Swiss National Bank (SNB)
A troubling trilemma
Central banks need to tread a fine line as they serve as the economy’s police, fire brigade and paramedics
SNB increases rates by 50bp in wake of Credit Suisse crisis
Swiss central bank sold Sfr27 billion in foreign currency in Q4 to tighten financial conditions
How Finma milked Credit Suisse’s CoCos to close UBS deal
An unusual clause in Swiss AT1 bonds allowed them to be written off, but could others ever follow suit?
ECB questions Credit Suisse bond bail-in
Swiss government, SNB and Finma organise rescue of troubled lender that pays out to equity-holders
Central banks step up dollar liquidity support
But initial auction results show little evidence of pressure on dollar funding
SNB to lend up to $54 billion to Credit Suisse
Swiss central bank and supervisory authority say bank meets capital requirements
SNB’s Maechler to take deputy role at BIS
Senior Swiss official will replace Luis Awazu Pereira da Silva as deputy general manager
Banknote themes in motion
Antti Heinonen asks whether the world is about to witness a revolution in banknote images
Marks (and sizes and colours) of distinction
Many central banks make an effort to make cash accessible to blind and partially sighted users
Bank of Canada may be set for billions of losses
Think-tank warns losses could pose reputational risk for central bank
The behind-the-scenes effort to convert Ukrainian refugee cash
How central and commercial banks worked to allow Ukrainians to exchange cash in wartime
European rates: Norway expects more tightening next year
Switzerland raises rates 50bp and Denmark raises rates in line with ECB
Banknotes: October to December 2022
A round-up of news and salient issues that have affected central bankers in the past three months
SNB withdraws record sum from Fed’s swap line
Swiss central bank taps $11 billion but reasons for its operations are unclear
Fiscal co-ordination threatens independence, SNB president says
Central banks must not let Covid-19 era policies continue, Thomas Jordan warns
The risks of a simultaneous and rapid global tightening
Economists call for a more co-ordinated and gradual increase in interest rates
SNB abandons negative rates
Jordan says Swiss central bank’s use of negative rates was effective
Norges Bank, Riksbank and SNB expected to raise rates
High inflation and ECB tighter policy stance put pressure on eurozone’s neighbours
SNB raises rates for first time since 2007
Jordan says the Swiss central bank is ready to prevent “second-round effects” becoming entrenched
Swiss central bank defends board structure
Think-tank suggested governing board was “susceptible to group think” in April report
What is the right size for a central bank board?
There is greater consensus for smaller boards in theory than in practice
Does Switzerland need an SWF?
A sovereign wealth fund could adopt longer-term strategies, invest in less liquid assets and increase exposures to riskier assets such as equities, potentially boosting returns
People: Swiss vice-chair to take office in August
Board member appointed in Guatemala; new external MPC member in Ghana; and more
Higher global inflation allows SNB to let franc rise – Jordan
Less integrated global economy could lead to persistent higher inflation, says SNB chair