Date	Text
February 2000	On 3 February, the SNB increases the target range for the three-month Libor by 0.5 percentage points to 1.75%–2.75%.
March 2000	On 23 March, the SNB increases the target range for the three-month Libor by 0.75 percentage points to 2.5%-3.5%.
May 2000	On 1 May, the Federal Act on Currency and Payment Instruments and the revised Coinage Ordinance enter into force. On 2 May, the SNB begins selling gold holdings no longer required for monetary policy purposes. On 17 May, the Federal Council submits to the two chambers of Parliament a Message comprising the draft of a constitutional provision concerning the alternative use of SNB gold reserves.
June 2000	On 15 June, the SNB increases the target range for the three-month Libor by 0.5 percentage points to 3%–4%.
December 2000	On 8 December, the SNB announces its intention to leave the monetary policy stance unchanged for the time being.
March 2001	On 16 March, the Federal Department of Finance initiates consultation procedures on the comprehensive revision of the National Bank Act. On 22 March, the SNB lowers the target range for the three-month Libor by 0.25 percentage points to 2.75%–3.75%.
September 2001	On 17 September, the SNB lowers the target range for the three-month Libor by 0.5 percentage points to 2.25%–3.25%. On 24 September, the SNB lowers the target range for the three-month Libor by 0.5 percentage points to 1.75%–2.75%.
December 2001	On 7 December, the SNB lowers the target range for the three-month Libor by 0.5 percentage points to 1.25%–2.25%.
April 2002	On 5 April, the Federal Department of Finance and the SNB conclude a new agreement concerning the distribution of the SNB’s profits.
May 2002	On 2 May, the SNB lowers the target range for the three-month Libor by half a percentage point to 0.75%–1.75%.
June 2002	On 26 June, the Federal Council issues a Message concerning a comprehensive revision of the National Bank Act for consideration by the two chambers of Parliament.
July 2002	On 26 July, the SNB lowers the target range for the three-month Libor by half a percentage point to 0.25%–1.25%.
September 2002	On 22 September, the Swiss people and the cantons reject both the popular initiative, ″Surplus gold reserves for the federal old age and survivors’ insurance fund″ (gold initiative), and the counter-proposal of the Federal Assembly, ″Gold for the federal old age and survivors insurance fund, the cantons and the foundation″.
November 2002	With its Message of 20 November 2002, the Federal Council submits the Federal Decree on the extension, by a further five years, of Switzerland’s participation in the International Monetary Fund’s General Arrangements to Borrow (GAB) to the two chambers of Parliament. On 20 November, the Federal Council approves a renewal of Switzerland’s participation in the International Monetary Fund’s New Arrangements to Borrow (NAB) for another five years.
December 2002	On 18 December, the Federal Council dissolves the Fund for needy victims of the Holocaust/Shoa.
March 2003	On 6 March, the SNB lowers the target range for the three-month Libor by half a percentage point to 0.0%–1.75%.
May 2003	On 21 May, the Federal Council issues a Message concerning a Federal Act on international monetary assistance and a Federal Decree with the same name, for consideration by the two chambers of Parliament.
June 2003	On 12 June, the Federal Department of Finance and the SNB conclude a supplementary agreement on the distribution of profits on free assets. On 20 June, the two chambers of Parliament approve a renewal of Switzerland’s membership in the International Monetary Fund’s General Arrangements to Borrow (GAB) until the end of 2008.
August 2003	On 20 August, Federal Council issues a Message on the use of 1,300 tonnes of SNB gold and on the people’s initiative, ″National Bank profits for old age and survivors’ insurance″, and submits it to the two chambers of Parliament.
October 2003	On 3 October, the two chambers of Parliament approve the comprehensive revision of the National Bank Act.
March 2004	On 18 March, the SNB Governing Board issues the new Ordinance on the National Bank Act, which comes into effect on 1 May. On 18 March, the Governing Board decides at its quarterly assessment to leave the target range for the three-month Libor at 0.0%–0.75%. On 19 March, the two chambers of Parliament approve the Federal Act on International Monetary Assistance, which the Federal Council enacts together with the Federal Decree on International Monetary Assistance, with effect from 1 October 2004. On 24 March, the Federal Council enacts the revised National Bank Act with effect from 1 May.
May 2004	On 14 May, the new Bank Council holds its constituent meeting and issues the new Organisation Regulations, which are approved by the Federal Council on 23 June.
June 2004	On 17 June, the Governing Board, at its quarterly assessment, raises the target range for the three-month Libor with immediate effect by 0.25 percentage points to 0.0%–1.0%. For the time being, the three-month Libor is to be kept in the middle of the target range at around 0.5%. After this step, the interest rate target range again exhibits a spread of 100 bp.
September 2004	On 16 September, the Governing Board, at its quarterly assessment, raises the target range for the three-month Libor with immediate effect by 0.25 percentage points to 0.25%–1.25%. For the time being, the three-month Libor is to be kept in the middle of the target range at around 0.75%.
December 2004	On 16 December, the Council of States decides for the second time not to act on the Federal Council’s proposal on the use of the surplus gold reserves. On 16 December, the Governing Board, at its quarterly assessment, leaves the target range for the three-month Libor at 0.25%–1.25%. For the time being, the three-month Libor is to be kept in the middle of the target range at around 0.75%.
February 2005	On 25 February, the Federal Department of Finance and the SNB conclude an agreement on the distribution of the proceeds from the sale of 1,300 tonnes of gold. Under this agreement, the SNB distributes CHF 21.1 billion from its 2004 annual profit, with one-third going to the Confederation and two-thirds to the cantons.
March 2005	On 17 March, the Governing Board, at its quarterly assessment, leaves the target range for the three-month Libor unchanged at 0.25%–1.25%. For the time being, the three-month Libor is to be kept in the middle of the target range at around 0.75%.
June 2005	On 16 June, the Governing Board, at its quarterly assessment, leaves the target range for the three-month Libor unchanged at 0.25%–1.25%. For the time being, the three-month Libor is to be kept in the middle of the target range at around 0.75%.
September 2005	On 15 September, the Governing Board, at its quarterly assessment, leaves the target range for the three-month Libor unchanged at 0.25%–1.25%. For the time being, the three-month Libor is to be kept in the middle of the target range at around 0.75%.
December 2005	On 15 December, the Governing Board, at its quarterly assessment, raises the target range for the three-month Libor to 0.5%–1.5%. For the time being, the three-month Libor is to be kept in the middle of the target range. On 16 December, the two chambers of Parliament pass the Federal Act on the use of the Confederation’s share of SNB gold. The Act stipulates that the Confederation’s share of the proceeds from the sale of the gold reserves no longer required by the SNB is to be channelled into the compensation fund of the old age and survivors’ insurance scheme, unless the Cosa people’s initiative is approved in the national vote on the issue.
March 2006	On 16 March, the Governing Board, at its quarterly assessment, raises the target range for the three-month Libor to 0.75%-1.75%.
April 2006	On 12 April, the Federal Council decides to take the 1-centime coin out of circulation with effect from 1 January 2007.
June 2006	On 15 June, the Governing Board, at its quarterly assessment, raises the target range for the three-month Libor to 1.0%–2.0%. On 16 June, the Federal Council approves the partial revision of the Organisation Regulations adopted by the Bank Council in connection with the closing of the cash office in Lugano.
September 2006	On 14 September, the Governing Board, at its quarterly assessment, raises the target range for the three-month Libor to 1.25–2.25%. In the national vote on 24 September, the people’s initiative, ″National Bank profits for the old age and survivors’ insurance fund″, is rejected, with 58.3% – as well as a clear majority of the cantons – against and 41.7% in favour.
December 2006	On 13 December, the Governing Board, at its quarterly assessment, raises the target range for the three-month Libor to 1.5%-2.5%.
March 2007	On 15 March, the Governing Board, at its quarterly assessment, raises the target range for the three-month Libor to 1.75%–2.75%. For the time being, the three-month Libor is to be kept in the middle of the target range.
June 2007	On 14 June, the Governing Board, at its quarterly assessment, raises the target range for the three-month Libor to 2%–3%. For the time being, the three-month Libor is to be kept in the middle of the target range.
July 2007	On 1 July 2007, the revised Ordinance in implementation of the National Bank Act (National Bank Ordinance, NBO) enters into force. The NBO was issued by the Governing Board in March 2004 and entered into effect together with the National Bank Act (NBA) on 1 May 2004. It includes the implementation provisions with respect to three areas of the NBA, namely the SNB’s authority to compile statistics, the minimum reserve requirements, and the oversight of payment and securities settlement systems. Although the National Bank Ordinance had stood the test of time, adjustments were required in all three areas.
September 2007	On 13 September, the Governing Board, at its quarterly assessment, decides to reduce the three-month Libor – which had previously risen to 2.9% – to 2.75%, and to increase the target range for the three-month Libor to 2.25–3.25%.
December 2007	On 12 December, the Governing Board, at its quarterly assessment, leaves the target range for the three-month Libor at 2.25–3.25%. For the time being, the three-month Libor is to be kept in the middle of the target range. On 17 December, the SNB takes part in a concerted US dollar liquidity operation conducted by a number of central banks.
January 2008	On 10 January, the Swiss National Bank (SNB) announces that it will offer banks US dollar liquidity amounting to a maximum of USD 4 billion through a repo auction with a term of 28 days.
March 2008	On 11 March, the SNB announces that it will resume US dollar repo auctions as part of a coordinated move by several central banks to ease tensions in the money markets. On 13 March, at its quarterly assessment, the SNB leaves the target range for the three-month Libor unchanged at 2.25–3.25%. On 14 March, the Federal Department of Finance (FDF) and the SNB conclude a new agreement on the distribution of the National Bank’s profits. On 25 March, the SNB offers banks US dollar liquidity amounting to a maximum of USD 6 billion through a repo auction with a term of 28 days.
April 2008	On 18 April, the SNB announces that it will again offer banks US dollar liquidity amounting to a maximum of USD 6 billion through a repo auction with a term of 28 days.
May 2008	On 2 May, the SNB decides, in consultation with the US Federal Reserve, to step up the frequency of its US dollar repo auctions and to increase their volume to a maximum of USD 12 billion.
June 2008	On 19 June, at its quarterly assessment, the SNB leaves the target range for the three-month Libor unchanged at 2.25–3.25%.
July 2008	On 30 July, the SNB decides, in consultation with the US Federal Reserve, to provide US dollar liquidity with an extended term of 84 days.
September 2008	On 18 September, at its quarterly assessment, the SNB leaves the target range for the three-month Libor unchanged at 2.25–3.25%. On 18 September, the SNB decides, in consultation with the US Federal Reserve, to further step up its US dollar repo auctions. It starts conducting daily repo auctions with a term of one day. On 26 September, as part of a coordinated approach by several central banks to ease tensions in the money markets at the end of the quarter, the SNB conducts a US dollar repo auction in the amount of up to USD 9 billion and with a term of 7 days. At the same time, it temporarily reduces the maximum volume of the daily US dollar repo auctions.
October 2008	On 8 October, in a concerted move by several central banks, the SNB lowers the target range for the three-month Libor by 25 basis points to 2.0–3.0%. On 15 October, the SNB and the European Central Bank announce the introduction of weekly EUR/CHF foreign exchange swaps with a term of 7 days to improve the provision of Swiss franc market liquidity. On 15 October, the SNB announces that it will issue its own debt certificates (SNB Bills) on a regular basis in order to absorb liquidity. On 16 October, the SNB announces that it will finance the transfer of illiquid assets from UBS to a special purpose vehicle in the maximum amount of USD 60 billion. This move is part of a package of measures taken by the Swiss Confederation to strengthen the Swiss financial system. On 29 October, the SNB offers EUR/CHF foreign exchange swaps with a term of three months as a further measure to relax conditions in the money market.
November 2008	On 6 November, the SNB lowers the target range for the three-month Libor by 50 basis points to 1.5–2.5%. On 7 November, the SNB concludes a temporary EUR/CHF swap agreement with the Polish central bank in order to offer it access to Swiss franc liquidity. On 20 November, the SNB lowers the target range for the three-month Libor by 100 basis points to 0.5–1.5%. On 26 November, the SNB establishes the SNB StabFund Limited Partnership for Collective Investment (stabilisation fund) to take over illiquid assets from UBS.
December 2008	On 11 December, at its quarterly assessment, the SNB lowers the target range for the three-month Libor by 50 basis points to 0.0–1.0%. On the same day, it announces that, as of 1 January 2009, it will reduce the special-rate interest premium applied for using the liquidity-shortage financing facility from 200 basis points to 50 basis points. On 19 December, the SNB announces that the first tranche of illiquid assets from UBS amounting to USD 16.4 billion was transferred to the stabilisation fund on 16 December. On 19 December, the Federal Council approves the revised Organisation Regulations.
March 2009	On 12 March 2009, following its quarterly monetary policy assessment, the Swiss National Bank decided to take forceful action to ease monetary conditions. It announced that it would make another interest rate cut and act to prevent any further appreciation of the Swiss franc against the euro. To this end, the SNB will increase liquidity substantially by engaging in additional repo operations, purchasing foreign currency and buying Swiss franc bonds issued by private sector borrowers. The National Bank also announced that it was lowering the target range for the three-month Libor by 25 basis points to 0–0.75%. Thus, the Libor now has a narrower target range of 75 basis points, compared to 100 previously.
June 2009	Following its quarterly monetary policy assessment on 18 June 2009, the SNB decided to leave the target range for the three-month Libor unchanged at 0–0.75% and to maintain its objective to gradually bring the Libor down to the lower part of the range, in other words, to around 0.25%. It also announced that it will continue to provide the economy with a generous supply of liquidity and to purchase Swiss franc bonds with the aim of reducing risk premia on long-term bonds issued by private sector borrowers. Furthermore, it will take firm action to prevent an appreciation of the Swiss franc against the euro.
September 2009	Following its quarterly monetary policy assessment of 17 September 2009, the SNB decided to maintain the expansionary monetary policy initiated in March, to leave the target range for the three-month Libor unchanged at 0–0.75% and to adhere to its objective of keeping the Libor within the lower area of this range at approximately 0.25%. The SNB also announced that it would continue to provide the economy with a generous supply of liquidity and, if necessary, continue purchasing Swiss franc bonds with a view to reducing risk premia on long-term debt instruments issued by private sector borrowers. In addition, it will take firm action to prevent an appreciation of the Swiss franc against the euro.
December 2009	Following its quarterly monetary policy assessment of 10 December 2009, the SNB decided to maintain its expansionary monetary policy, to leave the target range for the three-month Libor unchanged at 0–0.75% and to adhere to its objective of keeping the Libor in the lower end of this range at around 0.25%. Furthermore, the SNB announced that it would still provide the economy with a generous supply of liquidity, but discontinue its purchases of Swiss franc bonds issued by private sector borrowers. The SNB also said it would continue to act decisively to prevent any excessive appreciation of the Swiss franc against the euro.