Switzerland
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
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
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
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
Swiss National Bank introduces negative rates
In the face of growing pressure on the Swiss franc, the SNB imposes an interest rate of -0.25% on sight deposits held at the central bank
SNB working paper examines drivers of Swiss franc real exchange rate
Research finds terms of trade and relative government are ‘the most significant explanatory variables’, while Balassa-Samuelson effects are unimportant
Swiss public reject gold initiative
Referendum sees 77.3% of vote against forcing the SNB to hold 20% of its assets in gold, and prevent it from ever selling them; central bank welcomes the result
Swiss National Bank relocates staff in Berne office renovation
Around 120 staff at the Swiss National Bank will be relocated to rented office space for three years, as the central bank’s Berne office is renovated
Swiss paper examines cost of different clearing set-ups
Research finds more sophisticated clearing arrangements for OTC trades can improve welfare – in a Pareto sense – but require more collateral
SNB speaks out against 'gold initiative'
Swiss National Bank rejects proposals to prevent it from selling gold; Jean-Pierre Danthine argues that ‘currency reserves that cannot be sold are not truly reserves’
Jean-Pierre Danthine will retire from SNB in June
Swiss National Bank vice-chairman will retire in June 2015; the nomination committee is already on the hunt for a replacement
SNB reports profit of almost $18bn for first half of the year
Swiss National Bank recovers from $10bn loss in 2013; profit on foreign currency positions amounts to Sfr 12.6bn, while gold holdings see Sfr 3.5bn valuation gain
Central Bank of Colombia looks to Switzerland for help on financial stability issues
Colombian central bank signs two-year capacity-building agreement with Swiss authorities; Azerbaijan governor praises SNB's ‘technical assistance'
Swiss National Bank mulls negative rates to follow ECB
Swiss National Bank governor says ‘closely monitoring' the effect of the ECB's move to negative rates; new measures may be needed to cool housing market
SNB refuses to give ‘all clear’ on housing market despite capital buffer rise
Thomas Jordan tells Swiss National Bank shareholders that real estate prices remain a concern despite the recent increase in the counter-cyclical capital buffer
SNB board member speaks on ‘very limited' ethical investment programme
A desire not to move markets informs the SNB's decision not to provide details on its new ethical investment strategy, which will affect a 'very limited' number of companies
SNB expands equity holdings in ethical investment drive
Switzerland’s central bank increases its equity holdings by $18 billion to $77 billion in 2013; refuses to invest in companies that cause 'severe environmental damage'
Swiss upper house rejects initiative that would force SNB to double gold holdings
Proposal that would require central bank to hold at least 20% of total assets in gold is slated for referendum but political establishment is strongly opposed
Swiss National Bank tightens controls on mortgage lending
Switzerland’s Federal Council approves central bank proposal to double the size of the counter-cyclical capital buffer and cool the housing market
SNB loses $16 billion on gold
The Swiss National Bank expects to report a loss of 10 billion dollars for 2013 as heavy valuation losses on its gold holdings outweigh forex gains and StabFund profits
Swiss paper dissects asset price responses to economic news
Researchers find the relationship between asset prices and economic news is shaped by the prevailing economic conditions – including policy rates and perception of risk
Swiss researchers sceptical about advanced settlement algorithms
SNB working paper says overhauling the algorithms used in the Swiss Interbank Clearing system would produce an ‘economically irrelevant’ reduction in settlement delay and ‘low’ cost savings
SNB paper tests shock response on individual sectors
Researchers apply dynamic factor model to Swiss economy to examine impact of monetary policy, exchange rates and external demand on different sectors