RO

Recueil officiel du droit official/Amtliche Sammlung des Bundesrechts
(official compilation of federal legislation)

FF

Feuille fédérale/Bundesblatt der Schweizerischen Eidgenossenschaft
(official journal)

RS

Recueil systématique des lois et ordonnances de 1848 à 1947/ Bereinigte Sammlung der Bundesgesetze und Verordnungen, 1848-1947
(classified compilation of federal laws and ordinances, 1948–1947)

RS

Recueil systématique du droit fédéral/Systematische Sammlung des Bundesrechts
(Classified Compilation of Federal Legislation)

Note on the English translation

For official titles and designations see the German and French versions. The English translations provided here are for guidance only.

12.09.1848

First Federal Constitution comes into effect. Under article 36, the right to mint coins devolves upon the Confederation. RO I 15.

07.05.1850

Federal Coinage Act. Introduction of silver currency. RO I 305.

31.01.1860

Revision of the Coinage Act; legal recognition of both French gold coins and gold coins of equal value issued by other states. Introduction of bimetallism. RO VI 442.

23.12.1865

Switzerland, France, Belgium and Italy establish the Latin Monetary Union. RO VIII 825.

Greece joins the Union in 1868. RO IX 530.

30.07.1870

Federal Council Decree on setting the price of the British sovereign. RO X 287.

10.08.1870

Federal Council Decree on setting the price of the US dollar. RO X 288.

22.12.1870

Federal Act on the minting of gold coins. RO X 346.

31.01.1874

Supplementary agreement to the Treaty of Monetary Union concluded on 23 December 1865; limitations imposed on the minting of silver five franc coins. RO 1 97.

29.05.1874

Comprehensive revision of the Federal Constitution. Under art. 39, the Confederation is authorised to pass legislation governing the issue and redemption of banknotes. RO 1, 13.

03.02.1876

Declaration with respect to the Treaty of Monetary Union of 23 December 1865; minting of silver five-franc coins further limited.

23.04.1876

A Federal Bill on the issue and redemption of banknotes is submitted to a national vote and rejected. FF 1875 IV 481.

01.09.1876

A ’concordat’ concluded by 21 issuing banks comes into effect; it covers the reciprocal conversion of banknotes as well as the reciprocal delivery of mandates and collection of bills without any charges.

05.11.1878

New Latin Monetary Union treaty. Minting of silver five-franc coins ceases. RO 4 293.

03.06.1879

National Councillor Joos tables a motion that the banknote-issuing monopoly be transferred to the Confederation.

31.10.1880

A national initiative that article 39 of the Federal Constitution be revised in line with National Councillor Joos’ motion is rejected. FF 1880 III 595; RO 5 266.

08.03.1881

Federal Act on the issue and redemption of banknotes. RO 5 400.

21.12.1881

Ordinance in implementation of the Federal Act on the issue and redemption of banknotes. RO 5 864.

10.06.1882

Second ’Concordat’ concluded by issuing banks (Banknote Concordat). Creation of a joint deposit and compension fund which facilitates reciprocal conversion of banknotes.

Special ’Concordat’ covering collection and mandate business.

04.06.1885

Motion by National Councillor Cramer-Frey on the establishment of a central bank rejected.

06.11.1885

Third Latin Monetary Union treaty. New liquidation clause whereby each state is liable for the coins it issues. RO 8 425.

24.09.1890

Motion from National Councillor Keller on the introduction of a banknote monopoly accepted.

13.07.1891

Creation of the first Swiss clearing office in Zurich by the Zurich Cantonal Bank.

18.10.1891

A new article 39 for the Federal Constitution, whereby the banknote monopoly would be transferred to the Confederation, is submitted to a national vote and accepted. RO 12 443. Federal Council Message dated 30 December 1890. FF 189 I 1.

28.02.1897

A federal bill on the establishment of a Swiss federal bank is submitted to a national vote and rejected. FF 1896 III 681. Federal Council Message dated 23 October 1894. FF 1894 III 565.

24.03.1899

Federal Council Message and second draft of legislation implementing article 39 of the Federal Constitution. FF 1899 II 194. The bill fails in the Federal Assembly in 1901 as a result of issues in connection with the new central bank’s headquarters.

Note on the English translation: For official titles and designations see the German and French versions. The English translations provided here are for guidance only.

28.03.1901

Issuing banks’ agreement on the establishment of a joint transfer and clearing office.

23.11.1901

Third ’Concordat’ concluded by the issuing banks; summary of various agreements on the official discount rate, the distribution of cash import costs, the regulation of banknote circulation, collection and mandate business and the establishment of a joint transfer and clearing office.

18.04.1902

Acceptance of a motion by Councillor of State von Arx on a revision of the Banknote Act of 1881.

20.03.1903

Acceptance of a motion by National Councillor Scherrer-Füller to present a new bill relating to the establishment of a central bank.

01.08.1904

Creation of a clearing service in Berne by the Berne stock exchange association.

06.10.1905

Federal Act on the Swiss National Bank (National Bank Act). RO 22 47. Federal Council Message dated 13 June 1904. FF 1904 IV 441.

23.08.1906

Constituent General Meeting of Shareholders of the Swiss National Bank.

25.09.1906

Federal Council Ordinance on separating out Swiss National Bank business. FF 1906 IV 642. Approved by the Federal Assembly on 13/19 November 1906. RO 22 760.

01.06.1907

Termination of the third ’Concordat’ of the issuing banks dated 23 November 1901.

20.06.1907

Swiss National Bank opens its doors for business in Basel, Berne, Geneva, St Gallen and Zurich. Interim banknotes issued (overprinted with a red rosette bearing a Swiss cross on the front).

20.09.1907

Neuchâtel branch office and SNB agency at La Chaux-de-Fonds opened.

20.07.1908

Lucerne branch office opened.

26.10.1908

Lausanne branch office opened.

07.07.1909

The Federal Council authorises the SNB to accept sight deposits abroad as coverage for short-term liabilities.

Note on the English translation: For official titles and designations see the German and French versions. The English translations provided here are for guidance only.

20.03.1910

SNB agency in Winterthur opened.

20.06.1910

SNB becomes the sole holder of the banknote-issuing privilege.

24.06.1911

Federal Act on the Swiss National Bank (National Bank Act) modified; the SNB is authorised to discount cheques and bonds; short-term liabilities no longer need to be covered. RO 27 744. Federal Council Message dated 1 April 1911. FF 1911 II 860.

16.09.1911

Issue of CHF 1,000 banknote showing a foundry on the reverse side and a CHF 100 banknote showing a mower on the reverse side.

22.12.1911

Issue of CHF 50 banknote showing a woodcutter on the reverse side.

24.09.1912

Issue of CHF 500 banknote showing embroiderers on the reverse side.

30.07.1914

Federal Council Decree on the issue of CHF 20 banknote and the statutory exchange rate for SNB banknotes. RO 30 333.

31.07.1914

Issue of CHF 20 banknote showing a woman’s head (Vreneli) on the front.

03.08.1914

Federal Decree on the issue of CHF 5 banknote. RO 30 349. Federal Council Message dated 2 August 1914. FF 1914 IV 1.

Issue of CHF 5 banknote with an image of William Tell.

14.08.1914

Federal Council Decree on the issue of federal cash office notes for CHF 5, CHF 10 and CHF 20. RO 30 387.

01.09.1914

Federal Council Decree on the issue of CHF 40 banknote. RO 30 424.

09.09.1914

Federal Council Decree on the Swiss federal loans office. RO 30 471.

25.11.1914

Swiss federal loans office CHF 25 note put into circulation.

13.03.1915

Federal Council Decree prohibiting premium hunting with Latin Monetary Union gold and silver coins. RO 31 73.

16.07.1915

Federal Council Decree prohibiting the export of gold. RO 31 261.

01.02.1918

Federal Council Decree prohibiting the melting down, alteration, processing or withdrawing from circulation of Swiss nickle, copper nickle, brass and copper coins. RO 34 179.

31.05.1918

Federal Council Decree prohibiting the export of Swiss banknotes as well as federal cash office and Swiss federal loans office bills. RO 34 583.

15.06.1918

Federal Council Decree on an addendum to art. 20 of the Federal Act of 6 October 1905 on the Swiss National Bank (inclusion of sight deposits abroad and claims arising out of the pledging of securities in banknote coverage). RO 34 632.

09.07.1918

Federal Council Decree extending the prohibition on premium hunting to all gold coins. RO 34 758.

Federal Council Decree extending to all gold coins the ban on melting down, altering or processing coins, or withdrawing them from circulation. RO 34 760.

27.09.1918

Issue of CHF 100 banknote showing William Tell on the front and the Jungfrau mountain on the reverse side.

25.07.1919

Repeal of Federal Council Decree of 9 July 1918 extending the ban on premium hunting to all gold coins. RO 35 627.

08.12.1919

Federal Council Decree prohibiting the melting down, altering, processing or withdrawing from circulation of silver coins. RO 35 987.

Note on the English translation: For official titles and designations see the German and French versions. The English translations provided here are for guidance only.

25.03.1920

Supplementary treaty to the treaty of monetary union concluded on 6 November 1885 (reciprocal nationalisation of Swiss and French silver divisional coins). RO 36 381, FF 1920 II 212.

18.06.1920

Federal Council Decree prohibiting the import of French silver divisional coins. RO 36 389.

01.07-30.09.1920

Withdrawal of French silver divisional coins. FF 1920 II 835.

04.10.1920

Federal Council Decree prohibiting the import of Latin Monetary Union silver five-franc coins. RO 36 619.

22.10.1920

Federal Council Decree on the withdrawal and redemption of federal cash office bills for CHF 5, CHF 10 and CHF 20. RO 36 721.

02.11.1920

Federal Council Decree prohibiting the import of Belgian silver divisional coins. RO 36 733.

28.12.1920

Federal Council Decrees on the withdrawal of Latin Monetary Union five-franc silver coins and Belgian silver coins. RO 37 52 and 53.

18.02.1921

Federal Decree on a temporary modification to arts. 19 and 20 of the Federal Act of 6 October 1905 on the Swiss National Bank (issue of CHF 10 banknote and inclusion of CHF 5 silver coins in the metal backing at the market value of their silver content). The decision is valid until 31 December 1923. RO 37 143. Federal Council Message dated 12 February 1921. FF 1921 I 221.

31.03.1921

Latin Monetary Union five-franc silver coins and Belgian silver divisional coins are withdrawn from circulation in Switzerland.

07.04.1921

Federal Act on the Swiss National Bank (complete revision). RO 37 581. Federal Council Message dated 26 December 1919. FF 1919 V 1043.

13.06.1921

Repeal of Federal Council Decree dated 31 May 1918 prohibiting the export of Swiss banknotes, federal cash office notes and Swiss federal loans office bills. RO 37 481.

19.07.1921

Repeal of Federal Council Decrees of 1 February 1918, 9 July 1918 and 8 December 1919 prohibiting the melting down of bills. RO 37 569.

03.10.1921

Federal Council Decree repeals the right of the SNB to issue CHF 40 banknote. The SNB is still authorised to issue CHF 5 and CHF 20 banknotes. RO 37 689.

09.12.1921

Supplementary treaty to the international treaty of monetary union: covers the withdrawal of Latin Monetary Union five-franc coins and Belgian silver divisional coins. RO 38 448, FF 1922 I 77..

01.01.1922

Closure of the Zurich and Berne branch offices and integration into the Governing Board’s departments.

03.07.1922

Aarau branch office opened. Closure of the SNB agency run by the cantonal bank of Aargau.

27.09.1923

New art. 19bis added to the National Bank Act (inclusion in the metal backing of withdrawn foreign Latin Monetary Union five-franc coins at the market value of their silver content). RO 39 521. Federal Council Message dated 7 September 1923. FF 1923 III 782.

22.01.1924

Federal Council Decree ordering the closure of the (first) Swiss federal loans office. RO 40 17.

05.02.1924

Circular to the banks relating to Governing Board guidelines on discount policies. Financial and speculation instruments as well as bills that have no function in the Swiss economy are excluded from the discount.

05.12.1924

Repeal of the Federal Council Decree of 13 March 1915 prohibiting premium hunting with Latin Monetary Union gold and silver coins. RO 40 488.

17.06.1925

The SNB declares that it intends to hold the Swiss currency within the gold (import and export) points.

19.06.1925

Federal Act renewing, for the years 1927 to 1937, the SNB’s exclusive right to issue banknotes. RO 41 655. Federal Council Message dated 10 March 1925. FF 1925 I 713.

01.07.1925

Withdrawal of the interim banknotes issued in 1907 and the CHF 100 William Tell banknote issued in 1918.

31.08.1925

Federal Department of Economic Affairs directive on the issue of a general export permit for gold. RO 41 507.

24.12.1925

Belgium declares its withdrawal from the Latin Monetary Union with effect from the end of 1926. RO 42 24.

31.12.1926

Dissolution of the Latin Monetary Union.

08.02.-31.03.1927

Withdrawal of Latin Monetary Union gold coins, apart from the Swiss coins. FF 1927 I 118.

04.06.1928

Postulate put forward by national councillor Dr Meyer relating to the repeal of the obligatory banknote exchange rate and introduction of the gold standard.

01.08.1928

Repeal of the Federal Council Decree banning the export of gold. RO 44 49.

15.04.1929

Lugano branch office opened. Closure of the Lugano agency run by the bank of Italian-speaking Switzerland.

20.12.1929

Modification of the Federal Act of 7 April 1921 on the Swiss National Bank (conversion of banknotes into gold or gold exchange). RO 46 97. Federal Council Message dated 8 October 1929. FF 1929 III 97.

Note on the English translation: For official titles and designations see the German and French versions. The English translations provided here are for guidance only.

28.03.1930

Statutory price for SNB banknotes repealed. RO 46 101.

26.06.1930

Federal Decree on SNB participation in the Bank for International Settlements. RS 6 100. Federal Council Message dated 6 June 1930. FF 1930 I 701.

15.07.1930

Issue of CHF 20 banknote showing Heinrich Pestalozzi on the front.

15.12.1930

Securities clearing headed by the SNB opens in Zurich.

02.03.1931

SNB agency in Biel/Bienne opens.

03.06.1931

Federal Coinage Act (comprehensive revision). RO 47 601. Federal Council Message dated 3 July 1930. FF 1930 II 1.

21.09.1931

The UK abandons the gold standard.

01.10.1931

Securities clearing headed by the SNB opens in Basel.

08.07.1932

Federal Decree on the establishment of a (second) Swiss federal loans office. RS 10 436. Federal Council Message dated 24 June 1932. FF 1932 III 168.

06.03.1933

Redemption obligation for banknotes is repealed in the US.

13.04.1933

Modification of the Federal Decree of 8 July 1932 on the establishment of a Swiss federal loans office. Lending rates increased and authorisation given to conduct assistance operations. RO 49 251. Federal Council Message dated 3 April 1933. FF 1933 I 632.

19.04.1933

The US abandons the gold standard. Gold exports prohibited.

25.04.1933

Federal Council declaration on maintaining the gold standard in Switzerland.

08.07.1933

Foundation of a gold bloc in Paris by Belgium, France, Italy, the Netherlands, Poland and Switzerland.

31.01.1934

Devaluation of the US dollar and provisional stabilisation at 59.06% of its previous gold value.

22.06.1934

Modification of the Federal Decrees on the establishment of a Swiss federal loans office (expansion of its areas of operation). RO 50 496. Federal Council Message dated 18 June 1934. FF 1934 III 613.

29.09.1934

Federal Decree on a special form of Swiss institution geared to personal saving for housing. RS 10 411. Federal Council Message dated 4 June 1934. FF 1934 II 448.

02.10.1934

Federal Council Decree on the conduct of Swiss clearing transactions with foreign countries (establishment of the Swiss Clearing Office). RO 50 752.

08.11.1934

Federal Act on Banks and Savings Banks. RS 10 337. Federal Council Message dated 2 February 1934. FF 1934 I 171.

05.02.1935

Ordinance on a special form of Swiss institution geared to personal saving for housing. RS 10 412.

26.02.1935

Ordinance in implementation of a Federal Act on Banks and Savings Banks. RS 10 357.

20.06.1935

Gentleman’s agreement concluded between the SNB and the banks on limitations to gold and foreign exchange transactions.

28.09.1935

Federal Act renewing, for the years 1937 to 1947, the SNB’s exclusive right to issue banknotes. RO 52 5. Federal Council Message dated 6 August 1935. FF 1935 II 185.

21.11.1935

Gentleman’s agreement between the banks with respect to the mortgage market (exercising restraint in issuing foreclosures and creating fiduciary offices).

31.12.1935

Withdrawal of CHF 20 banknote issued in 1914, showing a woman’s head (Vreneli) on the front.

17.04.1936

Federal Council Decree on restructuring banks. RS 10 410.

19.06.1936

Federal Council Decree on protecting the national currency. RS 6 97.

25.09.1936

The US, the UK and France sign a tripartite agreement governing their reciprocal currency relationships. In the same year, Belgium, the Netherlands and Switzerland also join the convention.

27.09.1936

Federal Council Decree on currency measures (devaluation of the Swiss franc by an average of 30%). RO 52 741.

28.10.1936

Switzerland joins the tripartite agreement.

15.11.1937

Gentleman’s agreement concluded between the SNB and the banks on reducing the excessive level of foreign Swiss franc holdings and combating banknote accumulation.

07.06.1938

Agreement on the admission of foreign securities to official trading on the stock exchange.

25.04.1939

SNB agreement with the Federal Department of Economic Affairs on the financing of obligatory stocks.

29.08.1939

Reissue of CHF 5 banknote showing William Tell.

21.09.1939

Federal Debt Register Act. RS 6 10. Federal Council Message dated 25 March 1938. FF 1938 I 492.

Note on the English translation: For official titles and designations see the German and French versions. The English translations provided here are for guidance only.

30.04.1940

Federal Council Decree on measures to amortise extraordinary defence expenditure and restore order to the confederation budget (withdrawal from the exchange equalisation fund). RO 56 410.

10.05.1940

SNB circular to banks on limiting the issue of foreign exchange.

22.07.1940

SNB circular to banks on configuration of interest rates.

14.06.1941

Swiss bank balances in the US blocked.

17.09.1941

Gentleman’s agreement with banks on buying and selling US dollars. SNB acceptance of US dollars restricted.

05.08.1942

Agreement with banks on limitations in trading gold bars and coins.

07.12.1942

Federal Council Decree on monitoring both gold trading and gold imports and exports. RO 58 1137.

Federal Department of Finance and Customs’ directive on monitoring both gold trading and gold imports. RO 58 1141.

Federal Department of Finance and Customs’ directive on value-added tax (tax on the sales of gold coins). RO 58 1144.

Federal Department of Economic Affairs’ directive on monitoring gold trading (setting maximum prices for gold). RO 58 1139.

07.12.1943

Directive issued by the trade department of the Federal Department of Economic Affairs relating to payments in US dollars for goods transactions (dollar payment requirement). RO 59 952.

01.03.1944

The SNB restricts its acceptance of US dollars originating from watch exports.

22.07.1944

Bretton–Woods agreement (International Monetary Fund and World Bank).

01.01.1945

SNB acceptance of US dollars now restricted for all export revenues.

2.03.1945

Federal Council Decree banning imports and exports of foreign banknotes and trading in such banknotes. RO 61 133.

05.10.1945

Federal Act renewing, for the years 1947 to 1957, the SNB’s exclusive right to issue banknotes. RS 6 94. Federal Council Message dated 24 July 1945. FF 1945 I 865.

25.05.1946

Conclusion of the Washington Agreement covering the liquidation of German assets in Switzerland, the release of Swiss bank balances in the US, the abolition of the blacklists, and payment by Switzerland of CHF 250 million in gold to the allies. RS 14 348.

28.10.1946

Federal Department of Finance and Customs’ directive on monitoring both gold trading and gold imports and exports (facilitating gold trading). RO 62 950.

30.11.1946

Unfreezing of Swiss bank balances in the US.

19.12.1946

Federal Decree on a withdrawal from the exchange equalisation fund. RO 62 1061. Federal Council Message dated 8 November 1946. FF 1946 III 985.

27.12.1946

Federal Council Decree on the certification of Swiss assets in the US. RS 10 774.

31.10.1947

Repeal of the Federal Council Decree banning imports and exports of foreign banknotes and trading in such banknotes. RO 63 1169.

01.09.1948

New SNB agreement with the Federal Department of Economic Affairs on the financing of obligatory stocks.

29.12.1948

Federal Council Decree on gold transit. RO 1948 1284.

22.05.1949

The Swiss people reject a revision to art. 39 of the Swiss Constitution. Federal Council Message dated 5 November 1948. FF 1948 III 693.

23.09.1949

Repeal of the dollar payment requirement and dollar management in general. RO 1949 1344.

Note on the English translation: For official titles and designations see the German and French versions. The English translations provided here are for guidance only.

15.06.1950

Gentleman’s agreement with the banks on the treatment of foreign funds. The banks stop paying interest on existing capital deposits by foreigners as well as new deposits from outside the country.

19.09.1950

Agreement on a European Payments Union.

01.11.1950

Switzerland joins the European Payments Union. RO 1950 1209.

15.04.1951

The national initiative on a revision to art. 39 of the Federal Constitition (’free money’ initiative) is rejected, but the Federal Assembly’s alternative draft is accepted. RO 1951 606. Federal Council Message dated 29 May 1951. FF 1951 II 307.

01.08.1951

Gentleman’s agreement on construction finance.

15.12.1951

Gold trading regulations relaxed (repeal of provisions relating to the concession requirement and maximum prices) RO 1951 1160 and 1162.

15.04.1952

Cessation of SNB supervision of gold transit.

01.07.1952

Cessation of SNB monitoring of imports and exports of monetary gold.

17.12.1952

Federal Coinage Act (comprehensive revision). RO 1953 209. Federal Council Message dated 4 March 1949. FF 1949 I 521.

18.05.1953

Introduction of multilateral currency arbitrage for the currencies of various countries belonging to the European Payments Union.

23.12.1953

Federal Act on the Swiss National Bank (complete revision). RO 1954 599. Federal Council Message dated 21 April 1953. FF 1953 I 901.

08.05.1954

Federal Department of Finance and Customs’ directive on value-added tax (exclusion of coinage and fine gold from the tax). RO 1954 566.

29.06.1954

Federal Council Decree on the statutory price for banknotes and on repealing their conversion to gold. RO 1954 654.

Federal Council Decree on the nominal value of the banknotes to be issued by the SNB. RO 1954 655.

14.05.1955

Renewal of the gentleman’s agreement with banks of 15 June 1950, on the treatment of foreign funds.

15.06.1955

Agreement with banks and insurance institutions on the maintenance of minimum credit balances at the SNB.

23.09.1955

Federal Assembly Decree on the closure of the (second) Swiss federal loans office. RO 1955 843.

29.03.1956

Issue of CHF 20 banknote showing General Dufour on the front.

01.04.1956

Withdrawal of CHF 20 banknote issued in 1930 showing Heinrich Pestalozzi on the front.

01.10.1956

Issue of CHF 10 banknote showing Gottfried Keller on the front.

04.12.1956

Federal Assembly Decree renewing, for the years 1957 to 1977, the SNB’s exclusive right to issue banknotes. RO 1956 1653. Federal Council Message dated 22 June 1956. FF 1956 I 1276.

25.03.1957

Foundation of the European Economic Community (EEC).

01.04.1957

Introduction of special discount rates for compulsory stock bills.

06.06.1957

The Federal Assembly authorises the Federal Council to approve extension of Swiss membership of the European Payments Union by a further year. RO 1957 570.

14.06.1957

Issue of banknotes for CHF 50 (apple harvest), CHF 100 (St Martin), CHF 500 (fountain of youth) and CHF 1,000 (danse macabre).

25.11.1957

Treaties signed by Argentina and by the 11 European countries forming part of the multilateral payments system together with Argentina.

31.03.1958

Repeal of the gentleman’s agreement of 15 June 1955 on minimum credit balances and the gentleman’s agreement of 15 June 1950/14 May 1955 on foreign funds.

18.06.1958

Extension of the European Payments Union for the period of a year.

01.10.1958

Withdrawal of banknotes issued in 1911 and 1912 for CHF 50 (woodcutter), CHF 100 (mower), CHF 500 (embroiderers) and CHF 1,000 (foundry).

27.12.1958

Changeover to currency convertibility. As the result of a joint declaration by the most important countries in the OEEC (Organisation for European Economic Cooperation), the European Monetary Agreement replaces the European Payments Union. RO 1959 155 (cf. also RO 1955 613).

Note on the English translation: For official titles and designations see the German and French versions. The English translations provided here are for guidance only.

04.01.1960

Agreement between Denmark, the UK, Norway, Austria, Portugal, Sweden and Switzerland on the establishment of a European Free Trade Association (EFTA). RS 0.632.31. RO 1960 590.

04.02.1960

Limited-term provisional agreement between the Swiss Federal Department of Finance and Customs and the SNB on financing additional grain storage for bread production.

18.08.1960

Gentleman’s agreement to deter inflows of foreign funds and reduce the existing stock.

06.03.1961

Revaluation of the German mark by 5%.

18.08.1961

Extension to 18 August 1962 of the gentleman’s agreement of 18 August 1960 to deter inflows of foreign funds and reduce the existing stock.

01.04.1962

Agreement between the SNB and the banks on lending limits.

02.05.1962

Canada abandons the system of fluctuating exchange rates in effect since 1950 and adopts a fixed parity with respect to the US dollar.

15.07.1962

The Federal Reserve Bank of New York and the SNB agree to provide one another with credit of up to USD 100 million or CHF 431.5 million on a swap basis for a period of three months, upon application by the other partner.

18.08.1962

Extension to 18 August 1963 of the gentleman’s agreement of 18 August 1960 to deter inflows of foreign funds and reduce the existing stock.

18.08.1963

Extension to 31 December 1963 of the gentleman’s agreement of 18 August 1960 to deter inflows of foreign funds and reduce the existing stock.

04.10.1963

Federal Decree on Swiss participation in international currency measures. RO 1964 457. Federal Council Message of 1 March 1963. FF 1963 I 349. Comes into effect 1 May 1964.

13.03.1964

Urgent Federal Decrees on combating inflation by means of measures in the areas of construction (Construction Decree) and of credit and the money and capital markets (Credit Decree). RO 1964 213 and 218. Federal Council Message of 24 January 1964. FF 1964 I 181. They come into effect 17 March 1964.

31.03.1964

Agreement between the SNB and the banks on foreign funds. RO 1964 419. (On 24 April 1964, declared by the Federal Council to be generally binding. RO 1964 418.)

24.04.1964

Ordinance on the requirement to report data on public issues of securities. RO 1964 426. Comes into effect 1 May 1964.

Ordinance on the investment of foreign funds. RO 1964 423. Comes into effect 1 May 1964.

01.05.1964

Agreement between the SNB and the banks on lending limits. RO 1964 522. (On 1 June 1964, declared by the Federal Council to be generally binding. RO 1964 521.)

11.06.1964

Agreement between the Swiss Confederation and the International Monetary fund which lays the foundation for bilateral credit agreements (Implementing Agreements) between Switzerland and the ten member countries participating in the General Arrangements to Borrow.

23.12.1964

Modification of the Agreement on lending limits. RO 1964 1424. (On 29 December 1964, declared by the Federal Council to be generally binding. RO 1964 1423.)

21.12.1965

Modification of the Ordinance on the investment of foreign funds. RO 1966 1.

Modification of the Agreement on foreign funds. RO 1966 4 (simultaneously declared by the Federal Council to be generally binding. RO 1966 3).

28.12.1965

Modification to the Agreement on lending limits. RO 1966 7 (simultaneously declared by the Federal Council to be generally binding. RO 1966 6).

10.03.1966

Extension by one further year of the Credit Decree of 13 March 1964. RO 1966 485. Federal Council Message dated 16 November 1965. FF 1965 III 234.

17.03.1966

Expiry of the Construction Decree of 13 March 1964.

11.10.1966

Repeal of the Ordinance on the investment of foreign funds dated 24 April 1964. RO 1966 1347.

Partial repeal of the generally binding character of the Agreement on foreign funds. RO 1966 1348.

27.12.1966

Repeal of the generally binding character of the Agreement on lending limits. RO 1966 1697.

SNB circular to banks participating in the Agreement on lending limits, relating to credit guidelines for 1967.

08.02.1967

Agreement between the SNB and the banks on the development of statistics (in effect until the introduction of the revised Bank Act of 11 March 1971).

17.03.1967

Expiry of the Credit Decree of 13 March 1964, thereby rendering void the Federal Council Ordinance of 24 April on the requirement to report data on public issues of securities as well as any remaining provisions of the generally binding Agreement on foreign funds of 31 March 1964. Monitoring of securities issues continues through a private convention under the auspices of the Swiss Bankers Association.

20.09.1967

Premature cancellation of the credit guidelines of 27 December 1966.

05.12.1967

Federal Decree on Switzerland becoming a member of the Asian Development Bank. RO 1971 858.

24.06.1968

Federal Council Message relating to the revision of the Federal Act on the SNB of 23 December 1953. FF 1968 II 253.

01.09.1969

Agreement between the SNB and the Swiss banks on minimum balances and admissible credit expansion (Framework Agreement).

Note on the English translation: For official titles and designations see the German and French versions. The English translations provided here are for guidance only.

18.12.1970

Federal Coinage Act. RS 941.10. RO 1971 360. Federal Council Message of 7 July 1970. FF 1970 II 105. Comes into effect 1 April 1971.

11.03.1971

Federal Act on Banks and Savings Banks (partial revision). RS 952.0. RO 1971 808. Federal Council Message of 13 May 1970. FF 1970 I 1144. Comes into effect 1 July 1971.

01.04.1971

Ordinance in implementation of the Federal Coinage Act. RS 941.101. RO 1971 363.

Federal Council Decree on fixing the gold parity of the Swiss franc. RO 1971 367.

09.05.1971

Swiss franc revalued by 7.07%, in that the gold parity is revalued from 203.22 mg to 217.59 mg of fine gold. RS 941.102 RO 1971 465.

25.06.1971

Federal Decree authorising the SNB to carry out forward foreign exchange transactions. RO 1971 960. Federal Council Message of 1 June 1971. FF 1971 I 1287.

09.08.1971

Agreement between the SNB and the three big banks on immediate measures to be taken in the event of unusually large foreign currency inflows to the SNB (Emergency Agreement).

15.08.1971

Gold convertibility of the dollar abandoned.

SNB refrains from foreign exchange market operations until the Smithsonian Agreement is signed on 18 December 1971.

Requirement that all capital export transactions denominated in Swiss francs that are subject to approval be converted to foreign currency at banks in Switzerland.

16.08.1971

Agreement on extraordinary minimum balances and the payment of interest on foreign funds (Supplementary Agreement to the Framework Agreement of 1 September 1969).

08.10.1971

Federal Council Decree on protecting the national currency. RO 1971 1449. Federal Council Message of 8 September 1971. FF 1971 II 837. Comes into effect 15 October 1971.

18.12.1971

General adjustment of exchange rates as part of the Smithsonian Agreement.

20.12.1971

After consultation and in agreement with the SNB Governing Board, the Federal Council decides to fix an average exchange rate of CHF 3.84 for the US dollar.

17.05.1972

Ordinance on the Federal Act on Banks and Savings Banks (comprehensive revision). RS 952.02. RO 1972 821.

26.06.1972

Federal Council Decree relating to a ban on foreign funds being invested in domestic real estate. RO 1972 1062.

Ordinance on the investment of foreign funds. RO 1972 1065.

04.07.1972

Ordinance on the payment of interest on foreign funds (ban on paying interest, commission charges) RO 1972 1521.

05.07.1972

Ordinance on permit requirements for borrowing funds abroad. RO 1972 1524.

Ordinance on minimum balances on foreign funds. RO 1972 1526.

Ordinance on bank foreign currency positions. RO 1972 1530/2469 (suspended from 16 October 1972 to 29 January 1973 and from 1 October 1973 to 23 January 1975).

24.07.1972

Urgent recommendation from SNB Governing Board to credit institutions that the guidelines be observed when making new loan approvals.

20.12.1972

Federal Decree on measures in the area of credit (minimum balances on domestic and foreign funds, lending limits, monitoring of securities issues). RO 1972 3068. Federal Council Message dated 4 December 1972. FF 1972 II 1541.

31.12.1972

Repeal of the European Monetary Agreement.

10.01.1973

Ordinance relating to measures in the area of credit (replaces Ordinance of 5 July 1972 on minimum balances on foreign funds). RO 1973 85.

Ordinance on consumer credit and hire purchase business. RO 1973 88.

23.01.1973

In agreement with the Federal Council, the SNB terminates until further notice its dollar purchases aimed at supporting the exchange rate (currency allowed to float.

12.02.1973

Dollar devalued by 10%. .

12.03.1973

The leading industrial countries of Europe decide to allow their currencies to float until further notice.

Within the context of the 1972/73 lending limits, the Federal Council establishes a hardship contingency fund of CHF 200 million for subsidised residential construction. RO 1973 407.

01.04.1973

The insurance companies come to a gentleman’s agreement whereby they will not change the structure of their investments.

16.04.1973

Permit requirements for borrowing funds abroad tightened. RO 1973 641.

04.07.1973

Ordinance on the application of measures for the protection of the currency to the Principality of Liechtenstein. RO 1973 1125.

22.08.1973

Within the context of the 1973/74 lending limits, the Federal Council establishes a hardship contingency fund of CHF 500 million for low-priced residential construction. RO 1973 1215.

30.01.1974

Repeal of the Ordinance of 26 June 1972 on the investment of foreign funds. RO 1974 268.

01.02.1974

Repeal of the Federal Council Decree of 26 June 1972 relating to the ban on foreign funds being invested in domestic real estate. RO 1974 93.

29.05.1974

Within the context of the 1974/75 lending limits, the Federal Council establishes a hardship contingency fund of CHF 800 million for low-priced residential construction. RO 1974 1126.

28.06.1974

Extension (to 15 October 1977) of the Federal Decree of 8 October 1971 on the protection of the currency. RO 1974 1184. Federal Council Message of 10 April 1974. FF 1974 I 1253.

23.09.1974

The group of securities issues known as ’small issues’ becomes subject to permit requirements for the first time (monitoring of securities issues). RO 1974 1509.

16.10.1974

Repeal of the Ordinance of 4 July 1972 on the payment of interest on foreign funds (ban on paying interest, commission charges). RO 1974 1584.

20.11.1974

Ordinance on measures to counter the inflow of foreign funds (ban on paying interest, commission charges, limitation of Swiss franc forward sales to foreigners). RO 1974 1822.

08.01.1975

For 1975, the SNB Governing Board envisages expanding both the monetary base and the money stock in its narrower sense (M1) by about 6%.

Ordinance on lending limits (excludes credits for non-luxury residential construction and infrastructural construction). RO 1975 52.

22.01.1975

Ordinance on immobilising Swiss franc receipts from interventions in the foreign exchange market. RO 1975 103.

Ban on the payment of interest extended to all Swiss franc balances held by foreigners, and commission charges on growth in these balances increased. RO 1975 105.

17.03.1975

Requirement that foreign currency positions be balanced daily for each currency individually. RO 1975 557.

20.03.1975

Extension of Federal Decree of 4 October 1963 on Swiss participation in international currency measures. RS 941.13. RO 1975 1293. Federal Council Message of 27 January 1975. FF 1975 I 614. Comes into effect 15 July 1975.

Gentleman’s agreement between the Swiss banks and the SNB on reporting foreign exchange transactions (in effect until 30 June 1979).

24.03.1975

Full abolition of the lending limit (with effect from 1 May). RO 1975 836.

Abolition of the ordinance of 10 January 1973 on consumer credit and hire purchase business. RO 1975 838.

18.04.1975

Agreement between the SNB and the Swiss banks on alleviating liquidity difficulties in the export sector (in effect until 31 October 1980).

23.04.1975

Full abolition of the lending limit (with effect from 1 May). RO 1975 836.

Abolition of the ordinance of 10 January 1973 on consumer credit and hire purchase business. RO 1975 838.

01.06.1975

Agreement between the SNB and banks operating in the field of long-term export finance (in effect until 1 June 1981).

02.12.1975

Federal Decree on Switzerland becoming a member of the Inter-American Development Bank. RO 1977 395.

19.12.1975

Federal Decree and Ordinance on monetary and credit policies (replaces the Federal Decree of 20 December 1972 on measures in the area of credit). The existing requirements relating to minimum balances are retained and monitoring of securities issues remains as before. RO 1975 2568. Federal Council Message of 9 July 1975. FF 1975 II 421. Comes into effect 1 January 1976.

05.01.1976

For 1976, the Governing Board sets as the monetary objective a 6% increase in the money stock in its narrower sense (M1).

11.03.1976

Modification of article 14.3 Federal Act on the SNB (authorisation to conclude foreign exchange forward transactions for a maximum term of three months) RO 1976 1460.

01.04.1976

Gentleman’s agreement between the SNB and the companies with international operations on reporting capital movements (in effect until 31 March 1978).

14.04.1976

Ordinance on importing foreign banknotes. RO 1976 883.

28.04.1976

Agreement between the SNB and the Swiss banks on limiting the import of Italian payment instruments (in effect until 1 December 1976).

15.06.1976

Gentleman’s agreement between the SNB and the Swiss banks on currency measures (in effect until 15 June 1981).

04.10.1976

Issue of CHF 100 (Francesco Borromini) banknote.

01.11.1976

Agreement between the SNB and the textile and apparel industry on foreign exchange forward transactions (in effect until 30 April 1979).

Agreement between the SNB and the watch industry on foreign exchange forward transactions (in effect until 27 September 1979).

26.11.1976

In agreement with the Federal Council, the SNB Governing Board envisages for 1977 an average 5% growth for the money stock in its narrower sense (M1).

15.12.1976

Federal Decree on the renewal of the SNB’s exclusive note-issuing privilege. FF 1976 III 1555. Federal Council message dated 15 September 1976. FF 1976 III 576.

28.02.1977

The last remaining minimum balance requirements are abolished.

04.04.1977

Issue of CHF 500 (Albrecht von Haller) banknote.

20.04.1977

Repeal of the Ordinance of 14 April 1976 on importing foreign banknotes. RO 1977 764.

02.06.1977

Agreement between the SNB and the Swiss banks on the duty of care when accepting funds and the handling of bank secrecy.

07.10.1977

Extension (to 15 October 1980) of the Federal Decree of 8 October 1971/28 June 1974 on the protection of the currency. RO 1977 1859. Federal Council Message dated 27 April 1977. FF 1977 II 325.

19.12.1977

In agreement with the Federal Council, the SNB Governing Board envisages for 1978 an average 5% growth for the money stock in its narrower sense (M1).

22.02.1978

The level of foreign bank balances remaining free of commission charges is lowered, thereby making these charges more onerous. RO 1978 246.

General requirement that foreign currency positions be balanced daily. RO 1978 247.

26.02.1978

A new constitutional article 31quinquies is adopted (article relating to economic developments). Federal Council Message dated 27 September 1976. FF 1976 III 677.

27.02.1978

Ordinance on the investment of foreign funds in domestic securities. RO 1978 250.

Ordinance on importing foreign banknotes. RO 1978 253.

Ordinance authorising the SNB to conclude long-term foreign exchange forward transactions. RO 1978 255.

01.04.1978

With a second revision to its Articles of Agreement, the International Monetary Fund recognises the legality of the system of flexible exchange rates.

04.04.1978

Issue of CHF 1,000 (Auguste Forel) banknote.

19.04.1978

Agreement between the SNB and the timber industry on foreign exchange forward transactions (in effect until 19 April 1979).

15.06.1978

Federal Decree on monetary policy (replaces the Federal Decree on monetary and credit policy of 19 December 1975 and now based on articles 31quinquies and 39 of the Swiss Constitution). RO 1978 1439. Federal Council Message of 22 March 1978. FF 1978 I 1077. Comes into effect 1 January 1979.

Federal Decree on the protection of the currency (replaces the Federal Decree of 7 October 1977 with the same name, and now based on articles 31quinquies and 39 of the Swiss Constitution). RO 1978 1436. Federal Council Message of 17 April 1978. FF 1978 I 1205. Comes into effect 7 October 1978.

01.10.1978

For the first time since the transition to flexible exchange rates, the SNB sets a fixed exchange rate target, which is that the Swiss franc exchange rate is to be influenced in such a way that the German mark rate ″clearly settles at a level below 80 Swiss francs to 100 German marks”.

04.10.1978

Issue of CHF 50 (Konrad Gessner) banknote.

23.10.1978

Cessation of tied foreign payment transactions and closure of the Swiss Clearing Office with effect from 1 January 1979. RO 1978 1624.

08.11.1978

Agreement between the SNB and the Swiss banks on flexible hedging of payment receipts in the Swiss export industry (currency option). In effect until 30 November 1981.

15.12.1978

Federal Act on the Swiss National Bank (partial revision). RS 951.11. RO 1979 983. Federal Council Message of 27 February 1978. FF 1978 I 769. Comes into effect 1 August 1979.

10.01.1979

In agreement with the Federal Council, the SNB Governing Board decides not to set a money supply target for the year 1979 and to continue pursuing the exchange rate policy initiated at the beginning of October 1978.

24.01.1979

Repeal of the Ordinance of 27 February 1978 on the investment of foreign funds in domestic securities. RO 1979 169.

Repeal of the Ordinance of 27 February 1978 on importing foreign banknotes. RO 1979 170.

04.04.1979

Issue of CHF 20 (Horace-Bénédict de Saussure) banknote.

30.05.1979

Repeal of the Ordinance of 5 July 1972 on bank foreign currency positions, the Ordinance of 5 July 1972 on permit requirements for borrowing funds abroad and the Ordinance of 22 January 1975 on immobilising Swiss franc receipts from interventions in the foreign exchange market. RO 1979 765.

11.07.1979

Ordinance on bank minimum reserves. RS 951.131. RO 1979 994.

Ordinance on the monitoring of securities issues. RS 951.141. RO 1979 997.

Ordinance on funds from abroad. RS 951.151. RO 1979 999.

SNB Ordinance on foreign bank balances and forward foreign exchange transactions with foreigners. RO 1979 1003.

01.08.1979

Revised National Bank Act and its implementation provisions come into effect. The Federal Decrees of 15 June 1978 on monetary policy and the protection of the currency become invalid.

01.11.1979

Commission charge on growth in foreign Swiss franc balances reduced from 10% to 2.5% per quarter. RO 1979 1531.

05.11.1979

Issue of CHF 10 (Leonhard Euler) banknote.

29.11.1979

Commission charges on growth in foreign Swiss franc balances suspended. RO 1979 1859.

14.12.1979

In agreement with the Federal Council, the SNB Governing Board envisages for 1980 an increase in the monetary base (banknote circulation and banks’ sight deposits with the SNB) of approximately 4%.

Federal Decree of 4 October 1963/20 March 1975 on Swiss participation in international currency measures extended (to 15 July 1985). RS 941.13. RO 1980 325. Federal Council Message of 30 May 1979. FF 1979 II 348.

Note on the English translation: For official titles and designations see the German and French versions. The English translations provided here are for guidance only.

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.

Note on the English translation: For official titles and designations see the German and French versions. The English translations provided here are for guidance only.

February 1990

Poland repays the bridging loan it was granted in late December 1989. The SNB’s substitution undertaking thus expires.

Mid-February

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.

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

n 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.

Note on the English translation: For official titles and designations see the German and French versions. The English translations provided here are for guidance only.

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%–0.75%.

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.

January 2009

On 15 January, the Swiss National Bank (SNB), the European Central Bank (ECB) and the National Bank of Poland announce the continuation of the seven-day EUR/CHF currency swaps first introduced on 15 October 2008, to encourage further improvements on the short-term Swiss franc money market.

On 28 January, the SNB concludes a temporary EUR/CHF swap agreement with the Hungarian central bank, offering it access to Swiss franc liquidity.

February 2009

On 2 February, the SNB announces that it will issue its own debt certificates (SNB Bills) in US dollars.

On 3 February, the SNB announces that the currency swap agreements concluded between the US Federal Reserve and various other central banks, including the SNB, will be extended until 30 October 2009. Under these swap agreements, the central banks concerned intend to continue conducting US dollar operations at terms of 7, 28 and 84 days for as long as necessary.

March 2009

At its quarterly assessment of 12 March, the SNB decides on a substantial relaxation of monetary conditions. It lowers the target range for the three-month Libor by 25 basis points to 0.0–0.75% and announces its intention to bring the Libor down to around 0.25%. Other measures include: increasing liquidity considerably through additional repo transactions; buying Swiss franc bonds issued by private sector borrowers; and purchasing foreign currency in order to prevent a further appreciation of the Swiss franc against the euro.

April 2009

On 3 April, the stabilisation fund announces that the transfer of UBS assets has been completed. Including the assets already transferred in December 2008, the stabilisation fund takes over assets totalling USD 38.7 billion.

On 6 April, the SNB concludes a temporary currency swap agreement with the US Federal Reserve, to run until 30 October 2009. This allows the Fed to obtain up to CHF 40 billion against US dollars, in order to supply US financial institutions with Swiss franc liquidity.

June 2009

On 18 June, at its quarterly assessment, the SNB leaves the target range for the three-month Libor unchanged at 0.0–0.75%. It continues to pursue the objective of bringing the Libor down to around 0.25%, and keeps in place the monetary relaxation measures implemented in March.

August 2009

On 7 August, as part of a joint central bank statement on gold holdings, the SNB announces that it has no plans for any further gold sales in the foreseeable future.

On 25 August, the SNB and SIX Swiss Exchange Ltd (the Swiss stock exchange) jointly launch new Swiss franc reference interest rates.

September 2009

At its quarterly assessment of 17 September, the SNB decides to maintain its expansionary monetary policy. It leaves the target range for the three-month Libor unchanged at 0.0–0.75%, and continues to aim for a Libor around 0.25%.

On 24 September, the SNB, the ECB, the National Bank of Poland and the Hungarian central bank announce the continuation of the seven-day EUR/CHF currency swaps until end-January 2010.

Also on 24 September, the SNB announces, in coordination with the ECB and the Bank of England, that it will continue to offer US dollar liquidity via seven-day repo transactions until the end of January 2010. At the same time, it announces that it is discontinuing its 84-day repo transactions.

December 2009

At its quarterly assessment of 10 December, the SNB decides to hold the target range for the three-month Libor at 0.0–0.75% and to keep the Libor in the lower end of the range, at around 0.25%. It will also continue to supply generous amounts of liquidity. Furthermore, it still intends to counter any excessive appreciation of the Swiss franc, but is discontinuing its purchases of Swiss franc bonds issued by domestic private sector borrowers.

In addition, from the beginning of 2010, it is extending the eligibility for repo market participation to domestic (including Liechtenstein) financial market participants without the status of a bank or securities dealer. The SNB hopes that, by broadening the participant base, the secured money market can be further advanced and the stability and resilience of the financial system increased.

January 2010

On 18 January, the SNB, the European Central Bank, the National Bank of Poland and the Hungarian central bank announce that they will discontinue EUR/CHF foreign exchange swaps. This move is in reaction to the fact that demand for Swiss francs has declined and that conditions in the financial markets have improved.

On 27 January, the SNB, the US Federal Reserve, the Bank of England, the European Central Bank and the Bank of Japan jointly announce that the temporary swap agreement to provide the money market with US dollar liquidity will not be renewed. As a result, the SNB discontinues its US dollar repo operations with effect from the end of January.

March 2010

At its quarterly assessment of 11 March, the SNB decides to hold the target range for the three-month Libor at 0.0–0.75% and to keep the Libor in the lower end of the range, at around 0.25%. It also emphasises that it will continue to act decisively to prevent an excessive appreciation of the Swiss franc against the euro.

On 12 March, the SNB publishes the revised Memorandum of Understanding with FINMA, the Swiss Financial Market Supervisory Authority.

By means of interventions in the foreign exchange market, the SNB purchased around CHF 31 billion of foreign exchange in the first quarter of 2010.

April 2010

In a joint press release on 21 April, the SNB and FINMA announce the new liquidity regime for big banks. It enters into force at the end of June 2010.

May 2010

On 10 May, the SNB, the US Federal Reserve, the Bank of Canada, the Bank of England and the European Central Bank reactivate the swap agreement designed to provide the markets with US dollar liquidity. In so doing, the central banks are reacting to the renewed tensions in the US dollar money markets.

June 2010

At its quarterly assessment of 17 June, the SNB decides to maintain its expansionary monetary policy. It leaves the target range for the three-month Libor unchanged at 0.0–0.75% and continues to aim for a Libor in the lower end of the range, at around 0.25%. It also notes that the threat of deflation has largely disappeared. In view of the high downside risks, however, it stresses that it would take all measures necessary to ensure price stability should these risks materialise and, via an appreciation of the Swiss franc, lead to a renewed threat of deflation.

The SNB announces its new procedure for implementing monetary policy, which is based on the periodic absorption of excess liquidity by means of repo operations and the issuance of SNB Bills.

By means of interventions in the foreign exchange market, the SNB purchased around CHF 113 billion of foreign exchange against Swiss francs in the second quarter of 2010.

September 2010

On 16 September, at its quarterly assessment, the SNB leaves the target range for the three-month Libor unchanged at 0.0–0.75% and still intends to keep the Libor in the lower end of the range, at around 0.25%. It also points out that it would take the measures necessary to ensure price stability should downside risks materialise and lead to a renewed threat of deflation.

October 2010

On 4 October, the SNB and FINMA publish the recommendations of the commission of experts appointed to examine ways of limiting the economic risks posed by large companies.

December 2010

At its quarterly assessment of 16 December, the SNB decides to hold the target range for the three-month Libor at 0.0–0.75% and to keep the Libor in the lower end of the range, at around 0.25%. It also stresses that it would take the measures necessary to ensure price stability should the tensions in the financial markets be exacerbated and a deflation threat emerge.

On 21 December, the SNB announces that – in coordination with the Bank of Canada, the Bank of England and the European Central Bank – the swap agreement with the US Federal Reserve will be extended until August 2011.

January 2011

On 17 January, the Federal Department of Finance, the Swiss Financial Market Supervisory Authority and the SNB sign a Memorandum of Understanding. The agreement governs collaboration between the three authorities with regard to the exchange of information on financial stability and financial market regulation issues, as well as collaboration in the event of a crisis that could threaten the stability of the financial system.

March 2011

On 1 March, the SNB announces the closure of its branch and cash distribution service in Geneva with effect from the end of January 2012. This move is a response to the ongoing process of concentration in cash distribution services.

At its quarterly assessment of 17 March, the SNB decides to maintain its expansionary monetary policy. It leaves the target range for the three-month Libor at 0.0–0.75%, and intends to keep the Libor within the lower part of the target range at around 0.25%. With the strengthening of the global economic recovery, the prospects for Switzerland’s economy have improved since the end of 2010. However, unresolved debt problems in Europe and the possible dampening effects of high oil prices on economic activity pose considerable downside risks.

June 2011

At its quarterly assessment of 16 June, the SNB maintains its expansionary monetary policy. The target range for the three-month Libor remains 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%. Despite the strong appreciation of the Swiss franc, the economy continues to benefit from robust international demand. Overall, however, downside risks predominate.

On 29 June, the SNB decides, in coordination with the Bank of Canada, the Bank of England, the European Central Bank and the US Federal Reserve, to extend its temporary swap facilities in US dollars with the Federal Reserve to 1 August 2012.

On 29 June, the Federal Council approves the SNB’s revised Organisation Regulations, effective 15 July.

August 2011

On 3 August, the SNB takes measures against the strong Swiss franc. It narrows the target range for the three-month Libor by 0.5 percentage points to 0.0–0.25%, and, effective immediately, aims for a three-month Libor as close to zero as possible. At the same time, it announces that it will very significantly increase the supply of liquidity to the Swiss franc money market over the next few days, and intends to expand banks’ sight deposits at the SNB from around CHF 30 billion to CHF 80 billion.

On 10 August, the SNB expands its measures against the strong Swiss franc after the substantial rise in risk aversion on the international financial markets had further intensified the overvaluation of the Swiss franc in the previous days. It announces that it will rapidly increase banks’ sight deposits at the SNB from CHF 80 billion to CHF 120 billion.

On 17 August, the SNB intensifies its measures against the strong Swiss franc and 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. Furthermore, it reiterates that it will, if necessary, take further measures against the strength of the Swiss franc.

September 2011

On 6 September, the SNB sets a minimum exchange rate of CHF 1.20 per euro. It states that it will enforce this minimum rate with the utmost determination and is prepared to buy foreign currency in unlimited quantities. With these measures, the SNB is acting in response to the acute threat to the Swiss economy and the risk of deflationary developments springing from the massive overvaluation of the Swiss franc. It also emphasises that it will take further measures if the economic outlook and deflationary risks so require.

On 15 September, at its quarterly assessment, the SNB reaffirms that it will enforce the minimum exchange rate of CHF 1.20 per euro with the utmost determination. It continues to aim for a three-month Libor at zero and maintains total sight deposits at the SNB at significantly above CHF 200 billion.

On 21 November, the Federal Department of Finance and the SNB sign a new agreement on the distribution of the SNB’s profit. It will cover the financial years 2011 to 2015.

November 2011

On 21 November, the Federal Department of Finance and the SNB sign a new agreement on the distribution of the SNB’s profit. It will cover the financial years 2011 to 2015.

On 30 November, the SNB, the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank and the US Federal Reserve take coordinated action to address pressures in the global money markets. The pricing on existing temporary US dollar liquidity swap arrangements will be lowered by 0.5 percentage points with effect from 5 December, and the authorisation of the swap arrangements will be extended to 1 February 2013. The central banks also agree to establish temporary bilateral liquidity swap arrangements, so that liquidity can be provided in each jurisdiction, in any of their currencies should market conditions so warrant. To this end, the SNB decides, in cooperation with other central banks, to establish a temporary network of reciprocal swap lines.

December 2011

At its quarterly assessment of 15 December, the SNB reaffirms its commitment to the minimum exchange rate of CHF 1.20 per euro. It leaves the target range for the three-month Libor at 0.0–0.25%, and continues to aim for a Libor close to zero. The SNB notes that the substantial appreciation of the Swiss franc over the summer is weighing heavily on the Swiss economy and a further escalation of the European sovereign debt crisis cannot be ruled out.

January 2012

In connection with the resignation of its Chairman, the SNB confirms on 9 January, that the current monetary policy with a minimum exchange rate of CHF 1.20 against the euro remains unchanged and will be pursued further with the utmost determination.

February 2012

On 15 February, the Federal Council decides to bring the amendment to the Banking Act designed to resolve the ‘too big to fail’ issue into force on 1 March 2012. This amendment was passed by parliament on 30 September 2011. As a result, systemically important banks will have to meet more stringent capital, liquidity and organisational requirements in the future.

March 2012

At its quarterly assessment of 15 March, the SNB affirms that it will continue to enforce the minimum exchange rate of CHF 1.20 per euro with the utmost determination. It leaves the target range for the three-month Libor unchanged at 0.0 – 0.25%. The SNB continues to maintain liquidity on the money market at an exceptionally high level.

June 2012

On 1 June, the Federal Council adopts a package of measures designed to strengthen Switzerland’s banking centre. The total revision of the Capital Adequacy Ordinance enters into force on 1 January 2013. It requires all banks to hold more and better-quality capital and implements higher capital requirements for systemically important banks. The Federal Council announces that the legal provisions on the introduction of a countercyclical capital buffer, also laid out in the Capital Adequacy Ordinance, will enter into force on 1 July.

At its quarterly assessment of 14 June, the SNB maintains the minimum exchange rate of CHF 1.20 per euro and reiterates that it will do so with the utmost determination. The target range for the three-month Libor remains at 0.0 – 0.25%.

The SNB and National Bank of Poland (NBP) conclude a swap agreement on 25 June. In the event of tensions in the Swiss franc interbank market, the facility enables the NBP to provide Swiss franc liquidity to banks in Poland.

September 2012

At its quarterly assessment of 13 September, the SNB leaves the minimum exchange rate unchanged at CHF 1.20 per euro. It remains committed to buying foreign currency in unlimited quantities for this purpose. It leaves the target range for the three-month Libor unchanged at 0.0 – 0.25%.

November 2012

On 30 November, the Federal Council decides that the new Liquidity Ordinance for banks will gradually enter into force from 1 January 2013.

December 2012

At its quarterly assessment of 13 December, the SNB announces that it will leave the minimum exchange rate of CHF 1.20 per euro unchanged and continue to enforce it with the utmost determination. It is prepared to buy foreign currency in unlimited quantities for this purpose. The SNB leaves the target range for the three-month Libor at 0.0 – 0.25%.

On 13 December, the SNB, the Bank of Canada, the Bank of England, the European Central Bank and the Bank of Japan (20 December) extend the swap agreement with the US Federal Reserve until February 2014. The bilateral swap arrangements in the respective currencies are also extended by one year.

On 18 December, the SNB the announces its decision to open a branch in Singapore to ensure a more efficient management of its assets in the Asia- Pacific region. The branch is scheduled to open in mid-2013.

On 20 December, the SNB announces that on 16 November, it issued decrees designating Credit Suisse Group AG and UBS AG as financial groups of systemic importance.

January 2013

On 28 January, the Financial Stability Board (FSB) becomes an association under Swiss law with domicile in Basel. The FSB thereby consolidates its strong ties to Switzerland. The SNB becomes a member of the association. In administrative terms, the FSB continues to be hosted by the Bank for International Settlements.

February 2013

On 13 February, following a proposal by the SNB, the Federal Council activates the countercyclical capital buffer for the first time. The capital buffer is targeted at mortgage loans financing residential property located in Switzerland, and is set at 1% of associated risk-weighted positions. The deadline for compliance is 30 September.

March 2013

On 11 March, the two chambers of parliament approve an increase of the credit facility for monetary assistance from CHF 2.5 billion to CHF 10 billion.

At its quarterly assessment of 14 March, the SNB decides to leave the minimum exchange rate unchanged at CHF 1.20 per euro. The SNB makes it clear that it will enforce this minimum rate with the utmost determination and, if necessary, is prepared to buy foreign currency in unlimited quantities for this purpose. If need be, it stands ready to take further measures at any time. The target range for the three-month Libor is left unchanged at 0.0 – 0.25%.

April 2013

On 5 April, the SNB launches the consultation phase for the partial revision of the National Bank Ordinance. The aim of the revision is to ensure that the implementing provisions on the oversight of financial market infrastructures are brought into line with international standards.

On 26 April, at the General Meeting of Shareholders, the SNB reveals the location of its gold reserves. Over 70% of the gold reserves are held in Switzerland, with approximately 20% at the Bank of England and 10% at the Bank of Canada.

June 2013

At its quarterly assessment of 20 June, the SNB decides to maintain the minimum exchange rate of CHF 1.20 per euro. The SNB emphasises that it remains ready to enforce the minimum exchange rate, if necessary, by buying foreign currency in unlimited quantities, and to take further measures as required. The target range for the three-month Libor is left unchanged at 0.0 – 0.25%.

July 2013

The SNB puts the revised National Bank Ordinance into force on 1 July.

The special liquidity provisions for systemically important banks in the Liquidity Ordinance come into effect on 1 July.

On 11 July, the SNB opens a branch office in Singapore.

August 2013

On 15 August, the stabilisation fund repays the loan granted by the SNB in full. Under the terms of the agreement, UBS may exercise an option to repurchase the stabilisation fund from the SNB once the loan has been repaid.

September 2013

At its quarterly assessment of 19 September, the SNB decides to maintain the minimum exchange rate of CHF 1.20 per euro. The SNB continues to stand ready to enforce the minimum exchange rate, if necessary, by buying foreign currency in unlimited quantities, and to take further measures as required. The target range for the three-month Libor is left unchanged at 0.0 – 0.25%.

October 2013

On 1 October, the SNB announces that there are a small number of Swiss 1000-franc banknotes in circulation which were not issued by the SNB. The banknotes were abstracted during the production process at Orell Füssli Security Printing Ltd and had not been through all stages of production.

On 31 October, the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve and the Swiss National Bank converted their existing temporary liquidity swap arrangements to standing arrangements. The network of bilateral swap lines enables these central banks to provide liquidity in each jurisdiction in any of the five currencies foreign to that jurisdiction.

November 2013

On 7 November, UBS signs a purchase agreement to acquire the stabilisation fund from the SNB. The purchase price amounts to USD 3.8 billion, which corresponds to the SNB’s contractual share in the stabilisation fund equity as at end-September 2013.

On 11 November, the SNB announces that it has issued a decree designating Zürcher Kantonalbank as a financial group of systemic importance in accordance with the Banking Act.

On 20 November, the Federal Council issues a message on the popular initiative ‘Save our Swiss gold’ (gold initiative). It recommends that the initiative be rejected and does not offer a counterproposal.

December 2013

At its quarterly assessment of 12 December, the SNB decides to leave the minimum exchange rate unchanged at CHF 1.20 per euro. It remains ready to enforce the minimum exchange rate, if necessary, by buying foreign currency in unlimited quantities, and to take further measures as required. The target range for the three-month Libor is left unchanged at 0.0 – 0.25%.

January 2014

On 22 January, the Federal Council, at the proposal of the SNB, increases the sectoral countercyclical capital buffer from 1% to 2%. The capital buffer is targeted at mortgages financing residential property in Switzerland, and is based on the associated risk-weighted positions. The deadline for compliance is 30 June.

March 2014

On 7 March, the SNB reports a loss of CHF 9.1 billion, following a profit of CHF 6.0 billion in the previous year. As this loss is substantially larger than the distribution reserve, the SNB can neither pay a dividend to the shareholders nor make a profit distribution to the Confederation and the cantons for the year 2013, as stipulated in the National Bank Act and the profit distribution agreement with the Federal Department of Finance.

At its quarterly assessment of 20 March, the SNB decides to maintain the minimum exchange rate of CHF 1.20 per euro. It confirms that it stands ready to enforce the minimum exchange rate, if necessary, by buying foreign currency in unlimited quantities, and to take further measures as required. It leaves the target range for the three-month Libor unchanged at 0.0 – 0.25%.

May 2014

On 19 May, the SNB and other central banks announce the extension of the gold agreement. The fourth gold agreement between central banks, which applies as of 27 September, following the expiry of the current agreement, will be reviewed in five years’ time.

June 2014

At its quarterly assessment of 19 June, the SNB decides to maintain the minimum exchange rate of CHF 1.20 per euro. It stresses that it will continue to enforce the minimum exchange rate with the utmost determination, is prepared to buy foreign currency in unlimited quantities, if necessary, and to take further measures as required. The target range for the three-month Libor is left unchanged at 0.0 – 0.25%.

On 23 June, the SNB publishes Switzerland’s balance of payments and international investment position under the new BPM6 standard for the first time. The data refer to the first quarter of 2014.

July 2014

On 7 July, the SNB publishes the redefined criteria for collateral eligible for SNB repos. The redefinition of the criteria ensures that all collateral eligible for SNB repos also fulfils the criteria for high-quality liquid assets as per the Confederation’s new ordinance on bank liquidity. The changes will enter into force on 1 January 2015.

On 21 July, the SNB and the People’s Bank of China sign a bilateral swap agreement. In addition, the People’s Bank of China grants the SNB a renminbi investment quota, which it can use to invest part of its foreign exchange reserves in the Chinese bond market.

August 2014

On 13 August, the SNB announces that on 16 June, it had issued a decree designating the Raiffeisen Group as being of systemic importance in accordance with the Banking Act.

September 2014

On 9 September, the SNB, the Deutsche Bundesbank and the Österreichische Nationalbank’s joint research prize is awarded for the first time, the recipient being Professor Hélène Rey. The prize is named after the Austrian economist Carl Menger and will be awarded once every two years to an economist in recognition of excellence in research work on monetary and international macroeconomics.

At its quarterly assessment of 18 September, the SNB decides to maintain its minimum exchange rate of CHF 1.20 per euro. It will continue to enforce the minimum exchange rate with the utmost determination, to buy foreign currency in unlimited quantities for this purpose, and to take further measures immediately, if necessary. It leaves the target range for the three-month Libor unchanged at 0.0 – 0.25%.

November 2014

On 30 November, Swiss voters reject the popular initiative ‘Save our Swiss gold (gold initiative)’.

December 2014

At its quarterly assessment of 11 December, the SNB decides to maintain its minimum exchange rate of CHF 1.20 per euro. It reaffirms its intention to enforce the minimum exchange rate and renews its willingness to buy foreign currency in unlimited quantities, and to take further measures immediately if required. The target range for the three-month Libor is left unchanged at 0.0 – 0.25%.

On 18 December, the SNB introduces negative interest rates on its sight deposit account balances, with the aim of making it less attractive to hold Swiss franc investments, and to support the minimum exchange rate. The plan is to apply the interest rate as of 22 January 2015 at a level of – 0.25%. At the same time, the target range for the three-month Libor is lowered to between – 0.75% and 0.25%. The SNB emphasises its willingness to buy foreign currency in unlimited quantities, and to take further measures, if required, to enforce the minimum exchange rate.

January 2015

On 15 January 2015, the SNB discontinues the minimum exchange rate of CHF 1.20 per euro. At the same time, it lowers the target range for the three-month Libor by 0.5 percentage points to between –1.25% and – 0.25%, and adjusts the interest rate on sight deposits held by banks and other financial market participants at the SNB to – 0.75% as of 22 January 2015. The aim of this marked interest rate reduction is to cushion the effects of the discontinuation of the minimum exchange rate and reduce the attractiveness of Swiss franc investments. The SNB also announces that it will continue to take account of the exchange rate situation in formulating its monetary policy in future, and will intervene in the foreign exchange market as necessary.

On 21 January, the SNB and the People’s Bank of China sign a memorandum of understanding on the establishment of renminbi clearing arrangements in Switzerland.

March 2015

On 6 March, the SNB reports a profit of CHF 38.3 billion for the 2014 financial year. The distributable profit allows payment of a shareholder dividend as well as the ordinary profit distribution of CHF 1 billion to the Confederation and the cantons. After the profit appropriation, the distribution reserve stands at CHF 28.5 billion, which is above the CHF 10 billion threshold. In accordance with the profit distribution agreement concluded with the Federal Department of Finance (FDF), the profit distribution for 2014 can therefore be increased. On 30 January, the SNB and the FDF already agreed to a supplementary distribution of CHF 1 billion, so that the total distribution to the Confederation and the cantons for the 2014 financial year amounts to CHF 2 billion. The remaining profit is allocated to the distribution reserve.

At its quarterly assessment of 19 March, the SNB leaves the target range for the three-month Libor unchanged at between –1.25% and – 0.25%. The interest rate on sight deposits with the SNB remains unchanged at – 0.75%. In formulating its monetary policy, the SNB continues to take account of the exchange rate situation and its impact on inflation and economic developments. It therefore reaffirms its willingness to intervene in the foreign exchange market as necessary in order to influence monetary conditions.

April 2015

On 22 April, the SNB announces that it is considerably reducing the group of sight deposit account holders that are exempt from negative interest. The negative interest rate will in future also apply to the sight deposit accounts held at the SNB by enterprises associated with the Confederation, including the PUBLICA pension fund. The account of the SNB pension fund will also be subject to negative interest. In addition, the sight deposit accounts of the cantons of Geneva and Zurich, as well as that of the City of Zurich, are wound up. In future, the only sight deposit accounts to be exempt from negative interest will be those of the central Federal Administration and the compensation funds for old age and survivors’ insurance (AHV/AVS), disability insurance (IV/AI) and the fund for loss of earned income (EO/APG).

June 2015

At its quarterly assessment of 18 June, the SNB leaves the target range for the three-month Libor unchanged at between –1.25% and – 0.25%. The interest rate on sight deposits at the SNB remains at – 0.75%. In formulating its monetary policy, the SNB takes account of the exchange rate situation and its impact on inflation and economic developments. It therefore reaffirms its willingness to intervene in the foreign exchange market as necessary in order to influence monetary conditions.

August 2015

On 14 August, the SNB announces that it will begin issuing new Swiss banknotes in April 2016 and that the first denomination to be released will be the 50-franc note. The issuing of the entire series is scheduled to be completed by 2019.

On 20 August, the SNB launches the consultation phase for the revision of the National Bank Ordinance (NBO) and invites all interested parties to comment on the draft by 2 October at the latest. The revision primarily concerns the implementing provisions relating to the oversight of systemically important financial market infrastructures. It aligns these implementing provisions with new and/or modified legislation under the new Financial Market Infrastructure Act (FMIA) and the Financial Market Infrastructure Ordinance (FMIO) as well as the resulting changes in the National Bank Act, which all come into force on 1 January 2016.

September 2015

On 1 September, the SNB announces that it issued a decree on 29 June designating PostFinance Ltd a systemically important financial group in accordance with the Banking Act.

At its quarterly assessment of 17 September, the SNB leaves the target range for the three-month Libor unchanged at between –1.25% and – 0.25%. The interest rate on sight deposits at the SNB remains at – 0.75%. The SNB reaffirms its willingness to intervene in the foreign exchange market as necessary in order to take account of the impact of the exchange rate situation on inflation and economic developments.

October 2015

On 21 October, the SNB welcomes the Federal Council’s decision to adjust the ‘too big to fail’ regulations. The measures taken represent a crucial step in the overall process of solving the ‘too big to fail’ issue in Switzerland. The SNB, which was represented in the relevant Federal Department of Finance working group, supports both the measures and their implementation within the period foreseen.

November 2015

On 10 November, the SNB reports that the People’s Bank of China has authorised direct trading between renminbi and Swiss francs on the China Foreign Exchange Trade System (CFETS) with effect from 9 November.

On 26 November, the SNB announces that it will put the revised NBO into force on 1 January 2016. This revision aligns the implementing provisions relating to the oversight of systemically important financial market infrastructures with new and/or modified legislation.

On 30 November, the SNB announces that the People’s Bank of China has authorised the Swiss branch of the China Construction Bank to be the renminbi clearing bank in Switzerland.

December 2015

At its quarterly assessment of 10 December, the SNB leaves the target range for the three-month Libor unchanged at between –1.25% and – 0.25%. The interest rate on sight deposits remains at – 0.75%. The negative interest rate and the SNB’s willingness to intervene in the foreign exchange market serve to ease pressure on the Swiss franc. The SNB’s monetary policy thus helps to stabilise price developments and support economic activity.

March 2016

At its quarterly assessment of 17 March 2016, the SNB leaves its target range for the three-month Libor unchanged at between – 1.25% and – 0.25% and the interest rate on sight deposits with the SNB at – 0.75%. The SNB reaffirms that it will remain active in the foreign exchange market, in order to influence exchange rate developments where necessary. In the SNB’s view, the Swiss franc is still significantly overvalued. The negative interest rate and the SNB’s willingness to intervene in the foreign exchange market serve to ease pressure on the Swiss franc. The SNB’s monetary policy thus helps to stabilise price developments and support economic activity.

June 2016

At its quarterly assessment of 16 June 2016, the SNB maintains its expansionary monetary policy. Interest on sight deposits at the SNB remains at – 0.75% and the target range for the three-month Libor is unchanged at between – 1.25% and – 0.25%. The SNB reaffirms that the Swiss franc is still significantly overvalued and that it will remain active in the foreign exchange market, as necessary. The negative interest rate and the SNB’s willingness to intervene in the foreign exchange market are intended to make Swiss franc investments less attractive, thereby easing pressure on the currency.

September 2016

At its quarterly assessment of 15 September 2016, the SNB leaves the interest rate on sight deposits with the SNB at – 0.75% and its target range for the three-month Libor unchanged at between – 1.25% and – 0.25%. The SNB reaffirms that it will remain active in the foreign exchange market, as necessary. In the SNB’s view, the Swiss franc is still significantly overvalued. The negative interest rate and the SNB’s willingness to intervene in the foreign exchange market are intended to make Swiss franc investments less attractive, thereby easing upward pressure on the currency. The expansionary monetary policy aims to stabilise price developments and support economic activity.

November 2016

On 9 November, the Federal Council issues a message on the popular initiative ‘For crisis-resistant money: end fractional-reserve banking’ (Vollgeldinitiative). It proposes that the two chambers of parliament reject the initiative without a counterproposal.

On 10 November, the Federal Department of Finance (FDF) and the SNB announce that they have signed a new agreement on the distribution of the SNB’s profits for 2016 to 2020. Subject to a positive distribution reserve, the SNB will in future pay CHF 1 billion p.a. to the Confederation and the cantons, as was previously the case. In future, however, omitted distributions will be compensated for in subsequent years if the distribution reserve allows this.

December 2016

At its quarterly assessment of 15 December 2016, the SNB leaves the interest rate on sight deposits with the SNB at –0.75% and its target range for the three-month Libor at between –1.25% and –0.25%. The SNB reaffirms that it will remain active in the foreign exchange market, as necessary. In the SNB’s view, the Swiss franc is still significantly overvalued. The negative interest rate and the SNB’s willingness to intervene in the foreign exchange market are intended to make Swiss franc investments less attractive, thereby easing upward pressure on the currency. The expansionary monetary policy aims to stabilise price developments and support economic activity.

March 2017

At its quarterly assessment of 16 March 2016, the SNB leaves the interest rate on sight deposits with the SNB at –0.75% and its target range for the three-month Libor at between –1.25% and –0.25%. The SNB reaffirms that it will remain active in the foreign exchange market, as necessary. In the SNB’s view, the Swiss franc is still significantly overvalued. The negative interest rate and the SNB’s willingness to intervene in the foreign exchange market are intended to make Swiss franc investments less attractive, thereby easing upward pressure on the currency. The expansionary monetary policy aims to stabilise price developments and support economic activity.

June 2017

At its quarterly assessment of 15 June 2017, the SNB leaves the interest rate on sight deposits with the SNB at –0.75% and its target range for the three-month Libor at between –1,25% and –0,25%. The SNB reaffirms that it will remain active in the foreign exchange market, as necessary. In the SNB’s view, the Swiss franc is still significantly overvalued. The negative interest rate and the SNB’s willingness to intervene in the foreign exchange market are intended to make Swiss franc investments less attractive, thereby easing upward pressure on the currency. The expansionary monetary policy aims to stabilise price developments and support economic activity.

September 2017

At its quarterly assessment of 14 September 2017, the SNB leaves the interest rate on sight deposits with the SNB at – 0.75% and its target range for the threemonth Libor at between – 1,25% and – 0,25%. The SNB reaffirms that it will remain active in the foreign exchange market, as necessary. In the SNB’s view, the Swiss franc is still highly valued, and the situation on the foreign exchange market is still fragile. The negative interest rate and the SNB’s willingness to intervene in the foreign exchange market are intended to make Swiss franc investments less attractive, thereby easing upward pressure on the currency. The expansionary monetary policy aims to stabilise price developments and support economic activity.

December 2017

At its quarterly assessment of 14 December 2017, the SNB leaves the interest rate on sight deposits with the SNB at – 0.75% and its target range for the threemonth Libor unchanged at between – 1.25% and – 0.25%. The SNB reaffirms that it will remain active in the foreign exchange market, as necessary. The depreciation of the Swiss franc reflects the fact that safe havens are currently less sought after. The situation on the foreign exchange market continues to be fragile. In the SNB’s view, the Swiss franc remains highly valued. The negative interest rate and the SNB’s willingness to intervene in the foreign exchange market as necessary remain essential. The expansionary monetary policy aims to stabilise price developments and support economic activity.

March 2018

At its quarterly assessment of 15 March 2018, the SNB leaves the interest rate on sight deposits with the SNB at – 0.75% and its target range for the three-month Libor at between – 1.25% and – 0.25%. The SNB reaffirms that it will remain active in the foreign exchange market, as necessary. In the SNB’s view, the Swiss franc is still highly valued, and the situation on the foreign exchange market continues to be fragile. The negative interest rate and the SNB’s willingness to intervene in the foreign exchange market as necessary are intended to keep the attractiveness of Swiss franc investments low and ease pressure on the currency. The expansionary monetary policy aims to stabilise price developments and support economic activity.

June 2018

At its quarterly assessment of 21 June, the SNB leaves the interest rate on sight deposits with the SNB at – 0.75% and its target range for the three-month Libor at between – 1.25% and – 0.25%. The SNB reaffirms that it will remain active in the foreign exchange market, as necessary. In the SNB’s view, the Swiss franc is still highly valued, and the situation on the foreign exchange market continues to be fragile. The negative interest rate and the SNB’s willingness to intervene in the foreign exchange market as necessary are intended to keep the attractiveness of Swiss franc investments low and ease pressure on the currency. The expansionary monetary policy aims to stabilise price developments and support economic activity.

September 2018

At its quarterly assessment of 20 September, the SNB leaves the interest rate on sight deposits with the SNB at – 0.75% and its target range for the three-month Libor at between – 1.25% and – 0.25%. The SNB reaffirms that it will remain active in the foreign exchange market, as necessary. In the SNB’s view, the Swiss franc is highly valued, and the situation on the foreign exchange market is still fragile. The negative interest rate and the SNB’s willingness to intervene in the foreign exchange market as necessary are intended to keep the attractiveness of Swiss franc investments low and ease pressure on the currency. The expansionary monetary policy aims to stabilise price developments and support economic activity.

December 2018

At its quarterly assessment of 13 December, the SNB leaves the interest rate on sight deposits with the SNB at – 0.75% and its target range for the three-month Libor at between – 1.25% and – 0.25%. The SNB reaffirms that it will remain active in the foreign exchange market, as necessary. In the SNB’s view, the Swiss franc is highly valued, and the situation on the foreign exchange market is still fragile. The negative interest rate and the SNB’s willingness to intervene in the foreign exchange market as necessary are intended to keep the attractiveness of Swiss franc investments low and ease pressure on the currency. The expansionary monetary policy aims to stabilise price developments and support economic activity.

March 2019

At its quarterly assessment of 21 March, the SNB leaves the interest rate on sight deposits with the SNB at – 0.75% and its target range for the three-month Libor at between – 1.25% and – 0.25%. The SNB reaffirms that it will remain active in the foreign exchange market, as necessary. In the SNB’s view, the Swiss franc is highly valued, and the situation on the foreign exchange market is still fragile. The negative interest rate and the SNB’s willingness to intervene in the foreign exchange market as necessary are intended to keep the attractiveness of Swiss franc investments low and ease pressure on the currency. The expansionary monetary policy aims to stabilise price developments and support economic activity.

June 2019

At its quarterly assessment of 13 June, the SNB leaves the interest rate on sight deposits with the SNB at – 0.75%. The SNB reaffirms that it will remain active in the foreign exchange market, as necessary. In the SNB’s view, the Swiss franc is highly valued, and the situation on the foreign exchange market is still fragile. The negative interest rate and the SNB’s willingness to intervene in the foreign exchange market as necessary are intended to keep the attractiveness of Swiss franc investments low and ease pressure on the currency. The expansionary monetary policy aims to stabilise price developments and support economic activity.

On 13 June, the SNB introduces the SNB policy rate and announces that it will use this rate in taking and communicating its monetary policy decisions going forward. The SNB policy rate replaces the target range for the three-month Libor. Interest on sight deposits held by banks at the SNB currently corresponds to the SNB policy rate and remains at – 0.75%. The SNB will seek to keep the secured short-term Swiss franc money market rates close to the SNB policy rate.

September 2019

At its quarterly assessment of 19 September, the SNB leaves its policy rate and the interest rate on sight deposits with the SNB at – 0.75%. The SNB also adjusts the basis for calculating negative interest, thereby raising the exemption threshold for the banking system and reducing negative interest income for the SNB. The SNB reaffirms that it will remain active in the foreign exchange market, as necessary. In the SNB’s view, the Swiss franc is highly valued, and the situation on the foreign exchange market is still fragile. Negative interest and the willingness to intervene serve to counteract the attractiveness of Swiss franc investments and thus ease pressure on the currency. In this way, the SNB stabilises price developments and supports economic activity.

December 2019

At its quarterly assessment of 12 December, the SNB leaves its policy rate and the interest rate on sight deposits with the SNB at – 0.75%. The SNB reaffirms that it will remain active in the foreign exchange market, as necessary. In the SNB’s view, the Swiss franc is highly valued, and the situation on the foreign exchange market is still fragile. Negative interest and the willingness to intervene serve to counteract the attractiveness of Swiss franc investments and thus ease pressure on the currency. In this way, the SNB stabilises price developments and supports economic activity.

March 2020

At its quarterly assessment of 19 March, the SNB leaves its policy rate and the interest rate on sight deposits with the SNB at – 0.75%. However, it increases the threshold factor from 25 to 30, thus raising the exemption threshold. In so doing, the SNB strengthens the banks so that they can perform their key role in the economy. The SNB is intervening more strongly in the foreign exchange market. The Swiss franc is even more highly valued, and the world’s financial markets are under strong pressure. Negative interest and the interventions serve to counteract the attractiveness of Swiss franc investments and thus ease pressure on the currency. In this way, the SNB stabilises price developments and supports economic activity.

On 25 March, the SNB announces the introduction of the SNB COVID-19 refinancing facility. The CRF operates in conjunction with the federal government’s guarantees for corporate loans. The facility allows banks to obtain liquidity from the SNB, which is secured by the federally guaranteed loans. The SNB thereby enables banks to expand their lending rapidly and on a large scale and, at the same time, to access the required liquidity. The interest rate for these refinancing transactions corresponds to the SNB policy rate. In addition, it proposes the deactivation of the countercyclical capital buffer.

May 2020

On 11 May, the SNB announces that it will also accept claims secured by loan guarantees or credit default guarantees offered by cantons as collateral for the SNB COVID-19 refinancing facility, and that claims secured by joint and several guarantees provided for startups by the federal government in cooperation with the cantons will also be deemed eligible collateral.

June 2020

At its quarterly assessment of 18 June, the SNB leaves its policy rate and interest on sight deposits at the SNB at – 0.75%, and in light of the highly valued Swiss franc it remains willing to intervene more strongly in the foreign exchange market. In so doing, it takes the overall exchange rate situation into account. The SNB’s expansionary monetary policy thus helps stabilise economic activity and price developments in Switzerland. On 25 March, the SNB announces the introduction of the SNB COVID-19 refinancing facility. Under this facility, it provides the banking system with additional liquidity, thus supporting the supply of credit to the economy at favourable terms. In addition, it proposes the deactivation of the countercyclical capital buffer.

September 2020

At its quarterly assessment of 24 September, the SNB leaves its policy rate and interest on sight deposits at the SNB at – 0.75%, and in light of the highly valued Swiss franc remains willing to intervene more strongly in the foreign exchange market. In so doing, it takes the overall exchange rate situation into account. The SNB continues to supply the banking system with liquidity via the SNB COVID-19 refinancing facility (CRF). The SNB’s expansionary monetary policy thus helps stabilise economic activity and price developments in Switzerland.

December 2020

At its quarterly assessment of 17 December, the SNB leaves its policy rate and interest on sight deposits at the SNB at –0.75%, and in light of the highly valued Swiss franc remains willing to intervene more strongly in the foreign exchange market. In so doing, it takes the overall exchange rate situation into account. The SNB continues to supply the banking system with generous amounts of liquidity via the SNB COVID-19 refinancing facility. The SNB’s expansionary monetary policy provides favourable financing conditions, counters upward pressure on the Swiss franc, and contributes to an appropriate supply of credit and liquidity to the economy.

March 2021

At its quarterly assessment of 25 March, the SNB leaves its policy rate and the interest rate on sight deposits with the SNB at – 0.75%. It remains willing to intervene in the foreign exchange market as necessary. In so doing, it takes the overall exchange rate situation into account. It is also continuing to supply the banking system with liquidity on generous terms. The SNB’s expansionary monetary policy provides favourable financing conditions, counters upward pressure on the Swiss franc, and contributes to an appropriate supply of credit and liquidity to the economy.

April 2021

On 23 April, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank, in consultation with the US Federal Reserve, jointly decide to discontinue offering dollar liquidity at the 84-day maturity. This decision is taken in view of sustained improvements in US dollar funding conditions. The operational change will be effective as of 1 July 2021. From 1 July 2021 onwards, these central banks will continue to hold weekly operations with a 7-day maturity.

June 2021

At its quarterly assessment of 17 June, the SNB leaves its policy rate and the interest rate on sight deposits with the SNB at – 0.75%. It remains willing to intervene in the foreign exchange market as necessary. In so doing, it takes the overall exchange rate situation into account. The SNB’s expansionary monetary policy provides favourable financing conditions, counters upward pressure on the Swiss franc, and contributes to an appropriate supply of credit and liquidity to the economy.

September 2021

At its quarterly assessment of 23 September, the SNB leaves its policy rate and the interest rate on sight deposits with the SNB at –0.75%. In light of the highly valued Swiss franc, it remains willing to intervene in the foreign exchange market as necessary. In so doing, it takes the overall currency situation into account. The SNB’s expansionary monetary policy serves to ensure price stability and provide support to the Swiss economy in its recovery from the impact of the coronavirus pandemic.

December 2021

At its quarterly assessment of 17 December, the SNB leaves its policy rate and interest on sight deposits at the SNB at – 0.75%, and in light of the highly valued Swiss franc remains willing to intervene more strongly in the foreign exchange market. In so doing, it takes the overall currency situation into account. The SNB continues to supply the banking system with liquidity on generous terms via the SNB COVID-19 refinancing facility. The SNB’s expansionary monetary policy provides favourable financing conditions, counters upward pressure on the Swiss franc, and contributes to an appropriate supply of credit and liquidity to the economy.

March 2022

At its quarterly assessment of 24 March, the SNB leaves its policy rate and the interest rate on sight deposits with the SNB at –0.75%. In light of the highly valued Swiss franc, it is willing to intervene in the foreign exchange market as necessary. In so doing, it takes the overall currency situation and the inflation rate differential with other countries into consideration. Russia’s invasion of Ukraine has led to a strong increase in uncertainty worldwide. Against this backdrop, the SNB with its expansive monetary policy is ensuring price stability and supporting the Swiss economy.

June 2022

At its quarterly assessment of 16 June, the SNB tightens its monetary policy and raises the SNB policy rate by half a percentage point to – 0.25%. In doing so, it seeks to counter increased inflationary pressure and prevent inflation from spreading more broadly to goods and services. To ensure appropriate monetary conditions, the SNB is also willing to be active in the foreign exchange market as necessary. With effect from 1 July 2022, the SNB also adjusts the threshold factor used to calculate the level of banks’ sight deposits at the SNB exempt from negative interest. The factor will be lowered from 30 to 28. This will ensure that the secured short-term Swiss franc money market rates are close to the SNB policy rate.

September 2022

At its quarterly assessment of 22 September, the SNB tightens its monetary policy further and raises the SNB policy rate by 0.75 percentage points to 0.5%. In doing so, it seeks to counter the rise in inflationary pressure and a broad spread of inflation to goods and services. To ensure appropriate monetary conditions, the SNB is also willing to be active in the foreign exchange market as necessary. Moreover, the SNB adjusts the implementation of its monetary policy to the positive interest rate environment. This ensures that the secured short-term money market rates remain close to the SNB policy rate. Banks’ sight deposits held at the SNB are remunerated at the SNB policy rate up to a certain threshold. Sight deposits above this threshold are remunerated at an interest rate of zero percent.

December 2022

At its quarterly assessment of 15 December, the SNB tightens its monetary policy further and raises the SNB policy rate by 0.5 percentage points to 1.0%. In doing so, it is countering increased inflationary pressure and a further spread of inflation. To provide appropriate monetary conditions, the SNB is also willing to be active in the foreign exchange market as necessary. Banks’ sight deposits held at the SNB are remunerated at the SNB policy rate up to a certain threshold. Sight deposits above this threshold are remunerated at an interest rate of 0.5%. With this tiered remuneration of sight deposits and open market operations, the SNB is ensuring that the secured short-term money market rates are close to the SNB policy rate.

March 2023

On 19 March, the SNB announces it will provide substantial liquidity assistance to support the implementation of the takeover of Credit Suisse by UBS. In so doing, the SNB performs its statutory task to contribute to the stability of the financial system. With the takeover of Credit Suisse by UBS, supported by the federal government, the Swiss Financial Market Supervisory Authority (FINMA) and the SNB, a solution has been found to secure financial stability and protect the Swiss economy in an exceptional situation. Previously, on 15 March, the SNB had offered Credit Suisse liquidity assistance if needed.

At its quarterly assessment of 23 March, the SNB tightens its monetary policy further and raises the SNB policy rate by 0.5 percentage points to 1.5%. In doing so, it is countering the renewed increase in inflationary pressure. To provide appropriate monetary conditions, the SNB also remains willing to be active in the foreign exchange market as necessary. Banks’ sight deposits held at the SNB are remunerated at the SNB policy rate up to a certain threshold. Sight deposits above this threshold are remunerated at an interest rate of 1.0%. With this tiered remuneration of sight deposits and open market operations, the SNB is ensuring that the secured short-term money market rates are close to the SNB policy rate.

June 2023

At its quarterly assessment of 22 June, the SNB tightens its monetary policy further and raises the SNB policy rate by 0.25 percentage points to 1.75%. In doing so, it is countering inflationary pressure, which has increased again over the medium term. To provide appropriate monetary conditions, the SNB also remains willing to be active in the foreign exchange market as necessary. Banks’ sight deposits held at the SNB are remunerated at the SNB policy rate up to a certain threshold. Sight deposits above this threshold are remunerated at an interest rate of 1.25%, and thus still at a discount of 0.5 percentage points relative to the SNB policy rate.

September 2023

At its quarterly assessment of 21 September, the SNB leaves its policy rate unchanged at 1.75%. The significant tightening of monetary policy over recent quarters is countering remaining inflationary pressure. The SNB does not rule out that a further tightening of monetary policy may become necessary to ensure price stability over the medium term. To provide appropriate monetary conditions, the SNB is also willing to be active in the foreign exchange market as necessary. Banks’ sight deposits held at the SNB will continue to be remunerated at the SNB policy rate of 1.75% up to a certain threshold. Sight deposits above this threshold will be remunerated at an interest rate of 1.25%, and thus still at a discount of 0.5 percentage points relative to the SNB policy rate.

December 2023

At its quarterly assessment of 14 December, the SNB leaves its policy rate unchanged at 1.75%. Inflationary pressure has decreased slightly over the past quarter. However, uncertainty remains high. The SNB will therefore continue to monitor the development of inflation closely, and will adjust its monetary policy if necessary to ensure inflation remains within the range consistent with price stability over the medium term. Banks’ sight deposits held at the SNB are remunerated at the SNB policy rate up to a certain threshold, and at 1.25% above this threshold. A discount of 0.5 percentage points relative to the SNB policy rate thus continues to apply to sight deposits above the threshold. The SNB is also willing to be active in the foreign exchange market as necessary.

March 2024

At its quarterly assessment of 21 March, the SNB lowers its policy rate to 1.5%. Banks’ sight deposits held at the SNB are remunerated at the SNB policy rate up to a certain threshold, and at 1.0% above this threshold. The SNB also remains willing to be active in the foreign exchange market as necessary. With its decision, the SNB is taking into account the reduced inflationary pressure as well as the appreciation of the Swiss franc in real terms over the past year. The policy rate cut also supports economic activity. The easing thus ensures that monetary conditions remain appropriate. The SNB will continue to monitor the development of inflation closely, and will adjust its monetary policy again if necessary to ensure inflation remains within the range consistent with price stability over the medium term.

Note on the English translation: For official titles and designations see the German and French versions. The English translations provided here are for guidance only.