	The National Council and the Council of States approve the Federal Decree on Switzerland’s accession to the Bretton Woods institutions, the Federal Act on Switzerland’s participation in these institutions and the Federal Decree on the credit facility for the financing of Switzerland’s contribution to the World Bank group, without any further amendments. Subsequently, various groups launch a referendum against the accession.
November 1991	Switzerland grants Czechoslovakia a medium-term loan in the amount of USD 40 million. The loan is financed by the SNB and guaranteed by the Confederation.
December 1991	In agreement with the Federal Council, the SNB Governing Board decides to adhere to its monetary policy goal of restoring price stability for 1992. It continues to regard an expansion of the seasonally adjusted monetary base by 1% per year over an average of three to five years as an effective measure to stabilise the level of prices in Switzerland. In 1992, the SNB will continue to gear its monetary policy to this medium-term growth target.
January 1992	Based on the Federal Decree on Swiss participation in international currency measures, Switzerland grants a medium-term loan in the amount of USD 40 million as balance-of-payments aid to Romania. The loan is financed by the SNB and guaranteed by the Confederation.
May 1992	In a national vote held on 17 May 1992, Switzerland confirms its accession to the Bretton Woods institutions. The accession becomes legally valid with the signature of the IMF and the World Bank agreements on 29 May in Washington.
July 1992	The SNB participates in a swap network which is established by the central banks of the EC and EFTA countries for the benefit of the Bank of Finland. The SNB grants the Bank of Finland a swap facility in the amount of CHF 200 million for a period of 12 months.
September 1992	On 8 September 1992, Switzerland pays its IMF quota of 1.7 billion SDRs. The SNB, which has to finance the quota, transfers 22.7% of the total amount in the form of SDRs to the IMF. The rest is credited to a CHF account held in the name of the IMF at the SNB. On both 15 and 25 September, the SNB reduces the discount rate by half a percentage point, to 6.5% and 6% respectively.
November 1992	On 11 November 1992, the ninth revision of the IMF quotas enters into force. The Swiss quota is increased from 1,700 million to 2,470.4 million SDRs. On 23 November 1992, the SNB pays the additional amount of 770.4 million SDRs.
December 1992	In a national vote held on 6 December 1992, Switzerland’s accession to the European Economic Area (EEA) is rejected. In view of Switzerland’s expected accession to the EEA, the two chambers of Parliament had decided on legal adjustments at their autumn session, some of which would have related to the SNB. These adjustments do not now come into effect. In agreement with the Federal Council, the SNB Governing Board continues to pursue a medium-term monetary policy geared to price stability. In 1993, the SNB continues to work towards the objective of expanding the seasonally adjusted monetary base by 1% over an average of three to five years. With this strategy, it supports price stability in the medium term and leaves sufficient scope for the economy to grow. With effect from 31 December, the SNB withdraws from the financing of obligatory stocks, in which it had participated since 1948.
January 1993	With effect from 31 December 1992, the SNB had withdrawn from the financing of obligatory stocks, in which it had participated since 1948. Obligatory stock bills remain rediscountable, however. As of January 1993, the SNB only accepts subscriptions for money market debt register claims of the Swiss Confederation if they are submitted by holders of an SNB account. With effect from 8 January 1993, the SNB lowers the discount rate by half a percentage point to 5.5%.
March 1993	With effect from 18 March 1993, the SNB lowers the discount rate by half a percentage point to 5%.
April 1993	With effect from 1 April 1993, the SNB revises a number of provisions governing lombard policy. The way in which banks’ lombard credit lines are determined is liberalised, while lombard custody account conditions are structured transparently and in line with market conditions. As hitherto, lombard loans may only be used for the short-term bridging of unforeseen liquidity shortages. With effect from 1 April 1993, the SNB further liberalises the Swiss franc new issues business relating to foreign borrowers and introduces the local presence principle to replace the existing syndication rule. It now grants individual approval of Swiss franc issues by foreign borrowers even if the lead-managing institution of an issue syndicate is the only party within that syndicate to be domestically based (i.e. headquartered in Switzerland or Liechtenstein). The local presence principle helps the SNB to ensure that it continues to receive all the necessary information concerning the Swiss franc issues business. In 1991, Switzerland had committed itself to USD 32 million in medium-term balance-of-payments aid to Bulgaria as part of a multilateral operation. The decision was based on the Federal Decree on Swiss participation in international currency measures. Switzerland pays out this loan in April 1993 following the Bulgarian parliament’s ratification of the corresponding agreement in February 1993. The loan has a seven-year maturity, is financed by the SNB and guaranteed by the Confederation.
July 1993	With effect from 2 July 1993, the SNB lowers the discount rate by half a percentage point to 4.5%.
October 1993	With effect from 22 October 1993, the SNB lowers the discount rate by a quarter of a percentage point to 4.25%. Based on the Federal Decree on Swiss participation in international currency measures, Switzerland extends a medium-term loan totalling USD 7.2 million as balance-of-payments aid to Romania. This loan is granted as part of a multilateral operation, financed by the SNB and guaranteed by the Confederation.
December 1993	In agreement with the Federal Council, the SNB Governing Board continues to pursue a medium-term monetary policy geared to price stability. In 1994, the SNB continues to work towards the objective of expanding the seasonally adjusted monetary base by 1% over an average of five years. With effect from 17 December 1993, the SNB lowers the discount rate by a quarter of a percentage point to 4%.
April 1994	With effect from 15 April 1994, the SNB lowers the discount rate by half a percentage point to 3.5%.
June/December 1994	In its Message of 29 June 1994 (FF 1994 III 1397 et seq.), the Federal Council requests parliament’s approval of the Federal Decree on Switzerland’s participation in the IMF’s prolonged Enhanced Structural Adjustment Facility (ESAF) as well as the Federal Decree on the financing of Switzerland’s participation. On 6 December, the Council of States is the first of the two parliamentary chambers to approve the Federal Council’s motion.
October/ December 1994	In its Message of 3 October 1994 (FF 1994 V 599), the Federal Council requests parliament to renew the Federal Decree on Swiss participation in international currency measures – due to expire on 15 July 1995 – for a further 10 years without modification. On 15 December, the National Council is the first of the two parliamentary chambers to approve the Federal Council’s motion.
December 1994	In agreement with the Federal Council, the SNB Governing Board continues to pursue a medium-term monetary policy geared to price stability. For the new target period, which stretches from the end of 1994 to the end of 1999, the SNB is again aiming for a 1% annual increase in the seasonally adjusted monetary base. A somewhat higher rate of growth in the seasonally adjusted monetary base is factored in for 1995, to take account of a greater demand for money resulting from economic developments and the introduction of value added tax.
February 1995	On 1 February 1995, the SNB introduces a reporting obligation for banks with respect to new bond issues in Swiss francs. This obligation is based on the revised version of the Banking Act – which also comes into effect on the aforementioned date – and replaces the existing regulations governing the export of capital. The SNB contributes to the BIS-coordinated short-term credit facility for Mexico with a substitution undertaking for USD 120 million. The National Council is the second of the two parliamentary chambers to approve Switzerland’s participation in the prolonged Enhanced Structural Adjustment Facility of the International Monetary Fund (ESAF II). Lending under ESAF II began in February 1994.
March 1995	With effect from 31 March 1995, the SNB lowers the discount rate by half a percentage point to 3%. The Council of States is the second of the parliamentary chambers to approve the renewal of the Federal Decree on Swiss participation in international currency measures for a further 10 years, i.e. until mid-July 2005. The National Council had already approved this extension on 15 December 1994.
April 1995	The SNB contributes to the BIS-coordinated bridging loan for Argentina with a substitution agreement worth up to a maximum of USD 35 million.
June 1995	The Federal Department of Finance concludes the agreement between Switzerland and the IMF concerning Switzerland’s participation in ESAF II. The loan agreement between the SNB and the IMF comes into effect on 22 June.
July 1995	With effect from 14 July 1995, the SNB lowers the discount rate by half a percentage point to 2.5%.
September 1995	With effect from 22 September 1995, the SNB lowers the discount rate by half a percentage point to 2%.
December 1995	With effect from 15 December 1995, the SNB lowers the discount rate by half a percentage point to 1.5%. In agreement with the Federal Council, the SNB Governing Board decides to maintain in 1996 the monetary policy course it followed in 1995. For 1996, it again targets growth in the seasonally adjusted monetary base of over 1%. As usual, the SNB reserves the right to deviate from this course in the event of serious turbulence on the financial markets.
May 1996	The new Governing Board nominated by the Federal Council on 26 October 1995 takes up its activities on 1 May.
September 1996	With effect from 27 September 1996, the SNB lowers the discount rate by half a percentage point to 1%.
October 1996	Circulation of the CHF 20 banknote of the new banknote series begins on 1 October.
November 1996	On 20 November 1996, the Federal Council issues the draft for a new Federal Constitution, and the associated Council Message. The amended provision on monetary policy in the Federal Constitution (article 89 in the draft version; article 99 in the definitive version) severs the Swiss franc link to gold and underpins the SNB’s constitutional independence. The article reads as follows: ″Money and currency are a federal matter. The Confederation shall have the exclusive right to coin money and issue banknotes. As an independent central bank, the Swiss National Bank shall follow a monetary policy which serves the general interest of the country; it shall be administered with the cooperation and under the supervision of the Confederation. The Swiss National Bank shall create sufficient monetary reserves from its profits. At least two-thirds of the net profits of the Swiss National Bank shall be credited to the Cantons.″ On 28 November 1996, the National Council is the second of the two parliamentary chambers to approve the Federal Decree on the renewal, for a further 20 years, of the Swiss National Bank’s exclusive right to issue banknotes. The bill had already been approved by the Council of States on 16 September 1996.
December 1996	In agreement with the Federal Council, the SNB Governing Board decides to maintain in 1997 the monetary policy course it followed in 1996. It aims to maintain the stock of money above the target level. As usual, the SNB reserves the right to deviate from this course in the event of serious turbulence on the financial markets. Following approval by the Governing Board and the Federal Council, a working group report on SNB investment policy and profit distribution is published on 20 December. The working group was made up of members from both the SNB and the Federal Department of Finance.
March 1997	On 17 March, the Federal Council issues a Message on the partial revision of the National Bank Act and submits it to the two chambers of Parliament.
April 1997	On 8 April, the SNB issues a new CHF 10 banknote.
June 1997	On 12 June, the National Council adopts the Federal Council proposals on the partial revision of the National Bank Act without any modifications, and on 20 June the Council of States follows suit. The amended Act comes into effect on 1 November. On 25 June, the Federal Council issues a Message on the SNB’s participation in the fund in favour of needy victims of the Holocaust/Shoa and submits it to the two chambers of Parliament.
September 1997	On 6 September, the loan agreement between the SNB and the IMF with respect to participation in the Enhanced Structural Adjustment Facility II (ESAF II) is extended by a further two years.
October 1997	On 1 October, the SNB issues a new CHF 200 banknote. On 7 October, the Council of States resolves not to act on the Federal Council proposal for the SNB to participate in the fund in favour of needy victims of the Holocaust/Shoa. The National Council had already resolved not to act on the proposal on 29 September. On 24 October, the group of experts set up to address the reform of the monetary order presents its report to the general public. On 31 October, the Bank Council decides on an SNB contribution of CHF 100 million to the fund in favour of needy victims of the Holocaust/Shoa. The amount is credited to the fund on 3 November.
November 1997	In a Message dated 12 November 2002, the Federal Council submits to the two chambers of Parliament a Federal Decree prolonging Switzerland’s participation in the IMF’s General Arrangements to Borrow (GAB).
December 1997	In early December, the Governing Board – with the agreement of the Federal Council – decides not to tighten monetary policy in 1998. The SNB reserves the right to take steps to counter undesirable fluctuations in the exchange rate. On 18 December 1997, the National Council approves Swiss membership of the IMF’s New Arrangements to Borrow (NAB), following the Council of States’ approval of the motion on 9 October.
April 1998	On 1 April, the SNB issues a new CHF 1,000 banknote. On 8 April, the Federal Council approves the new agreement with the SNB on the distribution of profits. On 20 April, the SNB introduces repurchase agreement transactions (repos) in Swiss francs.
May 1998	On 27 May, the Federal Council issues a Message on a new monetary article in the Federal Constitution to the two chambers of Parliament for consideration.
June 1998	In June, the two chambers of Parliament approve a prolongation of Switzerland’s membership in the IMF’s General Arrangements to Borrow (GAB).
July 1998	On 16 July, the SNB – with the agreement of the Federal Department of Finance – approves an activation of the IMF’s GAB in favour of Russia.
October 1998	On 1 October, the SNB issues a new CHF 100 banknote. On 21 October, the Federal Council initiates consultation procedures on the draft of a new Federal Act on Currency and Payment Instruments.
November 1998	On 17 November, the New Arrangements to Borrow (NAB) come into effect. On 19 November, the SNB – with the agreement of the Federal Department of Finance – approves an activation of the IMF’s NAB in favour of Brazil. In addition, Switzerland participates in a credit facility coordinated by the Bank for International Settlements in favour of Brazil, with a maximum substitution agreement amounting to USD 250 million.
December 1998	On 11 December, the SNB Governing Board – in agreement with the Federal Council – decides to maintain its pragmatic monetary policy course in 1999. This should give the Swiss economy the monetary latitude required for steady development while taking account of the uncertainties created by the imminent introduction of the euro. The SNB reserves the right to deviate from its monetary policy course in the event of unforeseen developments. On 17 December, the National Council approves the new monetary article in the Federal Constitution. At the end of December, the SNB closes its branch offices in Aarau and Neuchâtel as a result of a new cash distribution policy.
April 1999	With effect from 9 April, the SNB lowers the discount rate by half a percentage point to 0.5%. In the vote of 18 April, the Swiss people and the cantons approve a comprehensive revision of the Federal Constitution which also contains a renewed monetary article (article 99 of the new Federal Constitution). The new Federal Constitution enters into effect at the beginning of 2000.
May 1999	On 26 May, the Federal Council issues a Message concerning a Federal Act on Currency and Payment Instruments.
June 1999	On 18 June, the revised new monetary article in the Federal Constitution fails to pass in the final vote in the National Council. On 18 June, the two chambers of Parliament approve an amendment to the Federal Decree on Swiss participation in international currency measures.
September 1999	On 26 September, 15 European central banks, including the SNB, conclude an agreement on gold sales.
October 1999	At the beginning of October, the SNB introduces intraday liquidity.
December 1999	On 1 December, the amendment to the Federal Decree on Swiss participation in international currency measures enters into force. On 10 December, the SNB presents an adjusted monetary policy concept. In agreement with the Federal Council, it also envisages a slight tightening of monetary policy in 2000. On 22 December, the two chambers of Parliament approve the Federal Act on Currency and Payment Instruments. At the end of December, as a result of the new cash distribution policy, the SNB suspends cash distribution services at the Basel, Lausanne, Lucerne and St Gallen branch offices.