Swiss National Bank (SNB)
Case for higher inflation targets takes a knock at Jackson Hole
Thomas Jordan warns higher inflation ‘likely to be associated with considerable costs’ in longer run; academics see little benefit in the Federal Reserve targeting 4%
SNB launches interactive ‘data portal’
Central bank plans to release larger volumes and more detailed data in future, after launching an online database to help users find and manipulate the information
SNB reveals launch date for delayed banknote series
Roll-out of ninth banknote series to begin next year; new notes believed to include unique security features but central bank is being tight-lipped in the run up to the launch
SNB losses climb to $52bn after abandoning franc ceiling
Central bank suffers heavy losses on its holdings of foreign exchange, with overall losses for the year to date rising to Sfr50 billion
SNB paper: both monetary and macro-prudential policy impact arrears
Working paper suggests monetary policy impacts the affordability problems that drive arrears in the short term, while macro-prudential policy can help prevent longer-term problems
San Francisco Fed research examines easing impact of Swiss reserves expansion
SNB asset purchases focused on short maturities still pushed down longer maturity yields, researchers find, which they say holds lessons for eurozone QE
Jordan: SNB does not expect ‘sustained’ price drop
Thomas Jordan says the Swiss central bank does not expect a deflationary spiral as inflation will return to ‘positive territory’ early in 2017
Swiss National Bank open to buying foreign assets
IMF article IV report suggests buying foreign assets to address deflationary pressures; Swiss National Bank says it is an option but wants to see how outlook develops before easing further
SNB posts record loss in first quarter
Reported total loss is around $32 billion after strong franc weighs on value of central bank's euro reserves
BIS’s Hannoun backs central banks' right to surprise markets
Deputy general manager praises Swiss National Bank for issuing markets with a wake-up call, warning of the heavy cost associated with unconventional monetary policy
SNB’s Danthine: traders wrong to paint Swiss franc surge as black swan
It was 'absolutely certain' that SNB would end Swiss franc floor, says vice-chair of the governing board
SNB’s Zurbrügg: negative rates having ‘desired effect’
Governing board member says negative interest rates are influencing the money and capital markets as intended, noting the exchange rate has also started to normalise since the January decision
SNB plans renminbi purchases in 2015
Central bank plans to add renminbi bonds to reserves after signing swap agreement with the People’s Bank of China in 2014; annual report reveals return of 8% across currency reserves
IMF tells SNB to consider asset purchases
In the face of slowing growth and deepening deflation the Swiss National Bank should ease monetary policy, which could be done via purchases of foreign currency assets, IMF says
SNB balance sheet could not have coped with peg defence, says Jordan
Chairman says decision to abandon Swiss franc ceiling avoided huge losses and monetary policy impairment; central bank slashes inflation forecast but does not follow Riksbank’s rate cut
Jordan laments ‘significantly overvalued’ franc
Some of the ‘overshooting’ that occurred in the wake of the SNB’s decision to withdraw its currency cap has been corrected, but Jordan argues the franc is still too strong
Danish central bank prepared to cut rates further in defence of peg
‘We haven’t yet found any absolute lower bound' for the deposit rate, Danish governor tells Central Banking, but acknowledges potential for strain on payments system
Denmark cuts deposit rate for fourth time in three weeks
Governor Lars Rohde says central bank will defend peg to euro ‘for as long as it takes', adding there is ‘no upper limit' to FX reserves as key rate is cut to -0.75%
Croatian central bank calls for solution to Swiss franc mortgage quandary
Bank argues local households with liabilities denominated in the rising currency must receive help but suggests it is not the right to institution to tackle the issue
Danish central bank cuts rates for second time this week
National Bank of Denmark lowers deposit rate for second time in four days following ECB action; central bank will defend euro peg ‘vehemently', says analyst
Swiss gain greater access to renminbi markets in new deal
SNB and PBoC ink deal on RQFII quota for Switzerland and establish renminbi clearing in the country; latest in a string of agreements aimed at renminbi internationalisation
Economists at SNB study reuse of collateral
Working paper estimates the level of reuse activity in the Swiss franc report market between 2006 and 2013, before analysing the drivers of it
SNB shocks markets by abandoning euro ceiling ahead of ECB showdown
Swiss franc sharply appreciates against the euro in the wake of the Swiss National Bank’s decision to scrap the minimum exchange rate; central bank does not rule out ad hoc interventions
SNB expects profit of $39 billion for 2014
Foreign currency positions responsible for most of the profit for Swiss National Bank, which increased its forex reserves by 7% in December following exchange rate pressure