Switzerland
Swiss RTGS update goes live
SNB hails successful launch of completely overhauled real-time gross settlement system; design has been made more flexible, incorporating ISO 20022 messaging standard
Maechler says SNB plans to wield hefty balance sheet to encourage good governance
Swiss National Bank’s balance sheet has ballooned following currency interventions, leading to the question of what to do with the newly acquired assets
SNB made investment ‘innovations’ in 2015, report says
Central bank made first investments in new assets and began to wield voting rights to influence corporate governance in 2015, annual report shows
SNB’s Zurbrügg lays out considerations around interventions
Vice-chairman of governing board says there is no ‘one-size-fits-all’ method for deciding when or how to intervene in the foreign exchange market
People: Ukraine names new first deputy governor; EBA announces host of appointments
Ukrainian deputy governor promoted to first deputy governor role; EBA makes appointments and reappointments to supervisory and management boards; and more
Sovereign money a ‘risky experiment’ says SNB’s Jordan
Thomas Jordan says sovereign money initiative looking to strip banks of ability to create money would ‘entail a radical overhaul of Switzerland’s financial system’; SNB holds rates
SNB’s Zurbrügg says negative rates painful but necessary
Vice-chair concerned by financial stability impact of negative interest rates, but says they make sense from a monetary policy perspective; talks with industry have been ‘very heated’
Economists expected lower inflation under Yellen than Bernanke, SNB paper finds
Sample of economists from ‘reputable academic and policy institutions’ on aggregate expected slightly lower inflation under Yellen compared to if Bernanke had stayed on
BIS paper studies impact of Swiss CCB on quality of credit
Working paper finds activation of countercyclical capital buffer affected the composition of mortgage lenders in two key ways
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
IMF paper identifies countries that ‘pass through’ spillovers
Individual countries can amplify, absorb or block spillovers, depending on their economic and structural characteristics, researchers at the IMF find
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
ECB welcomes ‘smooth’ T2S launch
Culmination of seven-year process sees first four CSDs migrate to the new platform and settle the first transactions, despite fears over remaining bugs
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
Axel Weber slams ‘simplistic’ leverage ratio
Former Bundesbank president and now UBS chairman Weber says Basel III has not made the financial system better
Austria to repatriate third of gold reserves
Central bank plans to move gold out of the UK and into Austria and Switzerland after court of audit raises concern over ‘high concentration risk’
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
UBS escapes DoJ prosecution and fine
But it pays a further £342 million to the Fed over FX conduct issues
Finma's Branson calls for Basel leverage ratio hike
The minimum Basel leverage ratio for large banks should be higher than 3%, says Finma CEO Mark Branson, noting "the world has moved on" since it was initially set
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
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