Date	Text
March 2011	On 3 March 2011, the SNB reports a consolidated loss of CHF 19,170.8 million for 2010, following a profit of CHF 9,955.0 million in 2009. The annual result was overwhelmingly dominated, once again, by currency movements. At its quarterly assessment of 17 March 2011, the SNB decides to maintain its expansionary monetary policy. It leaves the target range for the three-month Libor rate unchanged at 0.0–0.75%, and intends to keep the Libor within the lower part of the target range at around 0.25%. Although global economic developments were better than the SNB had expected, international risks remain considerable. The conditional inflation forecast shows, however, that the expansionary monetary policy cannot be maintained over the entire forecast horizon without compromising price stability in the longer term.
June 2011	At its quarterly assessment of 16 June, the SNB decides to main - tain its expansionary monetary policy. The target range for the three - month Libor remains unchanged at 0.0–0.75%, and the SNB intends to keep the Libor within the lower part of the target range at around 0.25%. For 2011, the SNB is maintaining its forecast of real GDP growth of around 2%. The conditional inflation forecast shows that the expan - sionary monetary policy cannot be maintained over the entire forecast horizon without compromising price stability in the long term.
August 2011	On 3 August, the SNB announces that, effective immediately, it is aiming for a three-month Libor as close to zero as possible and is narrowing the target range for the three-month Libor from 0.0–0.75% to 0.0–0.25%. Furthermore, it intends to expand banks’ sight deposits at the SNB from currently around CHF 30 billion to CHF 80 billion. With immediate effect, the SNB will no longer renew repos and SNB Bills that fall due and will repurchase outstanding SNB Bills. In addition, the SNB points out that the Swiss franc is massively overvalued and is therefore threatening the development of the economy and increasing the down - side risks to price stability. On 10 August, the SNB announces that it will again significantly increase the supply of liquidity to the Swiss franc money market. It aims to rapidly expand banks’ sight deposits at the SNB from CHF 80 billion to CHF 120 billion. To accelerate the increase in Swiss franc liquidity, the SNB will additionally conduct foreign exchange swap transactions. On 17 August, the SNB announces that it will again significantly increase the supply of liquidity to the Swiss franc money market. With immediate effect, it aims to expand banks’ sight deposits at the SNB further, from CHF 120 billion to CHF 200 billion. In addition, the SNB will repurchase outstanding SNB Bills and employ foreign exchange swaps.
September 2011	On 6 September, the SNB announces that it will no longer tolerate a EUR/CHF exchange rate below the minimum rate of CHF 1.20. It will enforce this minimum rate with the utmost determination and is prepared to buy foreign currency in unlimited quantities. In addition, the SNB emphasises that, even at a rate of CHF 1.20 per euro, the Swiss franc is still high and should continue to weaken over time. If the economic outlook and deflation risks make this necessary, the SNB will take further measures. At its quarterly assessment of 15 September, the SNB affirms that it will enforce the minimum exchange rate of CHF 1.20 per euro set on 6 September with the utmost determination. It is prepared to buy for - eign currency in unlimited quantities. It continues to aim for a three - month Libor at zero and will maintain total sight deposits at the SNB at significantly above CHF 200 billion. The SNB decides, in coordination with the Bank of England, the Bank of Japan, the European Central Bank and the Federal Reserve, to offer US dollar liquidity with a term of 84 days to cover the end of the year. These tenders will be conducted in addition to the 7-day oper - ations. The first 84-day US-dollar liquidity operation will be carried out on 12 October 2011.
November 2011	On 30 November, the SNB, together with the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank and the Federal Reserve, announces the conclusion of temporary liquidity swap arrangements, which is authorised through 1 February 2013. Should market conditions so warrant, liquidity can be provided in each of the central banks’ jurisdictions, in any of their currencies. Furthermore, these central banks agree to extend the existing US dollar liquidity swap arrangements and to lower the pricing on such swap arrangements by 50 basis points so that the new rate will be the US dollar overnight index swap (OIS) rate plus 50 basis points. The SNB intends to continue conducting US dollar liquidity-providing repo operations at terms of one week and three months.
December 2011	At its quarterly assessment of 15 December, the SNB reaffirms that it will continue to enforce the minimum exchange rate with the utmost determination and is prepared to buy foreign currency in unlimited quantities. It is leaving the target range for the Libor at 0.0–0.25%, and continues to aim for a three-month Libor close to zero. Even at the current rate, the SNB considers that the Swiss franc is still high and should continue to weaken over time. The SNB goes on to say that it will continue to maintain liquidity at exceptionally high levels, but has decided not to set a specific target level for sight deposits at present. The SNB stands ready to take further measures at any time if the economic outlook and the risk of deflation so require.
March 2012	At its quarterly assessment of 15 March 2012, the SNB reaffirms that it will continue to enforce the minimum exchange rate with the utmost determination and is prepared to buy foreign currency in unlimited quantities for this purpose. The target range for the three-month Libor will remain unchanged at 0.0–0.25%. The SNB will continue to maintain liquidity on the money market at an exceptionally high level. Even at the current rate, it considers the Swiss franc to be still high. The SNB stands ready to take further measures at any time if the economic outlook and the risk of deflation so require. On 8 March, the SNB publishes its annual results for 2011, reporting a consolidated profit of CHF 13.5 billion, following a loss of CHF 19.2 billion in the previous year. At CHF 13.0 billion, the result for the parent company, upon which the profit distribution is based, is CHF 440.2 million less than the consolidated result. The difference is due to the inclusion of the stabilisation fund companies in the consolidated result.